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Sitharaman on real estate slowdown: Sector needs more attention; govt, RBI to resolve issues soon

FE Online
Nirmala Sitharaman, fm nirmala sitharaman

Amid the ongoing slowdown in the real estate sector, Finance Minister Nirmala Sitharaman on Tuesday said that the prevailing sluggishness needs to be soon addressed. Speaking at an event marking the silver jubilee celebration of the National Stock Exchange (NSE), the finance minister said that the government is working with the Reserve Bank of India (RBI) to address issues facing the realty sector. Adding, she said that the alternative funds are approaching the government saying that they would like to work with it so long as adequate support mechanism is available for reviving the sector.

On NSE completing 25 years, Nirmala Sitharaman complimented the investor outreach efforts of the stock exchange. Due to the efforts of the exchange, Indians today are a lot more informed, the finance minister added. "NSE has shown extraordinarily positive inclination and done pioneering work in using technology in democratising financial markets and taking them accessible to the people. This has had tangible benefits," Nirmala Sitharaman also said.

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Speaking on the same occasion, SEBI Chairman Ajay Tyagi, the keynote speaker, said that a deep and a well-functioning bond market would further strengthen the capital market in India. The stock exchanges should refrain from putting an exorbitant fee structure and follow regulations themselves better than what they preach to companies, Ajay Tyagi also said at the event.

The government has come out with a slew of measures in the past few months with an aim to revive the slowing economy. The measures range from doing away with additional tax on super-rich to recapitalisation of public sector banks. Meanwhile, the broader NSE Nifty too slipped 24.10 points, or 0.20 per cent, to close at 11,917.20.