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Cabinet approves 'Special Window' fund for completion of stalled housing projects
Govt to infuse Rs. 10,000 crore through special window to revive stalled housing projects that are in the Affordable and Middle-Income Housing sector

The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved the establishment of a 'Special Window' fund to provide priority debt financing for the completion of stalled housing projects that are in the Affordable and Middle-Income Housing sector.

For the purposes of the fund, the government shall act as the Sponsor and the total commitment to be infused by the Government would be upto INR 10,000 crore.

The fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.

For the first AIF under the Special Window, it is proposed that SBICAP Ventures Limited shall be engaged to be the Investment Manager.

This fund would in turn would provide relief to developers that require funding to complete a set of unfinished projects and consequently ensure delivery of homes to the home-buyers.

Since the real estate industry is intrinsically linked with several other industries, growth in this sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well.

Background

The Hon'ble Finance Minister on September 14, 2019 had announced that a special window for affordable and middle-income housing will be created. This special window will provide last mile funding for housing projects which are stressed.

Subsequently, Inter-ministerial consultations and several stakeholder consultations were held with the housing industry including Housing Finance Companies, Banks, NBFCs, Investors, and Real Estate Developers. Problems being faced by home buyers, developers, lenders, and investors were ascertained that could be addressed through the Special Window.

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Prime Minister inteacts with scientists at IISER, Pune
December 07, 2019
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Prime Minister, Shri Narendra Modi today interacted with scientists from Indian Institute of Science  Education and Research (IISER) in Pune, Maharashtra . 

IISER scientists made presentations to the Prime Minister on varied topics ranging from  New Materials and devices for Clean Energy application to Agricultural Biotechnology to Natural Resource mapping. The presentations also showcased cutting edge technologies in the field of Molecular Biology, Antimicrobial resistance, Climate studies and Mathematical Finance research.

Prime Minister appreciated the scientists for their informative presentations. He urged them to develop low cost technologies that would cater to India's specific requirements and help in fast-tracking India's growth. 

Earlier, Prime Minister visited the IISER, Pune campus and interacted with the students and researchers. He also visited the state of the art super computer PARAM BRAHMA, deployed by C-DAC in IISER, which has a peak computing power of 797 Teraflops.

The Indian Institute of Science Education and Research (IISERs) are a group of premier science education and research institutes in India. 

Prime Minister is on a two day visit to attend the DGP's Conference in Pune.