Finance Minister
N Sitaraman list
1 action point for
'Apirational India'
budget from hand
pumps for farmers
to setting up
storage units in
village
government is doing away with the
FIPB [Arun Jaitley did a great thing
by abolishing FIPB] that was more
hindering foreign investments than
promoting it.
In infrastructure, there is a push
towards electrifying 100% of the
villages by next budget. Budget
2017: 10 measures to boost India's
infrastructure. Of course, not all
houses in those villages might be
connected to the grid by next year,
but that would be the next battle.
More housing focus is also there
this time followed by more spending
on railway infrastructure. PM's
incentives may bring millions into
affordable housing.
There is a heavy push on female
welfare development - Spending
on women-related schemes up 18%
in Budget 2017 - and this will help
India’s HDI in the long run.
There are some negatives like
not big increases on spending on
healthcare, research or education.
Overall, it is like Rahul Dravid
playing a test match. There are no
fireworks or “DLF Maximums”, but
there is a lot of prudence building
up for the long term.
Of real estate, 5 Tn
dollar economy
Real estate cannot remain a neglected stepchild - it must
become the apple of the government's eye
Union
Budget 2020-
21's almost
pointed
negligence of
the real estate
sector was
most puzzling
- especially
since the
previous
budget had envisaged an ambitious blueprint for the country's
economic future. For realizing the vision of making India a USD 5
trillion economy by FY 2024-25, the development and growth of its
real estate sector is imperative. Across developing and developed
economies, real estate and economic growth are inseparable concepts.
Real estate is a key driver of economic growth, and by laying
the groundwork of making it more organised and transparent,
the government has already made it a more secure and attractive
investment environment. The fact that the latest budget gave no more
than a cursory glance at real estate is a missed opportunity to build
further on this groundwork. To propel the Indian economy into
the top league of global economies, the growth engine of real estate
cannot be ignored.
Despite global headwinds and slow economic growth in the
country, the India Brand Equity Foundation expects India's real
estate sector to grow to a market size of USD 1 trillion by 2030. It is
also likely to contribute 14% of the country’s GDP by 2025 - almost
double its current contribution of 7-8%.
Over the years, real estate growth - particularly in housing - has
been crucial in driving the Indian economy. Regulatory reforms such
as RERA, GST and IBC and relaxation in foreign direct investment
have already made the industry more transparent and credible,
leading to increased end-user demand.
www.smartgovernance.in | February 2020 17