Union Budget 2022: Real estate sector hails it as a growth-inducing budget

 Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget for FY 2022-23

Highlighting the role of the real estate sector in India’s economy, industry experts termed the Union Budget 2022-23 as a growth-inducing budget. Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget for FY 2022-23. During the budget speech, Sitharaman announced the completion of 80 lakh homes under Pradhan Mantri Awas Yojana (PMAY) and also informed that for this, allocated Rs 48,000 crore under PMAY for urban and rural in FY23. The demand for affordable housing has been increasing in the past few years.

Aditya Kushwaha, CEO and Director, Axis Ecorp said, “The real estate sector is the backbone of the economy and will play a pivotal role in this Amrit Kaal. The budget 2022 is growth-inducing and does the heavy lifting by sharply increasing capital expenditure. On the real estate aspect, the annual budget reinforces the Government’s focus on affordable housing.”

He said the government has also announced an outlay of Rs 20,000 crore toward Gati Shakti for integrated planning and coordinated implementation of infrastructure connectivity projects. In the budget 2022-23, there was also an emphasis on sustainable development with climate action being one of the central themes.

Budget 2022 should boost consumption via tax breaks, fuel tax cuts: Report

 In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget

The forthcoming budget needs to delay fiscal consolidation, instead should focus more on supporting the pandemic battered-economy and boost consumption demand by offering income tax soaps and cutting fuel taxes, says a report.

In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget, rather than trying out new things by continue with the revenue and capital expenditure pattern of FY’22 to provide stability and consolidation to the past/ongoing efforts, and to focus on boosting demand by generating employment opportunities in areas/sectors that have been impacted more by the pandemic.

The report therefore expects the finance minister to delay fiscal consolidation and make it to be a gradual and calibrated process, thus ensuring the necessary fiscal support that the economy needs is available till the recovery acquires its own momentum.Calling for tax reliefs to households to boost demand as the purchasing power of households was badly hit since the pandemic, the report said this could be done through some income tax reliefs and lowering taxes on oil products as higher fuel prices has been driving up inflation…Budget 2022