All three sectors are expecting changes since the economic crisis they faced since the pandemic. It is more looked upon by the real estate sector.
The Union Budget is expected to be presented, on February 1st. As usual, many sectors within the Indian economy are looking forward to the budget. Three of them are more anxious than others. They are infrastructure, industry and real estate.
They are looking at it with hope, as they expect necessary reforms and incentives to solve their pandemic crisis. No sector was more hurt than the real estate sector, as they are still recovering from the shock.
When the necessity to adapt to the present time arose, the realty industry rose to meet the challenge by bringing in necessary innovations.
From digitalization to meeting new demands, the sector rose to the challenge, and these solutions will help the industry expand in the future.
The world is moving towards New Normal that will see substantial growth in residential, commercial and industrial real estate segments with a thrust. Real estate will grow in the suburban regions considering the positives it offers.
Another expectation is the raising of existing tax exemption on housing loans. At the same time, personal income tax could be made easier in terms of heads and filing in the budget.
The other expectations are from the infrastructure sector, with members hoping for further investments in the sector and capacity building. Last year the government declared key announcements for the infrastructure sector, which are being implemented.
Many in the infrastructure sector expect that more will come in this budget, as there is already the government mega infrastructural project called Gati Shakti (National Master Plan for Multi-modal connectivity).
The budget will aggressively push this project, which is considered the flagship project of the government. It is touted as a landmark step towards enabling progressive economic growth in India and recovery from the pandemic.
It is hoped that the project will bring in infrastructural and industrial growth and escalate economic prosperity.
Both of these sectors have faced unprecedented crises, from shortage of liquidity, increasing raw material prices, issues with land availability, tedious and lengthy approval processes.
They tried their best to overcome it through digitization and other alternative means.
The other field full of expectations is the industries. They sense a positive response from the government since the government has offered the sector with progressive policies.
Even though the supply chain crisis and raw material costs pose a challenge, they do not fear the future because of the government initiatives and digitalization.
The leading elements of the future will be affordability, a consumer-centric approach and self-sustainability.
There is hope in the air but the threat of the Omicron variant and resulting restrictions that would impede the economic recovery.
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