As the Budget decodes Kaam, Kisan and Kamai as the focus, the outlays have come out with a ‘Budget for the economy’, with sustainability and infrastructure investment as the underlying theme. The Budget is clearly about complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition, bolstering investment and climate action – which augurs well for the nation.
The industry welcomes the much awaited focus to resolve long standing issues of reduction in approval timelines for land and construction. Emphasis laid on modernisation and reforms in building byelaws, TDR reforms, urban town planning schemes, transit oriented multimodal corridors and transferable development rights.
Impetus to urban development policy with enhanced capacity building will lead holistic development of urban cities.
With rise in population and career mobility, the focus on nurturing new smart tier 2-3 cities will result in a big boost for real estate infrastructure with cascading impact on additional job creation.
Extension of PMAY scheme till March 2023 along with an allocation of Rs 48,000 crore outlay will further enhance affordable housing benefits 80 lakh new beneficiaries under middle class and economic weaker sections in urban areas.
Single window portal for green clearances is a step to promote ease of doing business in augmenting sustainable development along with special mobility zones for electric vehicles. Granting of infrastructure status to data centres in lieu of impetus to data localisation and protect data sovereignty is shot in the arm.
This will enable the data centres industry to avail long and cheap credit financing in order to foster competitiveness to become a global data centre hub.
Additional impetus on Gati Shakti, inclusive development for last mile connectivity, public investment, capital spending and financing of investments will augment steady economic growth.
