2022-23 Budget Reaction.

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2022-23 Budget Reaction

Feb 1, 2022

Mr. Rakesh Reddy
Director, For APN News

Inclusion, Productivity Enhancement, Energy Transmission, Climate Action, And Investment Funding are all priorities in the Union Budget 2022-23. Prioritizing ease of doing business will assist in attracting new investment and promoting entrepreneurship. This budget, in general, will build the foundation for the next 25 years of growth.

In the coming year, India’s growth is expected to be 9.27 %, which would be comparable to pre-COVID levels. Despite rising demand, global concerns like inflation and supply chain disruption must be considered.

80 lakh households would be identified for the inexpensive housing programme, with Rs 48000 crore to be invested in the PM Housing Scheme, which is a positive step for the Affordable Housing Segment. Further development measures include a Rs 60000 crore investment in the Nal Se Jal scheme, which would offer tap water to 3.8 million homes, and a 25000 km highway expansion to boost connectivity.

While the aforementioned activities are encouraging and necessary for the Real Estate Sector’s recovery, more steps can be taken to boost demand in the future. The Government needs to simplify tax rates and remove administrative hurdles. Personal Tax Relief must be addressed by revising the tax slabs and increasing the deduction limit under Section 80C, as disposable income is a significant limitation on demand. Revised income tax slabs will benefit the Real Estate Industry by lowering overall tax expenditure. Expanding the number of income tax deductions available to homebuyers might encourage new purchases and expand the market.

Read more in the APN News article featuring our Director, Mr. Rakesh Reddy