For India Inc., there’s good news - a slew of measures, ranging from tax sops to ease of doing business aimed at providing a boost the sagging fortunes of the Indian economy were announced by Finance Minister Nirmala Sitharaman evening of 23 August.
From the perspective of real estate, infrastructure and construction, it translates into good news. Effectively, the interaction with real estate stakeholders on 11 August seems to have received he Hon’ble Minister’s attention, and the twin problems of liquidity crisis and fiscal stimulus seem to have received a positive response.
The Indian Economy is facing challenging times, and there is an urgent need to activate ways and means to push up GDP growth as also create jobs. With this situation as the reference, the Hon’ble Finance Minister Govt. of India, Nirmala Sitharaman along with senior officials met a delegation from India’s Housing and Infrastructure industry, our proposals seem to have been taken positively.
Globally, real estate and infrastructure growth have proved to be drivers of economic growth as also job creation, and in India, it will be no different. Real estate and infrastructure being given a boost will positively impact GDP growth as also create jobs.
The liquidity crisis and the need for tax rationalization are two major challenges facing India’s real estate and infrastructure industry, and the Hon’ble Finance Minister’s announcements should result in resolution of the challenges, and should go a big way in enabling Indian real estate and infrastructure play its role in enhancing GDP growth as also creating jobs.
Dr. Niranjan Hiranandani is Founder & MD, Hiranandani Group. His new venture is Hiranandani Communities. He is President (Nation), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Affairs, Government of India as also Vice-President, ASSOCHAM