“India has done exceedingly well on Covid front with minimal damage to human lives and economy during year 2021-22. With superb execution of vaccination, calibrated unlocking and surge in pent up demand, all leading to well deserved likely 8.5% GDP growth in 2021-22.
The game now shifts to year 2022-23 Budget making. Time is ripe to ride on the success of 2021-22. With Covid firmly under close monitoring, better preparedness at State level and overall hygiene aspects gathering momentum at people level, the Government can now focus on ‘heavy lifting’ of economy thru Investments in infrastructure and making funds available thru the financial system for scores of MSMEs and Gig workers to play the catalyst role.
Also, Government should help generate more demand from consumer side thru adequate measures like Sops, tax benefits, concessions etc. Tourism presents a great opportunity both for international tourists and within India local tourists, as people are mad after getting out of home.
Investments in the direction of Hospitals, research and development in pharma sector, primary health care across all key cities and semi-urban/rural areas will help manage increasing need for such facilities due to outbreak of pandemic like Covid. By 2030 there is a clear indication for India to move to 3rd spot globally on Forex/GDP size (behind USA and China). From the current 7th position. This can be possible with a good direction in the development of the country in driving investments, providing top class governance and making India the first port of call for foreign investors. As a large consumption market, we can offer the world the best of everything to grow consistently.
On the real estate front, there is still a large shortage of over 40 million homes in India to make everyone live in a good home. With work-from-home gaining popularity (even as a normal way of working), the need for homes and rooms have grown substantially. Measures on RERA are helping regulate this industry, the 2nd largest employer. The urgent need here is to help reputed builders have access of good land parcel and financial system. The Government should work in this direction. The inflationary pressure on building materials needs to be brought down. GST rates are still high for building products, providing scope to reduce. This will stimulate further demand for homes. “
