India Budget 2018
When he started his Budget Speech, Finance Minister Arun Jaitley said what has been largely expected that the budget will focus on Agriculture and rural economy. He did not disappoint this expectation, with what is largely a ‘Socialist’ budget.
Finance Minister Arun Jaitley has managed to balance populist demands, the need to support economic growth and Prime Minister Narendra Modi’s focus on fiscal discipline and reforms.
From a real estate perspective, the Finance Minister said the government will establish a dedicated affordable housing fund in the National Housing Bank through various funding measures. This is a welcome step.
The Finance Minister’s mention of reducing hardships faced in realty deals was ‘positive’.
It was also positive to see Suburban Railways in Mumbai find a mention in the budget, with Rs 11,000 crore of outlay. “Improved railway network and accessibility generally have a positive multiplier effect on real estate.
Targets of Swacch Bharat, rural electricity and LPG connections have been increased substantially, which is a positive. The Budget take-away: Focus on ‘ease of living’ after ‘ease of doing business.
Dr. Niranjan Hiranandani is the President of NAREDCO