The much-awaited Union Budget for the year 2022-23 was finally presented by the Finance Minister of India on 1st February on a tablet shattering the long tradition of presenting the financial statement of the country on paper.
This year’s budget has promised to provide relief to the real estate sector which contributes a 6% share in the country’s GDP. Even back in 2020 when the pandemic was pushing the economy downwards at full throttle, it was the real estate sector that supported the economy until the whole thing came to an end.
The developers were hopeful that the finance budget will provide them and the sector some relief by infusing large monetary investments that will improve the present condition of the infrastructure sector.
Gratefully, the government had healthy plans for the real estate sector which they placed on the table in front of the parliament and the whole country.
Major Highlights of the Union Budget 2022
1. High-Level Expert Panel
The proposition of forming a High-Level Expert Panel was introduced in the parliament that will focus on the growth and performance of the sector. This panel will look into the core problems of the sector and will try to come up with a solution to make it stronger so that the infrastructure sector can withstand all kinds of future unprecedented circumstances.
2. Focus on PM Housing Schemes
The government’s dream of providing “Housing for All” has been pushed further when the FM of India told the parliament during her budget speech that the government is glad to infuse Rs 48,000 Cr into the PM Housing Schemes panned out across whole India. Schemes like Pradhan Mantri Awas Yojana will benefit from this step, as this scheme works towards making two crore homes available to the people falling under the categories – economically weaker sections, low-income groups, and middle-income groups.
3. Focus on Solar and Hydro Sector
Focus on Solar and Hydro Projects will further make the real estate sector stronger. Many residential and commercial projects are pushing the idea of making lives sustainable, which was even stated by the finance minister of India when she proposed “Cities for Sustainable Living” in the budget speech.
Rs 14,000 Cr will be pushed into the Solar and Hydro projects of the country, whereas, Rs 19,500 Cr will be pushed into the Solar Cell manufacturing sector.
“Budget 2021-22 provided sharp increase for public investment. Throughout the year…our economic recovery is continuing to benefit from the multiplier effect. This Budget continues to provide impetus to both. One, a blueprint which is futuristic…and number two, big public investment for modern infrastructure ready for India at 100 years,” said the finance minister in her budget speech.
4. Gati and Shakti
The finance minister spent a good deal of time explaining to the parliament about the PM Gati Shakti Plan, a defined platform to track the performance of infrastructure projects.
“Rs 20,000 crore will be mobilised through innovative ways of financing to complement the public resources,” added Sitharaman.