The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has generated positive vibes in the business fraternity across sectors. Presenting her seventh consecutive budget
Sitharaman has undertaken various measures such as allocation of Rs 10 trillion, including a central assistance of Rs 2.2 trillion, for the Pradhan Mantri Awas Yojana (Urban) and provision of rental housing with dormitory-type accommodation for industrial workers in public-private partnership (PPP) mode with viability gap funding (VGF) support and commitment from anchor industries. This will help bolster the economy and create new growth opportunities. Industry experts are enthused with the budget's comprehensive approach, which includes substantial allocations and strategic initiatives designed to stimulate economic expansion and foster innovation.
Expressing high optimism Mr. Rizwan Sajan, Founder and Chairman, Danube Group said, "The Budget 2024-25 is expected to open a wide window of opportunity for the luxury housing market in India. Among the provisions, the significant allocation of Rs 11.11 lakh crore towards capital expenditure is set to stimulate the real estate market. We also expect the government's focus on enhancing the ease of doing business will create an environment conducive to the collaborations in the industry. At Danube Group, we are optimistic that these initiatives will drive growth and innovation in the real estate market apart from contributing immensely to meeting the sophisticated demands of connoisseurs of luxury and excellence in the residential real estate segment."
Mr. Hari Kaimal, President - Strategy and Development at Supersonic Imagine appreciated the budget's emphasis on strengthening medical care but expected more from it, he added, "India's Union Budget 2024-25 marks a significant step forward for the healthcare sector with increased expenditure for developing, maintaining, and improving the country's healthcare system. It's also encouraging that the Honourable Finance Minister has highlighted healthcare as a priority but we would have expected to see more in terms of incentivizing local manufacturing of innovative medical devices along with more commitment to medical innovation. Such initiatives will foster breakthroughs in transforming the healthcare landscape and enhance the quality of healthcare in the country."
Echoing similar sentiments for real estate, Mr. Ajay Chaudhary, CMD, Ace Group added, "At first glance, the focus of Budget 2024-25 appears to be on strengthening urban infrastructure. While the allocation of Rs 11.11 lakh crore in this budget towards capital expenditure may lead to robust infrastructure development, it will create more opportunities for developing high-end real estate projects catering to the evolving needs of discerning homebuyers. The budget's emphasis on developing 'Cities as Growth Hubs' through economic and transit planning may also uplift the luxury housing market. We hope all these initiatives will create more opportunities for the development of high-end residential and commercial projects, catering to the evolving needs of real estate buyers."
Mr. Vijay Jain, Managing Director, Star Estate also applauded the budget for its thorough strategy towards boosting affordable housing with a Rs 2.2 lakh crore allocation under the PM Awas Yojana-Urban. He added, "Another major advancement for the real estate segment to look at in the budget is the investment of Rs 10 lakh crore towards addressing the housing needs of one crore poor and middle-class families. This move demonstrates a strong and inclusive approach to the development of urban centers of growth in the country. Such an approach will revitalize demand in the real estate market."
"We appreciate the Union Budget 2024-25 for its strategic policies that are set to significantly boost the real estate sector. Among the beneficial provisions for the real estate sector in this budget though in the long run are the sanctioning of 12 industrial parks under the National Industrial Corridor Development Program, and the facilitation of rental housing for industrial workers in PPP mode. The formulation of transit-oriented development programmes for 14 large cities is also beneficial for the real estate segment, as these measures will enhance urban infrastructure. Such a forward-looking approach in this budget will drive demand and stimulate growth within the sector", shared Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group.
Mr. Kushal Patel, Managing Director, Axita Cotton praises the budget for its focus on industrial growth while commenting, "The Finance Minister announced the development of twelve new industrial parks under the National Industrial Corridor Development programme. These parks will be equipped with complete infrastructure, and 'plug and play' parks will be established in or near 100 cities. These provisions will significantly boost industries across the spectrum, and we commend the budget for its strong focus on industrial growth."
Representing the FMCG sector, Mr. Aman Choudhary, Executive Director of Marketing at Anmol Industries remarked, "The Union Budget 2024-25 has laid a solid foundation for the FMCG sector with its focus on boosting rural demand and increasing disposable income. The allocation towards improving infrastructure and logistics will greatly enhance supply chain efficiency, enabling faster and more efficient distribution of goods. We appreciate the government's commitment to fostering a business-friendly environment and believe these measures will spur growth, innovation, and competitiveness in the FMCG industry, ultimately benefiting consumers and businesses alike."