Manish Jaiswal, Managing Director & Chief Executive Officer, Grihum Housing Finance.
Credit: LinkedIn/@manish-jaiswal-3702429
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
Various experts from different sectors have put forth their expectations from the Budget for their industry. Speaking on behalf of the housing finance sector, Manish Jaiswal, Managing Director & Chief Executive Officer of Grihum Housing Finance, said, "Reviving economic momentum requires immediate measures to address food inflation through MSP reforms and supply-side interventions. This will help increase disposable incomes and stabilize family budgets."
"Blanket monetary tightening has adverse effects on industries like affordable housing, driving up EMIs and increasing default risks. A targeted approach to inflation, especially in essential commodities, is crucial," he said.
"PMAY Urban 2.0 must be relaunched with a simplified framework, similar to its earlier structure, to effectively cater to low-income groups (LIG). The current delays and cumbersome processes hinder progress and create operational and technological challenges," he added.
"Centralized administration with robust checks and balances can streamline the scheme, ensuring that it directly addresses the needs of LIG households. The immediate rollout of the mortgage credit guarantee fund will further facilitate housing finance penetration in semi-urban and rural areas, driving deeper structural reforms and contributing significantly to India’s GDP," he said.
"Additionally, introducing tax incentives on home loan principal or interest will make EMIs more affordable for the LIG segment, empowering them to achieve homeownership under PMAY Urban 2.0. This will significantly advance India’s Housing for All mission, foster infrastructural growth, and provide support to the 400 allied industries linked to real estate," Jaiswal added.
"To improve the ease of doing business, a fully digitized SARFAESI process is imperative. Integrating courts, police, and judiciary on a unified platform will streamline repossessions, auctions, and enforcement," he added.
"Additionally, integrating the Centre and state governments through a transparent network with clearly defined turnaround times (TAT) and exception management will significantly enhance the process. This model will strengthen coordination, close procedural gaps, and ensure swift, transparent action against defaults and fraud,” the Grihum Housing Finance CEO and MD said
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.