Budget 2020: Ensure the long term growth of India

By Amit Gossain

“I expect the Union Budget 2020 to address issues in strategic sectors to support growth. It will augur well for the economy to promote & invest in Infrastructure that will help in pushing the economic growth. Real estate is one of the highest employers in the country and an important driver of growth. The liquidity-hit and stressed real estate sector needs more liquidity support and steps to boost demand. An increase in tax benefits for home buyers and the allocation of funds can provide some relief in this direction. The last budget provided a Rs 1.5 lakh tax exemption to affordable houses bought under Rs 45 lakh. This year’s budget is expected to raise the exemption limit to Rs 75 lakh because an individual cannot buy an affordable house under Rs 45 lakh in large metros.

We also expect fair growth after a bunch of recent interventions, including the slashing of the corporate tax. Overall, the housing sector, which has seen piling up of unsold inventory and half-finished inventory projects hopes that the budget will address issues like single-window clearance and industry status for the real estate sector. Also, if more funds are provided to develop smart-cities the growth momentum can be accelerated. Smart cities will play an important role in overall development and Ease of Living”.

I do expect this budget to have some big-ticket positive announcements to revive the GDP and ensure importantly the short term and also the long term growth of India."

(Amit Gossain, Co-Chairman, CII National Committee on Urban Development & Smart Cities and Managing Director, Kone Elevator India)