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BUSINESS EYE JANUARY 21, 2022 | The Indian Eye 42

All eyes on Budget 2022:

real estate and healthcare look

for major boost

COVID-19 pandemic has played a significant role in changing the perception
of home-ownership for all, especially for the NRIs. In the last couple of years, the demand from

the NRI segment has risen sharply

Public expenditure on healthcare in
OUR BUREAU India is among the lowest in the world.
As per the government data, it stands
New Delhi
at around 1.2 per cent of the country’s
he Central Government has gross domestic product (GDP).
convened an all-party meet In 2021-22 budget presented in
Tlikely at 3 pm on January 31 the parliament on February 1, 2021,
to discuss Budget Session. The Bud- the finance minister announced to
get Session will get underway on the more than double the budgetary al-
same day with the Presidential ad- location for health sector. The bud-
dress at 11 am followed by the laying getary allocation to health sector was
of the Economic Survey. The Union increased to Rs 2,23,846 crore for the
Budget will be presented on February financial year 2021-22, which is 137 per
1, 2022. cent higher when compared with the
This year’s budget could be a outlay of Rs 94,452 crore in 2020-21.
game-changer for Indian economy. Sitharaman not only announced
The real estate and healthcare sectors 137 per cent increase in the budgetary
are specially looking at this year’s pro- allocation to health sector in 2021-
posals. 22 budget but also gave assurance of
continued support and enhanced allo-
Union Finance Minister Nirmala Sitharaman
For the Indian real estate sec- cation in the future.
While presenting the 2021-22
tor, the year 2020 was a test- said Aditya Kushwaha, CEO and Di- for some time and want this to be a union budget, Sitharaman stated that
ing year but it made a strong rector, Axis Ecorp. reality in 2022. while the investment on health infra-
Commenting on this, Anurag
structure in this Budget has increased
Kushwaha pointed out that the
comeback in 2021. The sector COVID-19 pandemic has played a Mathur, CEO, Savills India, said, “At substantially, “progressively, as insti-
a time when the economy is anxious
significant role in changing the per-
has big expectations from the ception of home-ownership for all, about recovery due to the Omicron tutions absorb more, we shall commit
more”. According to a survey con-
Union Budget 2022-23 which especially for the NRIs. In the last threat, we look forward to a positive ducted by the industry body ASSO-
is scheduled to be presented couple of years, the demand from the approach from the budget. In addi- CHAM, the finance minister is likely
tion to agriculture, the focus is likely
to give top priority to health sector.
NRI segment has risen sharply. In
by Finance Minister Nirmala order to encourage this segment, we to be maintained on manufacturing, “The COVID-19 pandemic ex-
Sitharaman on February 1. propose that the government should infrastructure, and the real estate sec- posed weaknesses in our health
consider revising the applicable tax tor in the budget. On the wish list will systems and amplified already ex-
deducted at source (TDS) on proper- once again be infrastructure status isting challenges pertaining to gaps
Most developers have high expec- ty transactions for NRIs, he said. for the real estate sector. It has the in health infrastructure, workforce,
tations from the budget and expect “This will not only boost invest- potential to unlock a host of benefits accessibility and equity in health ser-
that it will provide a push to the res- ment in the sector but also help our for boosting foreign as well domestic vices. But at the same time, it also
idential segment as well as the rental country to build its forex reserves. investment.” reinforced an urgent need to make
housing. Many industry experts are There has been an uptick in rental Coronavirus crisis has brought greater investments in augmenting
anxious about the rising cost of raw housing as people continue to work healthcare to the focus of priorities health preparedness and quality of
materials and expect the government from anywhere (WFA). To further for the common people and the pol- care,” said Alok Roy, Chair, FICCI
to intervene in this regard. “Growth promote the rental segment, we pro- icymakers alike. Finance Minister Health Services Committee & Chair-
in the real estate sector is essential pose that the government should of- Nirmala Sitharaman is likely to give a man, Medica Group of Hospitals.
for the growth of the economy. We fer taxation benefits for tenants which big push to investments in health in- The Confederation of Indian
are hoping that the government will could include enhancement in HRA frastructure and provide some other Industry (CII) has suggested that
introduce deep policy reforms that Tax Exemption,” Kushwaha added. financial support to healthcare sector the public investment in healthcare
will help in accelerating the growth in Some experts have been demand- in the Union Budget 2022-23 sched- should be increased to at least 3 per
real estate, especially at this juncture,” ing infrastructure status for real estate uled to be presented on February 1. cent of the GDP by FY 2025.

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