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BIG STORY FEBRUARY 10, 2023 | The Indian Eye 4

ANNUAL BUDGET 2023-24

BLUEPRINT for

DEVELOPMENT?

Finance Minister Nirmala Sitharaman presents a bold budget ahead of the election year. The

government calls it a roadmap for development. How is the industry and consultants reacting to it?

OUR BUREAU 2023-24 largely focuses on green
growth, urban infrastructure, and
New Delhi
technology. Contrary to the expecta-
inance Minister Nirmala Sitha- tions, there were no direct announce-
raman presented the Union ments for the real estate sector.
FBudget 2023 in Lok Sabha on However, the government continued
Wednesday. This was the third time to focus on the affordable housing
in a row that the government present- segment by increasing the capital
ed the budget in a paperless form. outlay. The commercial real estate
Highlights of the budget presented by sector would also be benefitted by the
minister included big incentives un- incentives provided for start-ups, fin-
der the new income tax regime. And, tech companies and enhancing ease
more importantly, the capital expen- of doing business.
diture outlay has been increased by “Overall, the budget focuses on
33 per cent, accounting for 3.3 per driving consumption and capital in-
cent of the GDP. vestment to support growth. This will
The annual Budget for 2023-24 is have a multiplier effect on various sec-
the last full Budget of Modi govern- tors such as real estate. At the same
ment 2.0. This year’s Budget holds time, the government’s commitment
much significance as it is the last of towards affordable housing continues
the Narendra Modi government be- with a significant jump in PMAY allo-
fore the next Lok Sabha election in cation. On the commercial front, the
April-May 2024. continuous push to startups will give
Prime Minister Narendra Modi a fillip to activity in commercial office
on Wednesday hailed the “first bud- space,” said Ramesh Nair, Chief Ex-
get of Amrit Kaal” and said that it ecutive Officer of Colliers.
would lay a strong foundation for The government’s contin-
building a developed India. The ued focus on capital investment
Prime Minister said that the budget will give a boost to India’s growth,
gives priority to the deprived and will said Fitch Ratings, a day after
fulfill the dreams of the aspirational the finance minister presented
society, the farmers and middle class. the annual Budget for 2023-24.
“The first budget of Amrit Kaal will “The government’s continued
build a strong foundation for building emphasis on ramping up capex spend-
a developed India. It gives priority to Nirmala Sitharaman shows Budget tablet as she leaves Ministry of Finance to present and ing should provide a fillip to both near-
the deprived. This budget will fulfil and medium-term growth,” Jeremy
the dreams of an aspirational society read out Union Budget 2023 in Parliament on Wednesday (ANI) Zook, Director and Primary Sover-
including poor people, middle-class eign analyst for India, Fitch Ratings,
people, and farmers. I congratulate the government’s efforts to enhance will further enhance them. Special said. “We believe India is well-placed
Nirmala Sitharaman and his team for the lives of women. “The government savings scheme will be started em- to sustain higher rates of growth in
this historic budget,” PM Modi said has taken several steps to make the powering women in households,” the the medium-term than many of its
in a televised address. lives of women, in rural and urban ar- PM said. peers, with the capex drive helping
Prime Minister Modi underlined eas, easy. Women’s self-help groups The proposed Union Budget Continued on next page... >>

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