Boosting India's Economy: Affordable Housing, Infra Growth, and Manufacturing on Budget Radar
As the Union Budget approaches, affordable housing, infrastructure development, and manufacturing growth are expected to take center stage.
Affordable HousingInfrastructure GrowthManufacturingUnion Budget 2024Economic GrowthReal EstateJul 21, 2024
Finance Minister Nirmala Sitharaman is expected to prioritize green mobility, affordable housing, holistic infrastructure development, and a big push to manufacturing, along with boosting consumption demand. The budget is also likely to include a roadmap for making India a developed nation by 2047.
To achieve this goal, the government needs to prioritize and enable a shift from agriculture to manufacturing to provide a pathway for employment. Support for core engineering-led manufacturing, strengthening MSMEs, and creating new clusters like EV, electronics, and aircraft manufacturing is critical.
The paper also highlights the need for a national agriculture infrastructure mission with a focus on improving logistics like cold storage, processing units, and packaging facilities to reduce post-harvest losses and ensure better price realisation for farmers.
Promoting sustainable and climate-resilient agriculture will be a roadmap for de-carbonisation in agriculture for the next 10 years and help India meet its net-zero commitment by 2070.
With the Indian economy expected to increasingly run on green fuel, the directional shift is gathering pace across different levels. The launch of PMAY 2.0, incorporating components like Affordable Housing in Partnership and Beneficiary Led Construction, is expected to tailor housing solutions to financial capabilities of large sections of the population.
Frequently Asked Questions
What are the key areas of focus in the upcoming Union Budget?
The key areas of focus are expected to be affordable housing, infrastructure development, manufacturing growth, and boosting consumption demand.
What is the long-term vision for India outlined in the budget?
The long-term vision is to achieve developed nation status by 2047.
What is the significance of green mobility in the Indian economy?
The Indian economy is expected to increasingly run on green fuel, with a directional shift gathering pace across different levels.
What is the importance of manufacturing in the Indian economy?
Manufacturing is critical to providing a pathway for employment and achieving developed nation status.
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