Inclusive growth budget: Shravan Gupta

Shravan Gupta, Executive Vice Chairman and MD, Emaar MGF Land Ltd

This year’s budget invokes immense confidence and the markets have fittingly responded. The finance minister was right in acknowledging the need of the hour is a return to the growth path and efforts towards putting the economy back on track with a GDP of 9%.
 
Significantly, its an inclusive growth budget that has the potential to work as a booster for the economy. Effectively, this would lead to growth in infrastructure, industrial activity and employment generation. This would, in turn, be beneficial for realty as more jobs would mean a rise in demand for homes. I largely concur with the Finance Minister making infrastructure the central point of his budget speech. India’s vision to become a developed nation can only be fulfilled with infrastructure upgradation, not only in metros and tier 1 cities but moving down to the rural areas.
 
The announcement with regards to completion of pending projects in 5 years instead of 4 years will enable developers to concentrate on the quality standards rather than delivering projects in a hurry. Extension of 80 (IBX) to five years will help real estate developers to get the tax benefit under section 80IBX.