Common People ,IT and Real Estate Sector
Image Credit: The FE
On Tuesday, Finance Minister Nirmala Sitharaman delivered the Union Budget for the fiscal year 2022-23 to Parliament. According to the government, whatever budget provisions are made would be beneficial to moving the country ahead and developing the country's infrastructure. The budget disappointed the general public once again, although the administration made several significant announcements. Know how the budget announcements will impact the average person and what experts have to say about the IT and real estate sectors.
Experts say that this budget was in some ways an election budget, but that the administration has revealed its intentions in the budget despite the lack of populist statements. Even though no tax relief was provided, no additional taxes were imposed as well. Something for everyone has been announced.
Common People ,IT and Real Estate Sector
The 'PM Gati Shakti Master Plan,' which calls for the construction of 100 cargo ports in three years, will help move people and products more quickly.
The national highway will be expanded by 25 thousand kilometers.
In three years, 400 new Vande Bharat trains will be built.
The industries have been increased from 5 lakh 54 thousand crores to 7 lakh 55 thousand crores.
In five years, 60 lakh new jobs will be created.
From Rs 48,000 crore, the Pradhan Mantri Awas Yojana would build 80 lakh affordable dwellings.
MSP will transfer 2.37 lakh crore to farmers' accounts.
Common People ,IT and Real Estate Sector
These announcements will also assist the average male. These announcements have been made to improve the country's infrastructure. However, the middle and salaried classes have been disappointed once again, as they have been in the past. There is no exemption from paying income taxes.
According to reports 200 telecom companies in 78 countries have already launched 5G services, and India will be on par with the rest of the world if it focuses on the 5G spectrum auction. According to Rajiv Bhalla, Managing Director of Barco India, the government has demonstrated its commitment to 'Make in India' by providing a budget focused on growth, digitization, and the future.
SP Shukla, head of the Society of Indian Defense Manufacturers (SIDM), praised the announcement of allocating 68 percent of capital expenditure to domestic industry, saying it will help to sustain investment and recruit new capacity.
Common People ,IT and Real Estate Sector
President of the National Real Estate Development Council (NREDC), Rajan Bandelkar, stated that establishing a logistical network in the country will boost infrastructure development. This will have a positive impact on the housing sector's development along numerous corridors around the country. The Center has set aside a significant budgetary provision of Rs 7.50 lakh crore for the financial year 2023 to maintain the high growth rate. Nirmala Sitharaman, the Finance Minister, suggested a capital budget increase of more than 35% every year.