The Union Budget for 2022-23 appears to have a continuing theme of job creation, with Finance Minister Nirmala Sitharaman increasing CAPEX spending to Rs 7.5 trillion and emphasising infrastructure projects, the PM housing plan, and production-linked incentive (PLI) schemes.
The government's initiative to reform policies, capacity building, strategizing, implementation, and governance in the urban sector is projected to relieve the burden of urbanisation on cities and increase real estate infrastructure.
In 2022/23, 480 billion rupees will be dedicated to affordable housing. An additional 195 billion rupees would be allocated for production-linked incentives for the manufacture of solar equipment.
The government has proposed to provide support to the states for urban capacity building. Modernization of building bye-laws, Town Planning Schemes (TPS), and Transit-Oriented Development (TOD) will be implemented. This will make it easier for individuals to live and work near public transportation.
The central government's financial assistance for mass transit projects and the AMRUT programme will be used to develop action plans and put them into action to make TOD and TPS more accessible.
The government will also pay attention on how to make it easier for tier 2 and 3 cities to take on the baton in the future. This will need reimagining our cities as sustainable living places with possibilities for everyone, including women and youth.
- Significant increase in capital spending: in 2022/23, capital expenditure is expected to reach 10.68 lakh crores, accounting for 4.1 per cent of GDP. In 2022/23, the budget deficit is expected to be 6.4 per cent of GDP.
- Under the PM Awas Yojana, 80 lakh residences would be constructed in 2022/23. PM Awas Yojana has been granted 48,000 crore rupees.
- With urban planning as a priority, 5 current urban planning institutes would be recognised as Centres of Excellence, with a 250-crore endowment fund. A high-level panel for urban planning will be established.
- In 2022/23, the national highway network will be enlarged by 25,000 kilometres.
- The production-linked strategy will include a design-led manufacturing scheme for 5G.
- To award contracts for the installation of optical fibre in rural regions, with a completion date of 2025.
- In 2022/23, 480 billion rupees will be made aside for affordable housing.
- An additional 195 billion rupees would be allocated for production-linked incentives for solar equipment manufacturers.
The quest for a sustainable future would create an environment conducive to job creation.
About RICS SBE:
RICS School of Built Environment (RICS SBE), Amity University is an industry-led academic institution that delivers specialized undergraduate and postgraduate programs to students ambitious to work in the real estate, construction and infrastructure sector. It also aids as a hub for research and development of technical proficiency in a built environment.