The Union Budget 2023 sets the vision for a technology-driven and knowledge-based economy. Further, the welcome push for creating sustainable cities of tomorrow, and the announcement of incentives for green building practices has created the perfect storm for the construction industry players to embrace cutting-edge technologies and help India move towards realising its goal to achieve net zero emissions in 'Amrit Kaal'.
Overall, the Indian construction industry has many reasons to cheer this budget, from the Urban Infrastructure Development Fund for tier-2 and tier-3 cities to setting up of Infrastructure Finance Secretariat for encouraging private investments in infrastructure. The increased outlays for capital expenditure, now at 3.3% of GDP, and higher allocation for the PM Awas Yojna will provide a major boost to urban housing and infrastructure development, in turn creating new growth opportunities for both real estate and infrastructure companies.
