Union Budget 2023-24 has continued the government’s focus on the India growth story. In this year’s budget, the GOI has recognized infrastructure and investment as one of the 7 priorities that the budget is based on. The 33% higher capital outlay of Rs 10 lakh crore on infrastructure development will build a foundation for Tier 2 & Tier 3 cities to transform into centers of economic growth. It will have a multiplier effect on the overall economy including the Realty sector and allied industries.
The government’s decision to increase the PMAY Fund by 66% to Rs. 79000 crores will give a big boost to affordable housing and contribute to the overall growth and development of the country.
Furthermore, the announcement of 50 tourist destinations to be selected through challenge mode and developed as a whole package for domestic and international tourism is a welcome initiative by the government. This has the potential to transform the area from a tourist destination into a second home or weekend getaway. All these moves will unlock new opportunities for the real estate as well as the elevator industry in the long run.