Page 38 - CV June-July 2023 Issue

INDIA

POISED TO BECOME

3RD LARGEST

CONSTRUCTION MARKET

IN NEXT 2-3 YEARS

nion Minister of Commerce and Industry Piyush Goyal while employment and big avenues for the startup ecosystem.
addressing the National Investiture Ceremony of the Budget's focus on infrastructure
UConfederation of Real Estate Developers Associations of Budget 2023 also focused significantly on infrastructure with nearly
India on Saturday, said that India is poised to become the 3rd largest Rs 10 lakh crore direct investment of the Central government, he
construction market in the next 2-3 years, adding that the Real Estate pointed out. This sends a signal to the world that India is evolving and
sector will provide huge business opportunities, generate preparing itself to become a major global superpower. The outlay for
employment and provide big avenues for the startup ecosystem. PMAY was increased by 66%. Urban Infrastructure Development
He also said that the Indian real estate sector has been a critical Fund focuses on tier 2, and 3 cities and building bigger and better
engine of India's growth story. infrastructure, he said.
The Real Estate Regulatory Authority has played a transformational Goyal said that the Real Estate Regulatory Authority (RERA) has
role in formalising the sector and bringing transparency and better played a transformational role in formalising the sector and bringing
governance practices, Piyush Goyal said. transparency and better governance practices.
He said that the Indian real estate sector has been a critical engine of Simplified GST
India's growth story, providing large-scale employment and the sector
has shown immense resilience in the last few years with the active
Speaking on the government's role in supporting the sector, he said
support of the government.
that GST has been simplified to make the real estate sector more
Goyal in his address also pointed out that the Real Estate sector is resilient and easy to work in. Insolvency and Bankruptcy Code has
one of the critical sectors that will serve to ensure good quality of life helped clean up the sector with banks willing to lend with confidence,
for people. e said that India is poised to become the 3rd largest he added. Effective and speedy redressal of housing sector
construction market in the next 2-3 years. There is a lot of potential in complaints has given a major impetus to this sector and the message
this sector with the demand surge last year, he said, adding that the has gone loud and clear that honest business will be respected,
Real Estate sector will provide huge business opportunities, encouraged and promoted, he added.

CONSTRUCTION VISION 36 JUNE-JULY 2023