Pune 1 February 2023 : Union Budget for 2023–24 : Reaction quote by – Kolte-Patil Developers .
Overall, a strong budget, reflective of government’s confidence in the economy and, aimed at fostering a compounded growth effect.
We are extremely pleased with government’s consistent focus on sustainable cities, strategic urban planning, and transit-oriented developments via Urban Infrastructure Development Fund enabling the growth of Tier II, and Tier III cities. Increasing the fund for PMAY by 66% to Rs. 79,000 cr. will provide further impetus to affordable housing.
In addition, increasing the limit for personal income tax rebate to Rs 7 lakhs will have a direct effect on disposable income, encouraging purchase of residential real estate. It is heartening to see India’s emphasis on 5G based applications hinting towards India’s stronger stance on digitization.
Make AI in India and Make AI work for India initiatives will drive the future of India’s digital development that will go beyond sectors, creating multiple new-age job opportunities in the process.
In all, we welcome government’s high capex outlay and thrust on green growth to build a more sustainable future.