Leading voices in the construction sector share their thoughts on the Interim Budget 2024

Also Read : Interim Budget 2024-25: A Glimpse into Bharat’s Prosperous Future

Ashwin Sheth, CMD, Ashwin Sheth Group

“We acknowledge the strategic direction outlined in the 2024 interim budget, particularly its focus on reinforcing the affordable housing sector through the increased allocation for the Pradhan Mantri Awas Yojana (PMAY). This puts a spotlight on the government’s unwavering commitment to encouraging inclusive real estate development, acknowledging the key role of affordability in comprehensively addressing housing needs. The allocation of 70% of PMAY houses to women in rural areas is of special significance and will go a long way towards providing secure living spaces and advancing woman empowerment. The progress in the implementation of PM Awas Yojana (Grameen), approaching the target of three crore houses, with a commitment to take up construction of two crore additional houses over the next five years, reflects the government’s dedication to meeting the growing demand for housing in rural areas.

Maintaining a delicate balance between promoting affordable housing and ensuring sustained growth across all segments is crucial, and will no doubt foster an environment conducive to growth, investment, and the holistic development of the real estate ecosystem. Moreover, the increased outlay for infrastructure to INR 11.11 Lakh Crore in FY25, is a welcome move, further supporting overall growth and development in the sector. 

Building on these developments, we look forward to continuing to help develop a robust and inclusive real estate landscape in India.”

Arun Shukla, President and Director, JK Lakshmi Cement

“JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development.

As a stalwart in the cement industry, we welcome the Government of India’s commitment to fostering growth, sustainability, and inclusivity. The Government’s strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women’s empowerment, resonate with our forward-looking mission.

The significant increase in infrastructure outlay to INR 11.11 Lakh Crores and the emphasis on green growth shows the Government’s pursuit to propel our nation towards economic excellence.

As a key player in the cement sector, we are eager to contribute meaningfully to strategic railway corridor programs, particularly those targeting energy, mineral, and cement corridors.

We also applaud the Government’s efforts to deepen GST reforms, creating a more unified and efficient tax regime. This, coupled with initiatives like the bio-manufacturing scheme, and multi-modal connectivity projects, creates a favourable environment for sustained economic growth and job creation.

As we navigate the next five years of unprecedented development, JK Lakshmi Cement remains steadfast in its commitment to supporting the Government’s vision of a Vikisit Bharat by 2047 and contributing to the nation’s journey towards economic excellence while creating opportunities for all.”

Amit Uplenchwar, Director at Kalpataru Projects International Limited

“We applaud the government’s emphasis on infrastructure development, particularly the PM Gati Shakti initiative involving three major railway corridor programs. This commitment, alongside the substantial increase in infrastructure spending to INR 11.11 Lakh Crore for FY25, demonstrates the government’s unwavering focus on building a more efficient and connected India.

Additionally, advocating for inclusive growth, the emphasis on incorporating aspects like geography, gender, and grades of strata will not only span development across the nation but also alleviate poverty and bolster the economy. Striking a balance between infrastructure and social spending is crucial for fostering self-sustainable and inclusive micro and macroeconomic development.

Furthermore, the focus on leveraging India’s natural and human resources through enabling schemes aligns with our vision of making India Atmanirbhar. This holistic approach, coupled with the UDAN scheme’s expansion for new airports, directly contributes to building smart, sustainable cities, fostering regional connectivity, and stimulating economic growth—an era truly heralding Amrit Kal.”

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Disclaimer: The information in this article is gathered using data from Biltrax Construction Data’s proprietary platform. This article uses feature images that may not be representative of the project; they are merely for illustration purposes.