It will prove a major driver for the infrastructure and construction industry – Nimesh Patel, President, BAI.
New Delhi: Builders’ Association of India (BAI), an apex body of Indian construction industry has welcomed the union budget presented by Finance Minister Nirmala Sitharaman on Wednesday and has also thanked her and Prime Minister Mr Narendra Modi for the budget that will lead the way of growth for the infrastructure sector. The BAI has stated that the provisions made for the infrastructure and construction industry will prove a major boost not only for the sector, but also for the growth country’s economy.
Addition that the budget will lead India on the path of prosperity in Amrit Kaal through Saptarishi, the seven priorities set by the Modi government, Mr Nimesh Patel, President, BAI, said, “The budget has earmarked Rs 10,000 crore for urban infrastructure fund every year and Rs 75,000 crore for 100 transport infrastructure projects, besides the outlay of Rs 10 lakh for capital infrastructure. Three centres of excellence for Artificial Intelligence will also be set up. It has also allocated Rs 79,000 crore for Pradhan Mantri Awas Yojana. It has been enhanced by 66% to over Rs 79,000 crore. This would give a major boost to the construction industry.”
The focus of the union budget 2023-24 is undoubtedly on creating a technology and knowledge driven economy that will lead India towards Amrit Kaal. For successful India @100, the celebration of the 100 years of independence 25 years from now, Honourable Finance Minister Nirmala Sitharaman emphasised that the Government will focus on facilitating ample opportunities for citizens,” he added.
“The budget proposes to spend Rs 2200 crore for high value horticulture, with the agri credit target increased to Rs 20 lakh crore. It has also proposed the capital expenditure of Rs 10 lakh crore for Financial Year 2024 upping it by 33%. The government has planned to increase PM Housing outlay to Rs 79,000 crore. By hiking the capital expenditure by 33% to Rs 10 lakh crore for infrastructure development for 2023-24, the spending will be 3.3% of the GDP. It has the capital outlay of Rs 2.40 lakh crore for Railways with the plan to build 50 new airports and heliports,” said Mr Gyan Chand Madhani, Hon. General Secretary, BAI.
“The Saptarishi of Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing Potential, Green Growth, Youth Power and Financial Sector will help the country grow at a rapid pace. The budget has emphasised ample opportunities to citizens, especially youth, strong impetus to growth and job creation and macroeconomic stability. The seven priorities adopted by the government complement each other. It will help the country grow while marching on the path of its 100 years,” said Mr Nimesh Patel, President, BAI.
The Union Finance Minister has also set a mission to promote domestic manufacturing and exports and has given tax exemption on capital goods and Lithium batteries. It has also given a great relief to the middle and lower middle class by tweaking the Income Tax slabs enabling them to save the money spent on tax.
Builders’ Association of India (BAI), an apex body of the Indian construction industry having about 20,000 construction companies as its members, with 200 Centre’s spread throughout the country was established in 1941. The fundamental aim of Builders’ Association of India (BAI) is to bring about all-round improvements in the construction sector while striving towards the resolution of operational as well as policy-level problems faced by the Construction Industry. This involves making efforts to obtain from policymakers and authorities the level of attention that the construction industry deserves in view of its tremendous contribution and importance to the economy.