Focus on real estate investment; FICCI releases suggestions for budget

Bhopal (Madhya Pradesh): The housing and real estate sector can be a multiplier force for growth and to boost investments or investment cycles, FICCI said in its letter of proposal to the government regarding the upcoming budget for the new fiscal year 2022-23.

The housing and construction sector has forward and backward links and impacts nearly 200 sectors. The sector must be supported holistically in the coming Union budget. A 3-4% interest subsidy on home loans could also be offered for a period of 3-4 years, Madhya Pradesh FICCI State Council Chairman Dinesh Patidar said on Sunday.

The real estate industry has shown real potential to become one of the top-grossing sectors in India, he added. FICCI has further emphasized the improvement and promotion of Pradhan Mantri Ujjwala Yojana as it has proven to be a transformative program contributing to improved lives of poor households, better health for women and also a cleaner environment.

However, with the recent increase in gas prices, affordability for such households has become a major challenge for using cooking gas. It is therefore proposed that the government subsidize consumption of 6-7 cylinders per year for such households, read FICCI’s letter to the government.

MSMEs were the backbone of the economy, especially in Corona times, said Patidar.

The government must facilitate access to finance for MSMEs. The Government may consider increasing collateral-free loans under the CGTMSE from the existing Rs 2 crore to up to Rs 5 crore.

In order to ensure timely payments to MSMEs, it is proposed that invoices from GST-registered MSMEs should be automatically published on TReDS and these should be considered accepted by the banks and payable once the date for acceptance or rejection by the buyer has passed letter specified.

FICCI has proposed to set up the Dispute Committee with competent staff at the earliest and to monitor its performance in terms of timely resolution of cases.

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Published on: Sunday January 30, 2022 9:20 PM IST