Focus on real estate investment; FICCI publishes suggestions for the budget

Bhopal (Madhya Pradesh): The housing and real estate sector can be a multiplier force for growth and for reviving investments or the investment cycle, FICCI said in its suggestion letter to the government regarding the next budget for the new financial year 2022- 23.

The housing and construction sectors have backward and forward linkages and impact nearly 200 sectors. The sector should receive comprehensive support in the next EU budget. An interest subsidy of 3-4% on housing loans could also be offered for a period of 3-4 years, FICCI Madhya Pradesh State Council Chairman Dinesh Patidar said on Sunday.

The real estate sector has shown real potential in becoming one of the most revenue-generating sectors in India, he added. FICCI has further focused on improving and promoting Pradhan Mantri Ujjwala Yojana as it has proven to be a transformative program contributing to improved lives of poor households, better health of women and a cleaner environment.

However, with the recent increase in gas prices, affordability has become a major challenge for these households for the use of cooking gas. It is therefore suggested that the government subsidize the use of 6 to 7 bottles per year for these households, read FICCI’s letter to the government.

MSMEs have been the backbone of the economy, especially during the corona period, Patidar said.

The government must ensure easy access to finance for MSMEs. The government could consider increasing unsecured lending under the CGTMSE from the existing Rs 2 crore to Rs 5 crore.

To ensure timely payments to MSMEs, it is suggested that GST-registered MSME invoices be published automatically on TReDS, and deemed accepted and payable by banks, once the date of acceptance or of rejection by the buyer past the letter indicated.

FICCI suggested setting up the Dispute Resolution Committee as soon as possible with competent staff and monitoring its performance in resolving cases in a timely manner.

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Posted: Sunday, January 30, 2022, 9:20 PM IST