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The Central Budget - 2016, in general, was a commendable exercise by the Finance Minister. He was able to deftly handle many difficult issues. Thanks to the benefit the country is deriving from low oil prices in the international market, we can only hope that industrial growth picks up the way it is expected by the Government. It is sad that most State Government’s are not keeping pace with the vision of the Prime Minister and the efforts of the Central Government, to give a bigger push to the Indian economy.
The Central Budget has done its bit to give a push to the Real Estate Sector, particularly to affordable housing. So also, the much talked about Real Estate Investment Trusts (REITS), which should help unlock a lot of capital for commercial property developers and help bring in foreign exchange to the country. However, the concept of Smart Cities requires more clarity and much more fund allocation for the initiative to succeed.
Real estate sector continues to be plagued by excessive taxes, duties, charges under various heads by the Central, State & Civic Governments, resulting in an impact of more than 30% of the product price (whether it is affordable housing or otherwise) incurred by the consumer. To realise the dream of ‘Housing for All’ by 2022, an essential element is to reduce the numerous taxes and charges on the housing sector.
5 State Governments are in election mode. The results are important to the present Government at the Centre to implement many major policy initiatives – GST for example. One wonders why so much of governance time is lost due for conducting elections at the Centre, State & Civic bodies at different times? If elections are held together for all, huge saving of resources and time could be achieved. The Indian election commission has the capability & has already excelled in conducting National & State elections very efficiently.
With bank interest rates in the downward mode, if the ruling party in the Centre does well in the State elections & gains majority in the Rajya Sabha, and if the country receives good monsoon during the next few months, there is no reason why the consumer & investment sentiment should not change for the better very quickly. With this hope, optimism for the future continues."
BY the time this issue reaches its readers, suspense over the Karnataka Assembly Elections will be over. I hope and pray we get a stable government which can give us good governance. The patient and hospitable citizens of Karnataka deserve a government that cares about the development of the State and the welfare of its people. Going by past experience, is this a case of wishful thinking and expecting too much?
The political situation in the Centre is a cause for even greater concern. In another year, if not earlier, the nation will go to the polls to elect a new government. So we are sure to witness all kinds of permutations and combinations amongst the political parties, with the common purpose of unseating the current government. Narendra Modi gives us hope, but it remains to be seen whether internal NDA politics will trouble him more than his competitors. His performance at the India Today Conclave was brilliant.
After allowing the steadily growing economy to slide, our government seems to have woken up from a deep slumber. They are making the right noises and pronouncements. Investors and businessmen would want the feel good factor to come back. Whether it is too little, too late, is the question. International money is fungible. International investors don't have patience or any special love for India. Although India, with its vast population, has tremendous potential, erratic policies of the government can lead to the flight of capital. Political uncertainty for the next one year will certainly not help our cause.
The silver lining for Indian business may come from positive developments elsewhere. With the US economy showing signs of recovery and the worst being over in Europe and Japan, the world economy is more likely to bounce back than slide. The decrease in prices of gold and oil is a definite indicator of better times ahead. How much of a rub off effect it will have on India remains to be seen.
I tend to feel that big brother China has taken undue advantage of our country's political instability. We are left with the impression of being surrounded on all sides by them. On the east, they have control over
two strategic islands in the Bay of Bengal near the Andaman Islands, thanks to Burma. On the west, they plan to build a highway cutting across Pakistan to access the Arabian Sea. On the south, they have entered Sri Lanka. It is extremely important that our government protects the sovereignty of the nation.
2013 should be a better year for Brigade Group; having launched a few projects already and with the imminent launch of several more projects in the Whitefield area. After much effort, we entered the Hyderabad market with the launch of premium apartments—Brigade at No. 7—in the prime Banjara Hills area.
As part of our CSR and neighbourhood improvement initiative, we redeveloped the 3-acre BBMP Park, adjacent to the 17th Cross Malleswaram over-bridge. The newly greened and developed park has been well appreciated by its many users. The 5-acre open space on the other side of the bridge is being developed into a nice playground for multipurpose activities. This will be especially enjoyed by children. Incidentally, while on the subject of children, our Brigade Foundation is amongst the first to have embraced RTE students in all its three schools.
What commitment, determination and innovation can do to urban living is aptly demonstrated by the city Medellin in Colombia, South America. Let us hope against hope that Bangalore will experience a similar reinvention, to make it “a greater city than any other city and a city of the future”, in the words of our first Prime Minister, Jawaharlal Nehru.