The first year of the new millennium, which is coming to a close soon, has been an eventful one—with a shake-out in the software industry; an excellent central budget marred by the Tehelka episode; the bust of dotcoms; economic recession in most parts of the world; terrorism in New York; bombing of Afghanistan; escalating tension with Pakistan—in fact too eventful for comfort. With so much uncertainty all around us, one cannot help feeling uncomfortable. Doomsayers and pessimists can have a field day. The situation is certainly not for the weak-hearted.

In such a gloomy scenario, India is one of the few countries having a GDP growth of over 5% p.a. To sustain, grow and to meet the challenges of a borderless economic world, Indian industry deserves more encouragement, by way of rationalization of taxes and duties. As a thrust area, our government has rightly identified the housing and infrastructure segment, which has a high multiplier of 4.7 on the GDP.

With bank interest rates on the downward mode and the stock market continuing to be volatile and very uncertain, real estate as an investment avenue is gaining ground once again.

Let us hope the festival of lights will bring some cheer all round.

Season’s Greetings!