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Economic Survey 2017-18: Major Boost for Realty & Construction Sector by 2022

Courtesy/By: Rakesh Gadigi | 30 Jan 2018

The real estate & construction sector have major employment potential as per the survey report of Economic Survey 2017-18 prepared by the Finance Ministry, Central Government of India. The sector will employ over 52 million as of 2017 & may go up to 67 million by 2022, an increase of 15 million jobs over the next 5 years. The real estate & construction sector is next to agriculture in providing employment opportunities in India.
Recent 4% GST relief for homebuyers under affordable segment through PMAY-CLSS scheme (Pradhan Mantri Awas Yojana- Credit Linked Subsidy Scheme), Housing for All by 2022 initiatives & Smart Cities Mission are the major driving forces to meet the employment vision as predicted for the real estate & construction sector in the Economic Survey 2017-18. Also, Public-Private Partnership Model for Highway projects will be the major boost for the employment opportunities as predicted in the report.
The Economic Survey 2017-18 will be the vision whereas the Union Budget for every year till 2022 & the implementation action plan for it would be the mission to reach the employment benchmark of 67 million by 2022 in the real estate & construction sector. To reach this initiative, both Government & India Inc should make a joint collaboration to meet the goals set by the Economic Survey 2017-18.

Courtesy/By: Rakesh Gadigi | 30 Jan 2018