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In Maharashtra’s Thane district, police have registered a case of alleged fraud involving two construction company owners accused of deceiving a family of ₹1.2 crore. The incident came to light after a 28-year-old woman from Thane’s Rabodi area lodged a complaint against the two accused, who are brothers. The accused allegedly persuaded the woman, her mother, and her sister to invest the substantial sum in their construction company based in Mumbai’s Bandra area. Promises were made of a significant payout within five years or, alternatively, the option of acquiring two or three apartments in the city’s prime real estate zone. According to the complaint, the woman’s family entered the deal on December 31, 2022, convinced by assurances of either a return of ₹3 crore over five years or property options in Bandra. To meet the required investment amount, the family borrowed funds from various sources, entrusting their money with the accused based on the lucrative promises. The police official handling the case noted that the family, enticed by the seemingly profitable terms, had not foreseen the outcome that would follow. In May 2023, however, when the family attempted to reclaim their funds and the anticipated profit, the accused allegedly declined the request. The complainant stated that the brothers not only refused to pay but also reportedly threatened the family, citing powerful connections that would shield them from legal repercussions. This behaviour alarmed the family, leading them to seek legal recourse. The Rabodi police have filed a case against the accused under various sections of the Indian Penal Code, including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 506 for criminal intimidation. Additionally, charges were filed under Section 34, indicating common intention, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act. The case highlights the dangers that investors may face when lured by high-return promises in unregulated sectors. Fraudulent schemes in real estate and construction have been known to target individuals and families looking for profitable investments, often leaving them with financial losses and emotional distress. Authorities are continuing investigations, with the Rabodi police closely monitoring the case to gather further evidence. This incident is expected to bring more attention to regulatory practices within the real estate industry and underscore the need for stricter oversight to protect potential investors from falling prey to deceitful operators. (with PTI inputs)

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

<ul class="summary-list"><li>Donald Trump has pledged to lead a mass deportation campaign once elected.</li><li>That would create a major labor crunch for homebuilders, driving wages and costs higher.</li></ul>Donald Trump's vow to crack down on immigration doesn't bode well for priced-out homebuyers.The Republican presidential candidate has promised to lead the largest deportation campaign in US history if reelected. By one estimate, that could involve deporting up to <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">1.2 million</a> people, though as many <a target="_blank" href="https://www.piie.com/blogs/realtime-economics/2024/trump-vs-harris-immigration-future-policy-proposals#_ftn1">11 million undocumented residents</a> live in the country.While there's room to debate the plan's feasibility, what's certain is that a sudden drain of the immigrant workforce could significantly hinder construction in the US, igniting deeper unaffordability for home market buyers.<h3 id="a76ec574-ba23-4a94-92de-608c0047e53f">A critical homebuilder workforce</h3>"If we did see mass deportations, I do think it would have a chilling effect on the labor market," Jim Tobin, CEO of the National Association of Home Builders, told Business Insider.He said immigrants are a critical component of the industry, as they help relieve a serious shortage of skilled labor. Foreign-born construction workers, who make up as much as a third of the sector's labor force, are often concentrated in specific trades required to build a home, such as plasterers and drywall installers, the Home Builders Institute <a target="_blank" href="https://hbi.org/wp-content/uploads/2024/06/Spring-2024-CLMR-HBI-NAHB-FINAL.pdf">reported</a>."We consistently see government data showing that we are anywhere between 200,000 to 400,000 workers short in our industry and that lack of skilled labor slows down the pace of construction, drives up labor costs, and ultimately leads to higher home prices, and a slower pace of home building," Tobin said.A <a target="_blank" href="https://gwbushcenter.imgix.net/wp-content/uploads/Immigrants-and-Opp-3.pdf">2022 George W. Bush Institute</a> study found that US metros with the highest immigrant population growth scored the lowest construction costs.Without the supply of these workers, history suggests housing costs are likely to rise.According to a <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4729511">research paper</a> released earlier this year, home prices were found to rise in counties impacted by an immigration crackdown that spanned from late 2008 to 2014. The US "Secure Communities" program led to the deportation of over 300,000 undocumented immigrants in that time period, it cited.Given the pace of homebuilding, price effects were muted for two years after enforcement began, the study said. However, three years later, the average new construction property became 17% more expensive among tracked counties compared to the baseline.That translates to a $57,300 jump compared to the average property price before the program's implementation."Three years after SC rollout, the average county has foregone the equivalent of an entire year's worth of additional residential construction: 2,423 fewer buildings are permitted, and 1,997 fewer newly constructed homes enter the market," the authors wrote.Considering how wide-sweeping the Trump campaign's deportation effort could be, experts told BI that homebuilders would likely resort to wage hikes to attract domestic workers. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors.According to Tobin, mass deportation would also require the industry to redouble its efforts in attracting new domestic interest in the trades. "Whether that's kids coming out of out of high school, or adults that are looking for a new career, transitioning military that are coming out of the service. We would have to look at previously incarcerated."<h3 id="2780f5cd-9b64-4a83-a2ce-4c3dee812acf">What about demand?</h3>Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. It's a talking point recently made by Vice President candidate JD Vance, who blamed "<a target="_blank" href="https://www.cbsnews.com/news/jd-vance-debate-immigration-housing-prices-real-estate-federal-reserve/">millions of undocumented immigrants</a>" for adding pressure on a supply-constrained housing market.While research has suggested immigrant demand plays a role in influencing prices, economists generally doubt that this is a <a target="_blank" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">major driver</a>. Rents and home prices started surging in 2020 and 2021, at a time when net immigration inflows were close to the two-decade average, as tracked by the <a target="_blank" href="https://www.cbo.gov/publication/60569#:~:text=Over%20the%202021%E2%80%932026%20period%2C%20the%20net%20immigration%20of%20people,net%20immigration%20of%20that%20population">Congressional Budget Office</a>.Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs. The candidate has pledged to raise duties on virtually all imports to the US, raising them as much as 60% on Chinese imports."If you're going to add tariffs onto building materials, that cost is just going to be passed along to the homeowner or the renter," Tobin said, citing that there's a lack of evidence that tariffs will meaningfully increase production in the US. He pointed to <a target="_blank" class="" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">a 15% tariff on Canadian softwood lumber</a> that has failed to do this.

Trump's immigration crackdown could deplete the construction workforce and make housing more expensive     

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

The ongoing issue involving Supreme Infrastructure India Limited (<keyword id="23294280" type="General" weightage="20" keywordseo="SIIL" source="keywords">SIIL</keyword>) and the State Bank of India (<keyword id="19898108" type="General" weightage="100" keywordseo="SBI" source="keywords">SBI</keyword>) has become a focal point in India’s financial and political landscape. It concerns SIIL’s default on significant loans and SBI’s decision to convert this debt into equity, raising concerns about the precedent it may set for future debt resolutions in India. <h2>SIIL's financial troubles</h2>SIIL, a construction and infrastructure company, was once engaged in large-scale projects such as roads and bridges across India. Over the years, however, the company faced severe financial troubles due to project delays and insufficient revenues. As SIIL’s cash flow problems worsened, it struggled to repay its loans, leading to the company’s default. The State Bank of India (SBI), being SIIL’s largest lender, found itself at the centre of this financial turmoil, as SIIL declared bankruptcy. In response, SBI decided to take an unusual step to recover its dues. <h2>SBI's debt-to-equity conversion decision</h2>In a surprising move, SBI converted its outstanding debt into equity in SIIL. This means that instead of pursuing traditional recovery methods or selling off assets, SBI has now become an equity stakeholder in SIIL, shifting from being its primary lender to part-owner. The controversial decision also involved other lenders who agreed to take a 93.45% “haircut” on the debt, which indicates that they are recovering only a fraction of the original loans extended to SIIL. <h2>Criticism and concerns</h2>The decision has drawn sharp criticism, particularly from political circles. <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> leader Jairam Ramesh, through a post on the social media platform X (formerly Twitter), criticised SBI’s approach and raised several concerns. He highlighted that SBI’s decision to become an equity stakeholder in a company that declared bankruptcy could set a "dangerous precedent in India’s <keyword id="20575563" type="General" weightage="20" keywordseo="corporate-debt" source="keywords">corporate debt</keyword> landscape". "This arrangement creates a dangerous precedent in India's corporate debt landscape — it encourages other defaulting companies to seek similar deals, where they can retain control and value even after significant defaults," Ramesh noted. <div type="Article" hostid="261" msid="112987756" title="Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit" mstype="2" mssubtype="0"></div>His concerns extend to how this move might affect the <keyword id="20158086" type="General" weightage="20" keywordseo="Insolvency-and-Bankruptcy-Code" source="keywords">Insolvency and Bankruptcy Code</keyword> (IBC) and India’s overall framework for handling distressed companies. By converting <keyword id="22921090" type="General" weightage="20" keywordseo="debt-to-equity" source="keywords">debt to equity</keyword>, SBI could be seen as aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds, which are at stake in cases involving <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> like SBI. “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds,” Ramesh further argued. "The Reserve Bank of India (RBI) needs to step in and examine SBI's decision-making process in this matter." Given the unusual nature of this debt restructuring and the potential risks it introduces, Congress is urging the Reserve Bank of India (RBI) to step in and examine SBI’s decision-making process. Ramesh emphasised the need for regulatory scrutiny to ensure that public sector banks maintain discipline in their approach to resolving bad loans. Congress' position is that SBI’s move could create a moral hazard within India’s <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>, encouraging more companies to default on their loans with the hope of retaining control through similar debt-to-equity swaps. Ramesh pointed out that the entire situation raises questions about how distressed assets should be managed by public sector banks, and whether SBI’s actions are truly in the best interests of the public. <div type="Article" hostid="261" msid="113620397" title="SEBI report reveals the ugly truth of F&amp;amp;O trading in India – 93% of retail traders incurred losses" mstype="2" mssubtype="0"></div>"There is a pressing need to ensure that public sector banks maintain strict discipline in their approach to debt resolution and avoid creating moral hazards in the financial system." <h2>Broader implications</h2>This situation shines a light on broader challenges in India’s banking and insolvency frameworks. When public sector banks like SBI take significant financial losses (haircuts) and switch from creditors to shareholders, it risks undermining confidence in the banking sector’s ability to handle bad loans effectively. Moreover, it raises questions about the long-term sustainability of the Insolvency and Bankruptcy Code (IBC) if companies that default can avoid paying back substantial portions of their debt and still retain operational control. (With inputs from PTI)

Congress criticises SBI's decision to convert SIIL debt into equity, urges RBI intervention

Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

<ul class="summary-list"><li>A Trump win would benefit energy and financial stocks the most, RBC analysts say.</li><li>They point to Trump's proposed corporate tax cuts and lighter regulation of oil and gas firms. </li></ul>A Donald Trump win in November could be the best outcome for stocks, and two sectors in particular would benefit the most, according to RBC Capital Markets.The bank pointed to stocks in the energy and financials sectors, which former President Donald Trump's policies have long supported.Those sectors would see the most upside from a Trump win, especially if Republicans take both the White House and Congress, the analysts say."Some of the traditional Trump trades continue to emerge in policy assessments. Among our US analysts, Energy and Financials had some of the most bullish tilts in a Republican sweep scenario, and some of the most bearish tilts in a Democratic sweep scenario," analysts said in the report.The report, released Wednesday, draws insights from a survey of RBC analysts.The analysts say a Democratic sweep would be bearish for energy and financials, while a split Congress and win from Vice President Kamala Harris would be more neutral.<h2 id="6f0e8ee9-5b23-4b7b-8652-9193b70c2854">Energy</h2>The analysts say Trump's policies favor domestic fossil fuel production, since they aim to reduce regulatory requirements, which would lower costs. That would likely drive further oil and gas production, they say.They add that less regulation would move pipeline costs lower, which would allow for more construction in transporting and storing infrastructure.Harris's energy policies, on the other hand, would shift more incentive to electric vehicles, posing downside risks to future oil demand, the analysts say."We think the conventional wisdom that Harris is more favorable to alternative Energy than Trump, and that Trump is more favorable to traditional Energy than Harris, is generally correct and that their biases here are one of the biggest differences from an investment perspective between the two on domestic policy," the analysts said.They note, however, that Harris's pledge to continue allowing fracking is a positive for the industry."Harris' insistence that she would not ban fracking makes her less of a risk for traditional Energy than some have believed," they wrote.They acknowledge, too, that Trump's impact on energy and industrial stocks that have benefited from the IRA is "complicated," and that domestic production has reached higher levels under Biden than they did under Trump.<h2 id="224d937d-67af-4f7a-be3c-f2596a6a0209">Financials</h2>For financials, the analysts say that Trump's corporate tax cuts are the biggest reason for their bullish outlook.In a speech last month, Trump said he would push to lower the corporate income tax rate to 15%. During his presidency, his 2017 Tax Cuts and Jobs Act lowered the corporate tax rate to 21%, a decrease from 35%.Harris, meanwhile, plans to raise the corporate tax rate from 21% to 28%.The analysts also see Trump, and Republicans in general, creating a more favorable regulatory environment with less oversight for financials. "Specifically, we believe the regulatory approval process for larger bank deals would be less onerous and the timelines could be accelerated, which would help stimulate more M&amp;A across our space," RBC's regional bank analysts said.Some officials, though, have sounded the alarm on Trump's anti-regulatory stance. Last week, Treasury Secretary Janet Yellen criticized the former administration, saying it didn't do enough to protect the economy."Put simply, we were without crucial tools to identify and help respond to risks to financial stability," she said, noting that the Financial Stability Oversight Council lost funding and staffing during Trump's presidency.<h2 id="a2394f4c-ac96-4e75-a5d8-06fd810bcd4f">Election results to bring more stability</h2>Overall, the analysts say that the more important outcome is simply the end of the election, which has drummed up considerable uncertainty and volatility for markets ahead of the November 5 contest. "The survey results add to our growing belief that the thing that may matter most for US equities (for 2024) is getting past the event so companies and investors know what they are dealing with," the analysts said.

These 2 sectors of the stock market are poised to benefit most if Trump wins in November, RBC says

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

<ul><li>The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 was tabled by the <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">Finance Minister</keyword> in the Lok Sabha.</li><li>The report was tabled a day before FM Nirmala Sitharaman is slated to present the budget.</li><li>The report has highlighted the need for private investments in infrastructure.</li></ul>Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. According to the report, India’s real gross domestic product (GDP) grew by 8.2% in FY24. The report has revealed that large-scale infrastructure projects in the country have largely been funded by <keyword id="22504538" type="General" weightage="20" keywordseo="public-sector-investment" source="keywords">public sector investment</keyword> in recent years. The government has highlighted a need for private sector investment in infrastructure building. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div> In the five years between 2019 and 2023, the central and state Governments contributed 49% and 29% of the total investments in infrastructure, while, the private sector's contribution was just 22%. “There is significant scope for boosting India’s <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>, especially in the context of investment requirements facing the Indian economy in the areas of infrastructure, green transition, etc,” as per the Economic Survey 2024. <h2>National highways triple, railways receive a boost</h2>In the last decade, the pace of construction of national highways has reportedly tripled. According to the Economic Survey 2024, the pace of construction of national highways has increased from 11.7 km per day in FY14 to around 34 km per day by FY24. The capital expenditure in railways has increased by 77% in the last five years, with significant investments directed at the construction of new lines, gauge conversion and doubling. The passenger handling capacity at airports in the country has increased by 62 million passengers per annum in FY24 with new terminal buildings being opened at 21 airports. There is now a need to add more airports and expand the existing airports. The clean energy sector in India saw new investment of ₹8.5 lakh crore between 2014 and 2023. <h2>Metro and rapid train connectivity to soon double</h2>At present, 945 km of metro rail or RRTS lines are operational, out of which 86 km was added in FY24. This is set to soon double as 993 km of metro and RRTS lines are under construction in 27 cities across the country. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey highlights: Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a> <a href="https://www.businessinsider.in/budget/article/economic-survey-2023-2024-highlights-emerging-job-trends-in-ai-cybersecurity-3d-printing-and-web-development/articleshow/111923746.cms">Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development</a>

Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up

Terming the state budget as "revolutionary," Maharashtra Chief Minister Eknath <keyword id="20040955" type="General" weightage="20" keywordseo="shinde" source="keywords">Shinde</keyword> said that this budget in a true sense empowers women, youth, and farmers through various schemes worth Rs 1 lakh crore. He said that this budget is revolutionary and would make the future of weaker sections, farmers, and youth bright. Stating that the budget was a resolve to give a new direction to Maharashtra, <keyword id="20062947" type="General" weightage="20" keywordseo="CM-Shinde" source="keywords">CM Shinde</keyword> said that this budget has an "unending chant of the <keyword id="22227448" type="General" weightage="20" keywordseo="development-of-Maharashtra" source="keywords">development of Maharashtra</keyword>". Deputy Chief Minister and Finance Minister <keyword id="19941791" type="General" weightage="20" keywordseo="Ajit-Pawar" source="keywords">Ajit Pawar</keyword> on Saturday presented the additional budget for the year 2024-25 in the state assembly. The Finance Minister had presented the interim budget in February. Stating that the budget has important provisions to help women and unemployed youth to stand on their own feet, the Chief Minister said that "Chief Minister Majhi Laadki Baheen scheme, free vocational education to girl students, Chief Minister Annapoorna scheme which gives 3 cylinders per year to eligible families, project worth Rs 15 thousand crores for providing free electricity to farmers during day time, Chief Minister Baliraja electricity concession scheme which provides free power to farmers using agricultural pumps, training to 50 thousand youth every year to convey government schemes to masses and resolve to remove poverty of the weaker sections of the society have made this budget special." He said that provisions like free education to girl students for engineering, pharmacy, and medical education along with degree and diploma courses along with Rs. 1500 per month to every woman prove that the government has expressed its responsibility towards women of the state. Stating that the budget proves that it stands behind the farmers, Chief Minister Shinde said that the issue of food-grain storage would be resolved through schemes like Godown per village. He said that the lives of farmers would be transformed through various provisions in the budget which include financial assistance to cotton and soybean growers, special campaigns to complete irrigation projects, and solar pumps on demand. Pointing out that the decision to celebrate the coronation of <keyword id="19966480" type="General" weightage="20" keywordseo="Chhatrapati-Shivaji-Maharaj" source="keywords">Chhatrapati Shivaji Maharaj</keyword> through a ceremony every year at Fort Raigad is important, the Chief Minister said that other decisions include recommending the annual Pandharpur pilgrimage for the UNESCO World Heritage along with the rock sculptures in Konkan, Dahi Handi celebration are efforts towards the preservation of history and culture of the state. He said that the budget provides Rs 20,000 to every Dindi (the troops participating in the annual Pandharpur pilgrimage) and it has made the announcement of making arrangements for medical treatment of pilgrims through the Chief minister's medical relief cell and provision for Nirmal Waari show commitment towards the annual pilgrim and Warkari sect. He said that a separate Warkari Mahamandal or separate Corporation for the annual pilgrims would be set up. Stating that massive investment would be made in priority sectors and the <keyword id="21313056" type="General" weightage="20" keywordseo="green-hydrogen-sector" source="keywords">green hydrogen sector</keyword>, he said that it would generate employment in a big way. He said that the chief minister's youth training scheme would impart training to ten lakh youngsters every year and a centre of excellence would be established in ITI's which would benefit the youngsters. Stating that the Sanjay Gandhi Niradhar scheme and Shrawan Bal seva state pension scheme assistance would be raised are strong steps CM Shinde said that providing for housing of various sections of society, Anand Dighe housing scheme for differently abled amply proves that the state government is taking strong steps towards removing the poverty in the state. The chief minister said that Metro routes worth 449 Kms in Mumbai, Pune, and Nagpur along with 23 thousand kilometer road stretch works under Chief Minister Gram Sadak scheme, construction of buildings of village Panchayats under Balasaheb Thackeray memorial Matoshree Gram Panchayat scheme, PM e-bus scheme in municipal corporation areas and other infrastructure works would be undertaken in a big way which would result in speedy development of the state. The monsoon session of the Maharashtra Assembly began on Thursday (June 28) and will go on till July 12. This is the last legislative session before the state assembly polls, in the next four months.

Budget resolves to give new direction to Maharashtra: CM Shinde

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

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