RICS School of Built Environment, Amity University
The Union Budget for 2022-23 looks to continue the theme of job creation, with Finance Minister Nirmala Sitharaman boosting CAPEX expenditure to Rs 7.5 trillion and emphasising infrastructure projects, the Prime Minister's housing plan, and production-linked incentive (PLI) programmes.
The government's effort to change policies, capacity building, planning, implementing, and governing the urban sector is expected to alleviate the burden of urbanisation on cities and boost real estate infrastructure.
A total of 480 billion rupees would be allocated to affordable housing in 2022/23. An extra 195 billion rupees will be set up for production-linked incentives for solar equipment manufacturing.
The administration has recommended that states get assistance in improving urban capacity. Building bylaws will be modernised, as will Town Planning Schemes (TPS) and Transit-Oriented Development (TOD). Individuals will be able to live and work closer to public transit as a result of this.
The central government's financial support for mass transport projects, as well as the AMRUT programme, will be utilised to design and implement action plans to make TOD and TPS more accessible.
The government will also consider ways to make it simpler for tier 2 and 3 cities to pick up the torch in the future. This will need redesigning our cities as sustainable living spaces with opportunities for everyone, especially women and youth.
• Significant rise in capital expenditures: capital investment is estimated to reach 10.68 lakh crores in 2022/23, accounting for 4.1% of GDP. The budget deficit is estimated to reach 6.4% of GDP in 2022/23.
• Under the PM Awas Yojana, 80 lakh houses will be built in 2022/23. The PM Awas Yojana has received a grant of 48,000 crore rupees.
• With urban planning as a focus, five existing urban planning institutions would be designated as Centres of Excellence, with a $250 million endowment fund. A high-level urban planning panel will be formed.
• The national highway network will be expanded by 25,000 kilometres in 2022/23.
• A design-led manufacturing plan for 5G will be part of the production-linked approach.
• Contracts will be awarded for the installation of optical fibre in rural areas, with a completion deadline of 2025.
• 480 billion rupees will be set aside for affordable housing in 2022/23.
• An extra 195 billion rupees will be set up for production-related incentives for solar equipment producers.
The pursuit of a sustainable future would foster a climate favourable to employment development.
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