Main
Housing Schemes to Fuel Employment and Economic Growth says Dr Niranjan Hiranandani, National President, NAREDCO
New Delhi: Citing a study reference, National Real Estate Development Council’s National President Dr. Niranjan Hiranandani told that as per the findings of the study conducted by the National Institute of Public Finance and Policy, it has estimated that while 18.92 lakh direct jobs would have been created due to massive push for building houses under the government’s flagship scheme, another 42.57 lakh jobs would have been created through indirect effects.
The report also said that the increased pace of house construction has multiplier effect on the allied industries such as cement, steel and other construction materials.
Terming the study and its observations as ‘positive’, Dr Hiranandani said that housing has always been important for India’s economy over the years, as it offers visible results to gauge quantum of development. It is vital for the GDP growth, as it creates jobs, generates revenue for the Government in form of taxes as also the wages which impact not just the economy but also positively influence residents’ standard of living.
“Looking beyond these aspects, if one looks at it from an income multiplier perspective, housing ranks fourth in the Indian economy. The equation in terms of a unit increase in expenditure on housing is estimated to generate additional income as high as five times. As a major contributor of employment and income generation, housing helps in the country’s socio-economic development. It is in this light that government policies and initiatives on housing create a direct impact on the economy added DR Hiranandani
The Government of India has been transforming housing sector into an engine of economic growth through prudent policies and a host of initiatives including the Prime Minister Awas Yojana (PMAY) and ‘Housing for All by 2022’. Another report by the World Bank mentioned that policies to promote free markets lead to enhanced sector profitability, in turn, helping ramp up economic growth – a phenomenon which we have been witnessing in India in recent times.
India is following the Global Best Practice – as have many other countries – which have used housing reforms as a way to power GDP growth. The reality has been accepted that housing is a productive sector of the economy and it needs to be given further impetus. “With increased migration to urban centres, we have seen a shortage of housing units; this is being tackled through initiatives like PMAY and Housing for All. Demand is expected to grow; estimates suggest that rapid growth of population will make creation of housing an on-going process, further added Dr Hiranandani
“We expect a massive flow of funds to the housing sector in the days ahead and with the ever increasing encouragement from the Indian Government, housing looks poised for spectacular growth while acting as a catalyst towards growth of the economy – truly, a powerful engine of economic development”, he concluded.
-
News3 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News4 weeks ago
RBI’s Status Quo on Key Policy Rates to Help Maintain the Real Estate Growth Momentum, Say Industry Stalwarts
-
News2 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News2 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News3 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News2 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News3 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances