Synopsis
Unlocking new economic growth starts in construction and the journey ahead will encompass utilising new technology, finding private and public investment solutions and better education for a career in the built environment.
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We have the third-largest built environment sector after China and the United States, but probably the greatest number of market segments based on affordability in the residential real estate market.
Construction as a tool for growth during challenging times often drives new economic activity. India’s construction sector has a vast untapped potential for the whole country, with a marketplace that is growing in competitiveness and is supported by developers that are more willing to transform the way things are done.
“In India we revised (upwards) to a large extent based on very good numbers towards the end of the year (as) Indian performance was much better than we expected at that time. Now they also have to proceed with faster vaccination which they have started to do, according to
ET which cited OECD chief economist Laurence Boone as saying.
The OECD chief economist emphasised that if we don t inoculate a majority of the population fast to allow curbs to be lifted, the recovery will be slower and we will undermine the benefits of fiscal stimulus.
Separately, rating agency Crisil projected India’s GDP growth to rebound to 11 per cent in FY22, after an estimated 8 per cent contraction in FY21 driven by flattening of the Covid-19 affliction curve, rollout of vaccinations and investment-focused government spending and people learning to live with the new normal.
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India’s Union Budget 2021–22 and fiscal policy
10 February 2021
Author: Alok Sheel, ICRIER
Government expenditure is estimated to be 17.7 per cent of GDP in 2020–21, a sharp increase from 13.2 per cent in 2019–20 and 12.5 per cent in 2018–19. From a macroeconomic perspective, the focus areas are the robustness of nominal GDP and revenue growth assumptions, the budget deficit including the stimulus component and whether the stimulus is of optimal structure and scale to bolster growth. Fiscal policy is critically important in circumstances when monetary policy is constrained by impaired bank and corporate balance sheets.
The nominal GDP growth of 14.5 per cent in 2021–22 implicit in budget projections seem reasonable considering the economy is expected to rebound on the back of sharp contraction.
Aamir Qureshi/AFP
The next three months will test Pakistan Prime Minister Imran Khan’s hypothesis that the opposition Pakistan Democratic Movement has run out of steam and is in the process of disintegrating with the coalescing partners Pakistan Peoples Party and Pakistan Muslim League (N) pulling in different directions.
It was a sign of the Imran Khan’s supreme confidence in his ability to stay in the saddle that recently he openly suggested he favoured an authoritarian system and blamed democratic dispensations for the country’s lack of economic progress.
The prime minister also termed the 2008-2018 (one tenure each of Pakistan Peoples Party and Pakistan Muslim League (N) in office) as the worst period in the country’s history. He has in the past expressed great admiration for the dictatorial regime of Field Marshal Ayub Khan.