Abhijit Verma, Founder & MD, Avinya Industrial & Logistics Parks:
“India’s warehouse and logistics sector is a thriving and quickly expanding business that is anticipated to contribute significantly to the national economy. Thanks to increased government expenditure on ports, roads, and digitization, India’s logistics costs have decreased to less than 9% of GDP and our next aim is to improve our global logistics ranking to rank amongst the top 25 countries. As such, with Interim Budget 2024–25 approaching, one can be positive that the government will focus a lot more on manufacturing and infrastructure. In keeping with the priorities set forth in the previous budget, the upcoming interim budget for 2024–25 is anticipated to see a 10% rise in capital expenditures, or Rs 11 lakh crore. We anticipate strong growth in the construction of transportation infrastructure, particularly in relation to major freight routes, logistics parks, and road, railways, airports and highway connectivity. The sector anticipates more regulatory process simplifications for land acquisition of warehouses and logistic parks, rebate in stamp duty, registration costs, electricity charges. Incentives and regulations promoting the use of technology such as automation, AI and IoT—in warehousing and logistics might potentially receive a lot of attention in an effort to increase productivity, transparency, and tracking. The government can also look into introducing tax benefits or incentives for businesses who upgrade their warehouse facilities and implement environmentally friendly procedures. All things considered, the real estate, infrastructure, logistics, and warehousing sectors are optimistic that the Union Budget 2024–2025 will also consider reviewing RERA and GST, tax breaks, land allocation, and funding boosts, and grant industry status to real estate in order to promote the expansion of the industry and support India’s overall economic growth.”
Vineet Surana, Managing Partner Rishabha Constructions:
“The Real Estate Sector is hopeful that Union Budget 2023-24 will spur demand and broaden housing market opportunities. In the upcoming year, essential policy support is needed alongside expectations of infrastructure status, streamlined processes, financing availability, and GST rationalization. Enacting policies that increase tax deductions for home loans, reduce long-term capital gains tax on property investments, and address affordable housing is crucial. The government should simplify tax rates and minimize administrative barriers, focusing on personal tax relief by revisiting tax slabs and increasing the deduction limit under Section 80C. Revised income tax slabs can benefit the real estate sector by reducing overall tax expenditure and encouraging new buyers through expanded income tax deductions.Developers anticipate input tax credits, reduced stamp duty, and registration costs to lower project expenses. Rationalizing GST rates for building materials like steel, cement, and tiles is also important. Affordability criteria should be revised to at least Rs.60lakhs for a broader scope allowing more homebuyers to benefit from subsidies”
Sriram Kannan, Founder & CEO Routematic:
“As we approach Budget 2024, we are hoping for big push on EVs as a segment within the Mobility sector and clarity on the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME III) scheme. As it will assist India achieve wider EV adoption, increased R&D funding, and expanded charging infrastructure.”
