The long-drawn general elections came to an end on June 1 and most exit polls predicted a massive victory for Prime Minister Narendra Modi-led government. India Today-Axis My India, for instance, is projecting a massive 361-401 seats for the Bharatiya Janata Party (BJP) led NDA coalition. According to it, BJP alone could get 322 to 340 seats - the highest ever for the party.
As the country awaits the final election numbers - expected to come by June 4 evening - industry leaders are hopeful of a strong government that will focus on economic growth and sustainability. Apart from the continued focus on infrastructure development, some are expecting lower taxation through the goods and services tax (GST) and push for green mobility that may further help a sustainable future.
According to Gaurav Mavi, Co-founder of real estate developer BOP Group, infrastructure development would be a top priority of the new government. “Infrastructure & Real Estate will continue to be the top priority of leaders, diplomats and key bureaucrats. The country will continue to witness a boom in real estate, with the aforesaid development in infrastructure. Right from the Noida Airport to other infrastructure marvels across the country, the inception to execution — across various governments is proof that growth across vectors (especially real estate) is a constant in India.,” he told Business Today.
Mavi added that a revision of the GST rate would be helpful for the sector. The current rate of 5%, if brought down to zero would help the average Indian homebuyer, who also has to tackle capital gains tax and the high stamp duty on homes & real estate in general.
“The capital gains tax imposed on the sale of property should also go down, as that would lead to more investment in real estate by investors and thus supercharge growth across boundaries. This is crucial, as these steps further align with the PM’s vision to let every Indian family have a home of their own,” Mavi said.
Suyash Gupta, Director General of Indian Auto LPG Coalition, feels that the new government should focus on democratising clean energy for the automobile sector. ”The clean mobility sector would like the government to reboot and once again look at low-hanging options like Auto LPG as an immediate solution to address our severe air quality issues. All cleaner fuel options should be supported equally by the government with incentives available both for the consumers as well as the OEMs to push for faster adoption of Auto LPG across the nation”, he told BT.
The government, in its last term, had been pushing for cleaner automobiles like electric and hybrid vehicles and announced incentives.
A new Production Linked Incentive (PIL) scheme has already been launched to boost local production of ACC batteries and solar PVs.
After Faster Adoption and Manufacturing of Electric Vehicles (FAME) phase II, the government is exacted to introduce FAME-III soon with Rs 10,000 crore corpus that will further incentivise adoption of EVs.
RC Bhargava, Chairman of the country’s largest passenger car maker Maruti Suzuki, said the company is preparing to start production of EVs by the end of the current financial year and car lovers will be able to get hold of the company's EVs after April 2025.