Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.

“The 2022 Economic Survey infuses optimism for what lies ahead. The projection of 8-8.5% GDP growth for fiscal 2022-23 will be led by supply-side reforms and easing of regulations. The survey also indicates that consumption is growing and inching closer to the pre-pandemic levels. Total consumption is estimated to have grown by 7.0 per cent in 2021-22 with a significant boost from government spending. The Survey spells out that rising capital expenditure by the government on infrastructure and an uptick in the housing cycle has been responsible for reviving the construction sector. This has resulted in the consumption and production of steel and cement consumption to reach pre-Covid levels. We expect Budget 2022-2023 to announce reforms and incentives that will continue to boost consumer spending and thus aid in the overall revival of the real estate sector”.

The author of this article is Mr. Ramesh Nair, CEO, India & Managing Director, Market Development, Asia, Colliers.