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Budget 2020: Reactions to provisions on housing, energy

Feb 01, 2020

This budget provisions will encourage prospective buyers to avail of more benefits and invest in real estate.

New Delhi: Indian Finance Minister Nirmala Sitharaman announced a slew of measures with the aim of boosting people's income and their purchasing power.

The Budget seems to reflect the Union government's commitment and concern for renewable energy generation. OneWorld South Asia brings comprehensive post- budget 2018-19 reactions on provisions related to housing and energy provisions from the corporate world.

Ramesh Nair CEO & Country Head, JLL India.

Extension of benefit u/s 80EEA to avail additional INR 150,000 interest deduction on home loans for first time home buyers

This benefit (currently available for home loans sanctioned between April 1, 2019 and March 31, 2020), has been extended until 31st March 2021. This will continue the benefits the first time home buyers.

Considering that a majority of home buyers fall in the lower and mid-income segments, this tax benefit will boost demand substantially.

Will significantly benefit first time home buyers who will enjoy the benefits of interest subvention under the CLSS scheme and the extended tax benefits.

Santosh Agarwal, CFO, AlphaCorp.

We welcome the announcement of slashing the personal tax regime, cheering first-time homebuyers to invest in the real estate sector. The extension in the transaction values and circle rate is another appreciating step for the sector.

Considering the rising demand for affordable housing, the government has announced the extension of one year till March 2021 on the deduction of Rs 1, 50,000 on sanctioned loans. This will encourage prospective buyers to avail of more benefits and invest in real estate. The emphasis given on infrastructural development of the country will help in seamless connectivity and also give thrust to the realty market."

Gautam Sinha, CEO, Times Internet

Budget 2020 is a promising step towards establishing India’s future as an enduring digital economy. The increased focus on improving data connectivity under Bharat Net, steps to boost the smartphone manufacturing industry and the Rs 8,000Cr allocation for the National Mission on Quantum Computing & Technology will help build better digital infrastructure to support this sector's rapid growth. Finally, deferring tax on ESOP's for startups is also a major move that will help promising startups attract and retain talent that would fuel our burgeoning digital ecosystem.”

Manish Mishra, Partner, J. Sagar Associates

Budget focusses on providing impetus to domestic industry by rationalizing Customs duty exemptions, and levying duties on import of goods for specific industries which are focused on ‘Make in India’ including increase on customs duties on electric vehicles.

Government has taken steps to ensure measures to curb abuse of benefits available under the preferential / free trade agreements harming the domestic players. Keeping this theme in mind safeguard duty and anti-dumping duty has also been imposed on specific sectors.

Health cess of 5% in the nature of customs duty has been levied on import of specified medical devices with immediate effect.

From a GST perspective, given that GST Council along with the government has been taking steps to improvise implementation and administration of GST on an ongoing basis, no surprises or key amendments have been made to the GST legislation. Amendments for extending composition scheme to services sector and in the transition provisions for enabling the government to prescribe time limit for claiming unclaimed credits under the erstwhile regime is a positive step by the government

Imaan Javan, Director of Operations, Suntuity Renewable Energy India.

Time bound and transparent implementation is a key to scheme's success. One of the heartening features of the Union budget is its provision for the use of renewable energy sector of Rs 22,000 Crore. We welcome the decision which reflects the Union government's commitment and concern for renewable energy generation.

Union Finance Minister Nirmala Sitharaman deserves praise for this innovative measure which will widen the scope of the PM-KUSUM scheme and enable farmers to set up grid-connected solar power generation capacity on barren land and renewable energy sector as a way to address pollution and climate change, poverty and give the farmers their livelihood.

We hope this will give boost to the agriculture sector, and help generate employment as well in rural India. Time-bound and transparent implementation will ensure the scheme's success.

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