Real Estate sector will provide huge business opportunities, generate employment and provide big avenues for startup ecosystem: Mr. Piyush Goyal
- Press Information Bureau
- April 17, 2023
The Union Minister of Commerce and Industry, Mr. Piyush Goyal said that in the next 2-3 years, India would overtake China as the third-largest construction market.
While addressing the National Investiture Ceremony of the Confederation of Real Estate Developers Associations of India, he said that the Indian real estate industry has been a key driver of that India's economic development story by creating large-scale employment.
He noted that the central government's direct expenditure on infrastructure was approximately US$ 122.18 billion (Rs. 10 lakh crore) in budget 2023. The expenditure for Pradhan Mantri Awas Yojana (PMAY) was raised by 66%. The Urban Infrastructure Development Fund focuses on tier 2 and 3 cities, and the construction of larger and better infrastructure.
According to him, the real estate sector would create enormous economic prospects, produce employment, and open new channels for the startup ecosystem. He further said that "The sector has shown immense resilience in the last few years with the active support of the government".
He emphasised that the real estate sector is one of the essential sectors that would serve to ensure people's decent quality of life.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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