The PM Narendra Modi government took the first major step of its second term in charge by presenting the Union Budget in the Lok Sabha on Friday. Union Minister Nirmala Sitharaman made history by becoming the first woman as an independent minister and only the second after former PM Indira Gandhi to present the Budget. The Minister addressed various issues in her speech, right from National Democratic Alliance’s victory in the Lok Sabha polls, focus to become a 5 trillion economy, and numerous critical issues. One of them was the sector of housing. Minister Sitharaman in the budget pledged to weed out ‘archaic’ rental laws and the setting up of a model tenancy law. The Minister also proposed to create large infrastructure on centrally-held places, while proposing reforms for public infrastructure and affordable housing.
On the housing sector, Sitharaman, during her Budget speech, said, “It is proposed that several reform measures would be taken up to promote rental housing. Current rental laws are archaic as they do not address the relationship between the lessor and the lessee realistically and fairly. The model tenancy law will also be finalised and circulated to the states. Large infrastructure can be built on land parcels held by the central ministries and the central public sector enterprises all across the country. Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up.”
Watch the video above:
This is the 89th Union Budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
The Finance Minister on Thursday had tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian on Thursday.