Hopes high

About 60 per cent of the business leaders surveyed were of the view that Indian gross domestic product (GDP) will grow at 6.5 per cent during 2023-24, said Deloitte Touche Tohmatsu India LLP. In a pre-budget survey, industry leaders said amongst the industry sectors, chemicals, capital goods and energy would log high growth.They also said government initiatives, such as Atmanirbhar Bharat, production linked incentive (PLI), and favourable monetary policies by the Reserve Bank of India (RBI – to moderate retail inflation and maintain significant forex), increased spending on infrastructure, and research and innovation, will further this momentum. The pace of capital expenditure, infrastructure development and the need to boost infrastructure financing through private partnership are important for economic growth.Sixty per cent of respondents suggested raising funds through Indian Government Bonds.Meanwhile, the National Real Estate Development Council (NAREDCO), the apex body real estate industry, has put forward its pre-Budget recommendations to the government. In its memorandum to the government, NAREDCO has suggested the real estate industry could become more productive and thrive, if certain regulations and taxation blocks are eliminated, particularly those concerning the deduction of interest for customers looking for a home loan, besides the tax load on developers working on affordable and rental housing.