Expectations for Infrastructure Sector in Union Budget 2019
In the election year, the continuity of policies and union budgetary allocations always remain a challenge. Since it is an interim budget, we are less likely to see a major shift in the infrastructure policies, which have long gestation period in terms of impact. The ongoing infrastructure programs such as PMAY, Smart Cities, UDAN scheme and Railways & Highways projects etc., are in full swing. The budgetary allocations on these programs must not be affected. The government may also announce the outlines of few futuristic programs that addresses the need of increasing infrastructure gap in urban areas. This will at least work as the guidance.
The infrastructure sector is definitely looking for the single-window clearance system, speedier approval processes, GST finetuning, classification of entire real estate sector under infrastructure and things like that. In Real Estate, there is need of single window clearance and online approval system.
However for the long-awaited policy reforms in infrastructure, probably we will have to wait for the regular budget that will be presented by the next government, post-General Elections.