Economic Survey: Steps like PM Gati Shakti, National Logistics Policy and Production Linked Incentive (PLI) schemes will support India’s economic growth. This estimate has been expressed in the economic review of the financial year 2022-23. According to the Economic Survey tabled in Parliament on Tuesday, there has been an unprecedented expansion in roads, rail routes and waterways in the last eight years. During this, ports and airports have also been advanced. The Economic Survey says that the logistics cost in India has been in the range of 14-18 per cent of the Gross Domestic Product (GDP) as against the global standard of eight per cent.
PM Gati Shakti – How is the pace of the National Master Plan
In the year 2021, the government had brought PM Gati Shakti – National Master Plan. Through this, the aim is to eliminate departmental constraints related to infrastructural projects and ensure their implementation along with comprehensive and integrated planning. Thus, it is intended to restore multi-modal and end-to-end connectivity. In the National Master Plan (NIP), road, rail, airport, port, public transport, waterways and logistics infrastructure have been described as seven ‘engines’ to be accommodated in the PM Gati Shakti initiative.
National logistics policy will help economic growth
According to the Economic Survey, the National Logistics Policy announced in September 2022 will help in planning various infrastructure projects with greater integrity and involvement at the Center and States level. The review says, “All these efforts are expected to plug the gaps associated with the difficult journey of the infrastructure sector. Center, state, local bodies and private sector all have participation in this journey.
The prices of houses have started rising again after being ‘slow’ during the two years of the Corona period. Due to increase in demand, the number of vacant houses is also decreasing. This information has been given in the economic review presented in the Parliament on Tuesday. In the review, it is expected that the prices of residential properties will come down due to the reduction in import duty on many construction materials.
Home sales have increased – Economic Survey
According to the review, the sale of houses has increased in this financial year despite constraints like rising interest rates on home loans and increase in property prices. This has improved the property market of the country. It has been said in the review that due to the increase in the demand for home loans, there is a release of ‘repressed demand’. The review noted that house prices were driven up by rising construction costs from the Russia-Ukraine war affecting global supply.
