Here’s how the ‘winners’ from last year's Budget fared
Winners from last year’s fiscal plan
From banks to farmers to the property market, the gains from India’s budget in July haven’t yet panned out as expected.
In her maiden budget six months ago, Finance Minister Nirmala Sitharaman pledged to boost revenue collection by 13%, narrow the fiscal deficit to 3.3% of gross domestic product and spur the economy to $3 trillion by March. Things haven’t gone according to plan though, largely because of a worsening slowdown in the economy, which has put pressure on government revenue and the fiscal deficit.
As the finance minister prepares to deliver her second budget on February 1, here’s a look at how the expected winners from last year’s fiscal plan fared:
Real Estate & Construction
But domestic orders continue to be affected by the slowdown, Larsen’s Chief Financial Officer R Shankar Raman said in October, adding that the government’s corporate tax cuts announced in September addresses supply-side problems, rather than demand.
In November, the government announced a 250 billion-rupee fund to revive stalled residential projects. Still, overall housing sales growth slowed to 5% in 2019, according to data from Anarock Property Consultants, compared with almost 18% growth across top seven cities the previous year.