One of the ambitious schemes launched by the Modi-led government is focused on providing habitable spaces to a majority of Indian population. Going by the name of ‘Housing for All’, the scheme particularly focuses on offering affordable homes to the urban poor. Launched in June 2015, the projects under this ambitious scheme are going on in full swing.
‘Housing for All’ not only improves the housing scenario in India’s urban cities, it also has a multiplier effect on the overall economy. There are more than 250 ancillary and allied segments that experience a spiralling surge in demand as a result of ‘Housing for All’. Backed by other factors like regulatory ease in doing business and the ‘Make in India’ initiative, a number of manufacturing segments have an edge.
Segments that directly benefit from the scheme include-
Electrostatic Discharge Products
Cement, Wall Putty, etc
Other Construction Material
Furniture and Furnishings
There are over 250 segments that work as ancillaries to the housing sector and with the development in the latter, the former is bound to grow.
Prime Minister Narendra Modi aims to put India on the global map in terms of economy, manufacturing, business and commerce. Today, India imports more than it exports. Recently, the Central Board of Excise and Customs (CBEC) relaxed a few norms to make international dealings easier in India. All details for import clearance from various government agencies can now be filed electronically through the electronic format of the bill of entry to be filed at the Customs Gateway. Furthermore, RBI has also relaxed the norms to encourage exporters by reducing the procedural formalities. They have also simplified the process of lending credit to these manufacturers.
All these initiatives support the objective of making India a global manufacturing hub, which is also the idea behind ‘Make in India’. With game-changing development in India’s political, economic and regulatory framework, international market players are showing renewed interest in the Indian market.
‘Housing for All’ plays an eminent role in the overall transformation of India on a global scale. It is bringing regulation and organization into the comparatively unorganized sectors. Though the ancillary segment individually contribute a marginal percentage to the country’s GDP but when put together they make a huge difference. Realizing the need to pay attention to the unorganized industries, several steps are taken in the direction. For example, the organized furniture industry contributes to only 0.5% of the GDP whereas the informal dealings are 85%.
‘Housing for All’ backed by the Make in India initiative gives Indian companies a global exposure and the strength to capture the international market.
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