Budget 2022: Makes room for tier 2-3 smart cities

As the Budget decodes Kaam, Kisan and Kamai as the focus, the outlays have come out with a ‘Budget for the economy’, with sustainability and infrastructure investment as the underlying theme. The Budget is clearly about complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition, bolstering investment and climate action – which bodes well for the nation.
The construction sector applauds the much-anticipated focus on resolving long-standing difficulties with land and development approval timelines. Modernization and revisions in building regulations, TDR reforms, urban town planning schemes, transit-oriented multimodal corridors, and transferable development rights are all being prioritised.
Urban development policies will be given a boost, along with increased capacity building, resulting in the holistic development of cities.
The focus on developing new smart tier 2-3 cities will result in a massive push for real estate infrastructure, with a ripple effect on extra job creation, thanks to the rise in population and career growth.
The PMAY plan would be extended through March 2023, with an investment of Rs 48,000 crore. This will benefit 80 lakh more beneficiaries in metropolitan areas who are from the middle class and economic vulnerable groups.
Single window portal for green clearances is a step to facilitate ease of doing business in enhancing sustainable development coupled with special mobility zones for electric vehicles. Giving data centres infrastructure status in lieu of encouraging data localization and protecting data sovereignty is a shot in the arm.
This will allow the data centre business to obtain long-term, low-cost credit financing, allowing it to grow competitively and become a worldwide data centre hub.
Increased emphasis on Gati Shakti, comprehensive development for last-mile connectivity, public investment, capital spending, and investment financing will all contribute to stable economic growth.

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