Pre-Budget quotes and expectations as below:

Mr. Manish Jaiswal - Managing Director and Chief Executive Officer, Grihum Housing Finance

"To further stimulate the housing sector, it is crucial to reinstate the PMAY CLSS under the Housing for All mission, particularly for the LIG/EWS sectors. The old definitions of Economically Weaker Section (EWS) and Lower Income Group (LIG) need to be adjusted for inflation, raising the EWS limit to Rs 4.8 lakhs and the LIG limit to Rs 9.2 lakhs per annum from the current Rs 3 lakhs and Rs 6 lakhs, respectively. Additionally, the housing size should be increased to 60 square meters for EWS and 90 square meters for LIG.

The affordable housing scheme offered by the NHB, featuring concessional finance rates for new mortgage customers and first-time home buyers with ticket sizes under ?15 lakhs, and allowing a minimum net interest margin of 5.5%, will significantly propel the industry. Waiving stamp duty for first-time buyers will also provide a significant boost. The Beneficiary Led Construction (BLC) scheme administration needs a complete revamp. If effectively implemented through a nodal agency model akin to PMAY CLSS, CGTMSE, and ECLGS in partnership with HFCs, this scheme can substantially boost the self-construction market in rural India.

The Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) needs to be amended for the redefined EWS/LIG sector and administered alongside other successful government schemes like CGTMSE and ECLGS to bolster credit flow in the sector. Integrating PMAY with the PM Surya Ghar Yojna will further complement the Green GDP initiative, revolutionizing green technologies and promoting non-hazardous, environmentally friendly construction practices, thereby ensuring sustainable growth for the construction industry."

Mr. Parmod Sagar - Managing Director & CEO - RHI Magnesita India, President - India, West Asia & Africa

“The allocation of Rs. 11.11 lakh crore towards the infrastructure sector in the Interim Budget 2024 is a testament to the sector as a growth driver for achieving a $7 trillion economy by 2030. The refractory industry in India will play a crucial role in this infrastructure growth, and any budgetary allocation in the Union Budget 2024 for the refractory industry will go a long way in acknowledging the crucial role that this industry will continue to play in the country's economic growth. Policy initiatives like the PLI scheme, formulated to leverage the potential of ‘Make-in-India,’ are the need of the hour for the refractory industry. Such initiatives will support the enhancement of localization in sourcing and manufacturing, augment domestic capacity, and galvanize the creation of the infrastructure sector in line with the philosophy of ‘Atma Nirbhar Bharat.”