India's vertical mobility industry, encompassing elevators, escalators, and moving walkways, is keenly awaiting the upcoming Union Budget 2024-25, with stakeholders hoping for significant policy measures to boost infrastructure and real estate development. This sector, crucial for urbanisation and modern construction, sees the budget as a pivotal moment to catalyse growth and meet rising demand in a rapidly urbanising nation.
Industry Expectations from the Union Budget
The vertical mobility sector is advocating for increased government spending on infrastructure projects, such as metro rail systems, airports, and smart cities, which directly drive the need for advanced elevator and escalator systems. Industry leaders emphasise that a strong push in these areas could lead to a surge in orders and technological advancements, positioning India as a key player in the global market.
Real Estate Sector as a Growth Driver
Real estate development, particularly in residential and commercial segments, is another critical focus. The industry seeks incentives like tax benefits for affordable housing and streamlined regulations to encourage construction, which would, in turn, boost demand for vertical mobility solutions. With urban populations growing, efficient building systems are becoming increasingly essential.
Economic Impact and Job Creation
A robust budget allocation for infrastructure and real estate is expected to have a multiplier effect on the economy. The vertical mobility industry not only contributes to construction but also supports manufacturing and service sectors, potentially creating thousands of jobs. Experts highlight that targeted policies could enhance domestic production and reduce reliance on imports.
Challenges and Opportunities
Despite its potential, the industry faces challenges such as high costs and regulatory hurdles. The budget could address these by offering subsidies for green technologies and promoting innovation through research grants. By fostering a conducive environment, the government can help the sector achieve sustainable growth and align with national goals like 'Make in India'.
In summary, the Union Budget 2024-25 holds the key to unlocking the vertical mobility industry's potential, with stakeholders optimistic that strategic investments in infrastructure and real estate will drive significant expansion and economic benefits across India.
