The policy change is expected to have a substantial impact on both the domestic edible oil market and the soybean crop industry. By increasing the import duty, the government aims to make imported edible oils more expensive, thereby encouraging manufacturers to source soybeans and other crops from local farmers. This move is anticipated to provide a more equitable price for Indian farmers, helping them secure a fair value for their produce.

Chouhan highlighted that the decision would not only benefit soybean farmers but also stimulate the production of soya meal, which is expected to see a rise in export volumes. Furthermore, the increased import duty is anticipated to support various sectors related to soybean cultivation, fostering broader economic growth in the agricultural sector.

The policy shift aligns with the government’s ongoing efforts to strengthen domestic agriculture and ensure that Indian farmers receive fair compensation for their crops. By incentivizing local production and reducing dependency on imported oils, the decision is poised to enhance the sustainability and profitability of the Indian agriculture sector.

This new import duty structure is set to take effect soon, marking a significant step in the government’s strategy to support and uplift the farming community across the country.

The Government has also decided to raise the basic import duty on refined oils to 32.5%. This policy change is expected to boost the demand for mustard, sunflower, and peanut crops.

As a result of the increased import duty, farmers are likely to receive better prices for these crops. Additionally, the expansion of refineries in small and rural areas will create more job opportunities, further benefiting local economies.

Also Read: PM Modi’s 1st Housing Decision excites Real Estate Industry

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Prashant Sharma – President, NAREDCO Maharashtra
“On behalf of NAREDCO Maharashtra, I extend my heartfelt congratulations to the new government on their election victory. The real estate sector is a cornerstone of economic growth and development, and we eagerly look forward to collaborating with the new administration to drive forward initiatives that will enhance the sector’s contribution to the state’s progress.

The real estate industry has always been a significant employment generator and a key contributor to the state’s GDP. In light of this, we have several expectations from the new government:

Policy Stability and Simplification: Consistency in policy and regulatory frameworks is crucial for long-term investment planning. We urge the new government to ensure that policies are simplified and made more transparent to facilitate ease of doing business.

Infrastructure Development: Continued investment in infrastructure, such as roads, public transportation, and smart city initiatives, will significantly boost real estate development, particularly in suburban and emerging areas.

Affordable Housing: We anticipate reinforced support for affordable housing projects through incentives and subsidies, which will not only provide housing for all but also stimulate demand in the sector.

Single Window Clearance: Implementation of a single-window clearance system for project approvals will reduce delays and costs, enhancing efficiency and encouraging faster project completions.

Tax Reforms: Rationalization of GST and other taxes related to real estate transactions can provide much-needed relief to developers and homebuyers alike, fostering a more vibrant market.

Sustainability Initiatives: We look forward to government support for sustainable and green building practices, ensuring that development is environmentally responsible and resource-efficient.

We believe that with the right policies and support, the real estate sector can significantly contribute to the vision of a prosperous and developed Maharashtra. NAREDCO Maharashtra is committed to working closely with the government to address challenges and harness opportunities for the betterment of the industry and the state.

We are optimistic about the future and confident that the new government will prioritize the needs of the real estate sector, ensuring its growth and resilience.”

Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“As we welcome the new government, the real estate sector is filled with optimism and anticipation. Our industry, which is a significant contributor to the nation’s GDP and employment, looks forward to policies and initiatives that will foster growth, stability, and transparency. Firstly, we hope for continued emphasis on housing for all, ensuring that affordable housing projects receive the necessary incentives and support. The Pradhan Mantri Awas Yojana (PMAY) has been a cornerstone in achieving housing goals, and we look forward to its further expansion and efficient implementation. Infrastructure development remains a critical area. Enhancing connectivity through robust infrastructure projects not only boosts real estate development but also uplifts the overall economy. We anticipate increased investment in urban infrastructure, smart cities, and transportation networks. The real estate sector also expects streamlined regulatory frameworks that ease the process of approvals and reduce bureaucratic delays. A single-window clearance mechanism would be a game-changer, significantly improving the ease of doing business. Furthermore, we look forward to reforms in the Goods and Services Tax (GST) structure specific to real estate. A more rationalized and simplified tax regime would benefit both developers and homebuyers, promoting a healthier market environment. Sustainability and green building practices are paramount for the future. Incentives for adopting eco-friendly construction techniques and materials can propel India towards a greener future. Lastly, addressing the liquidity crunch through favorable banking policies and enhancing access to funding for developers will be crucial. Ensuring that financial institutions support real estate projects can catalyze growth and help in timely project completions. We believe that a collaborative approach between the government and the real estate sector will pave the way for a resilient, sustainable, and inclusive real estate market, contributing significantly to the nation’s growth and prosperity.”

Rohan Khatau – Director, CCI Projects
“We have great expectations for the real estate industry under the new government. With proactive policies and a supportive regulatory environment, we believe the real estate sector can significantly contribute to the nation’s economic growth. We hope the government will enhance its focus on affordable housing schemes, offering incentives for developers and easier access to finance for homebuyers to bridge the gap between demand and supply. Investment in infrastructure, such as roads, metros, and bridges, will further boost the real estate market, especially in emerging urban areas. Improved connectivity and amenities make locations more attractive for both residential and commercial developments. Rationalizing GST rates on construction materials and housing can make properties more affordable, benefitting both developers and buyers. Encouraging sustainable development practices and offering incentives for green buildings can foster a more eco-friendly and resilient real estate sector. Additionally, with a growing demand for skilled labour in construction, initiatives for training and upskilling workers are essential to ensure quality construction and timely project deliveries. With the right policies and support, we are confident that the real estate sector can thrive and play a pivotal role in shaping India’s economic landscape.”

Also Read: Mumbai’s housing market maintains momentum as property registrations soar in May 2024

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