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New Delhi: Contrary to the general impression, the defeat in the Bihar assembly elections has not dealt any blow to the reforms agenda of the ruling National Democratic Alliance. Rather, it has proved to be a blessing in disguise for the Prime Minister Narendra Modi’s government to fast-track reforms – legislative and administrative.
For the realty sector, those that stand out include the move for a pan-India goods and services tax regime and legislation for a real estate regulator, both of which are expected to get the parliamentary nod in the current winter session of parliament.
Close on the heels of the Bihar defeat, the government gave a Diwali bonanza by easing foreign investment norms in 15 major sectors, including construction, and raising the approval limit for the Foreign Investment Promotion Board (FIPB) from Rs.3,000 crore to Rs.5,000 crore.
It removed entry and exit barriers in the construction sector, doing away with area restriction of 20,000 sqm and capitalisation of $5 million and allowing foreign investors to exit and repatriate investment before a project is completed but with a lock-in period of three years.
The government’s sense of the real estate industry is that it should not survive on subsidies but on the strength of the market economy. That’s why it’s focusing on realty reforms aimed at strengthening fundamentals for the sustainable revival of the sector.
The delayed reforms had affected the market sentiment and the government has been receiving a lot of flak for its inability to check retail inflation and generate employment.
The government realises it is imperative to provide momentum to reforms if it has to leverage strong domestic growth in the form of healthy seven percent plus GDP growth in the coming fiscal, besides picking up manufacturing activity.
The assessment of global rating agencies like Moody’s weighs heavily on the government’s mind that delay in reforms may hit investment. The Organisation for Economic Co-operation & Development (OECD) has also emphasised that India’s growth prospects remain relatively robust provided further progress is made on implementing structural reforms.
The government is focusing on triggering investment. By exercising tight control over unproductive expenditure, it has greatly increased capital investment by the public sector. And to further push this, the National Investment and Infrastructure Fund has been set up to leverage public investments.
The government also plans to come up with tax-free infra bonds to broaden the corporate bond market and provide long-term finance for infrastructure. It is also looking at providing tax incentives to spur investment in housing.
Then, FDI has considerably increased and private investment is picking up. The government is also working on simplifying FDI & ECB rules to speed up foreign investment.
It plans to put 98 percent sectors for foreign investment under the automatic route. And, to help the fund-starved real estate sector to tide over the current crisis, the government is working on allowing foreign investments in alternate investment funds (AIFs) and in infra and realty trusts via the automatic route.
The most crucial piece of legislation that has a big bearing on real estate is the GST Bill expected to be passed in the current parliament session, especially as the government has now adopted a collaborative and accommodating approach.
The introduction of a single GST rate across the country is aimed at dismantling the inter-state fiscal barriers to create a common market within India to boost competitiveness and make it easier to do business.
It will result in simplification and uniformity of taxes, putting an end to tax inefficiency in the form of different state-specific VAT and service tax laws. Though there are two main taxes for home buyers – VAT and service tax – multiple taxes in the form of CST, custom duty, excise duty and the like paid by developers result in price escalation by about 25-30 percent.
A likely GST rate of about 20 percent (the Congress party is demanding a cap on 18 percent) should be quite beneficial for the sector in lowering the current tax burden, in turn resulting in the reduction of home prices. Separately, the government proposes to provide tax relief to the real estate sector in the budget for 2016-17.
The decks are already cleared for crucial Real Estate Regulation & Development Bill, 2013 in the winter session as the government has accepted changes proposed by a Rajya Sabha panel. This bill will give a major boost to real estate sector, bringing in fair play and transparency in transactions to safeguard the interests of buyers and investors.
The government, which has already streamlined environment clearances for improving ease of doing business, is now fast- tracking single window clearance system for multi-storied buildings that should come through by early December 2015.
The simplified process will considerably cut delays in granting approvals, in turn resulting in cost reduction that will benefit property consumers.This will also provide much – needed relief to debt- ridden developers by way of faster projects completions and lesser interest outgo.
For its flagship programme — “Housing for All”, envisaging building 30 million houses, the government is readying a plan to provide more funds for constructing rural houses and providing subsidised power and water. Under its AMRUT programme, the Centre has allocated Rs 11654 crore for infrastructure upgrade.
The Bankruptcy Code — providing for an easier exit for businesses, safeguarding the interests of lenders and investors — together with proposed new start-up policy, will foster new enterprises and fast-track winding up of failed enterprises, with a view of strengthening ease of doing business.Further, labour reforms are aimed at removing rigidity and encouraging employment.
The government’s new-found aggression and resolve to push reform agenda have already seen the BSE Realty Index, registering the most rise in the last fortnight and further reform measures to be unveiled in the budget, will serve to speed up the revival of real estate facing the slowdown.
(Vinod Behl, IANS)
Prior to the brutal second wave of the pandemic, Prime Minister Narendra Modi had cautioned civil services probationers against developing the despised "babu mindset". He gave the invaluable piece of advice while addressing civil services probies at the well-known Lal Bahadur Shastri National Academy of Administration in Mussoorie via video-conferencing. He also outlined the keystone mantra of "minimum government and maximum governance".
With the recent collapse of the under-construction flyover in Bandra Kurla Complex which injured 14 labourers, it seems like the Brihanmumbai Municipal Corporation (BMC) has got the PM's keystone mantra all wrong. The recent flyover collapse isn't an isolated incident, in fact, a month ago a similarly bemusing incident took place in the eastern part of the suburbs.
On 1st August 2021, the honourable Chief Minister of Maharashtra Shri. Uddhav Thackeray inaugurated a flyover in the eastern part of the suburbs. In his inaugural speech, he quipped the BMC to smoothen the rough road surface. The BMC swing into action and the surface of the flyover was swiftly re-worked upon. But, instead of smoothening the pre-existing rough surface, the shoddy repair work added to the problem. To top it all off, the BMC added a barrage of speed breakers and rumbler strips on the bridge.
The shoddy repair work combined with a plethora of speed breakers caused long congestions on the Mankhurd-Ghatkopher stretch, ultimately killing the purpose of building the bridge. Moreover, after numerous accidents of motorbikes skidding on the bridge during the rain and the subsequent death of a rider the bridge was closed for traffic.
The construction of the flyover commenced in February 2016 at an approved cost of ₹500 crores. The project was slated to be delivered in January 2019 but was delayed multiple times. The BMC had also made a design change in the flyover by adding a connector to the Deonar dumping ground due to which the construction cost of the flyover was increased to over ₹700 crore. The flyover was expected to bring relief to the traffic on Ghatkopar-Mankhurd Link Road but instead, it added to the existing traffic woes. On a concluding note, the maximum city of Mumbai runs on barely minimum governance, literally.
Keywords: Mumbai, Narendra Modi, Civil Services, Governance.
Along with the undeniable natural beauty, the Kashmir valley has developed a reputation for adventurous activities like trekking, hiking, and river rafting. Kashmir has maintained its charm, allowing us to time-travel into beautiful destinations which make one forget about the stress and worries of life. The hikes in Kashmir offer adventurers to go on a self-discovery trip through nature's lap over the mountains while taking in the breathtaking scenery that surrounds them on their journey. In addition to the hikes, there are many thrilling adventure activities, like rock climbing, rope climbing, etc. Trekking across the region of mountains and lakes will allow you to experience living in the "Paradise on Earth," and you wouldn't want to return to your regular life after that.
The following are some of the finest hiking destinations in Kashmir:
#1: Kashmir Great Lakes Trek: You will be transported to a heavenly and unseen aspect of Kashmir on the Kashmir Great Lakes Trek. In addition to three high-altitude passes and five river valley crossings, this is the only trip in the Himalayas that includes seven alpine lakes, each of which is a stunning shade of green, blue, or turquoise. The extravagance is limitless and breathtakingly stunning every day: infinite blue sky, a larger-than-life backdrop of the Rocky Mountains, colourful meadows overflowing with wildflowers, river crossings are just a few examples of what you will encounter during the trek.
You will be transported to a heavenly and unseen aspect of Kashmir on the Kashmir Great Lakes Trek. | Photo by prayer flags on Unsplash
#2: Sonamarg-Vishansar-Bandipora Trek: The Sonamarg-Vishansar-Bandipora trek is a one-of-a-kind experience that provides a glimpse into Kashmir's undiscovered regions. Sonamarg, famously known as the Meadows of Gold, is the starting point for this fascinating journey that is the perfect experience for anyone looking to get away from the frantic tourist rush. This trek is a fascinating journey that allows nature enthusiasts to bask in the splendour of nature's grandeur. The trek goes over many high mountain passes, some as high as 4000 metres in elevation. The hiking route, in addition to providing breathtaking views of the magnificent Vishansar Lake, provides visitors with the chance to see more than 50 alpine lakes.
Sonamarg, famously known as the Meadows of Gold, is the starting point for this fascinating journey. | Photo by YASER NABI MIR on Unsplash
ALSO READ: Top 10 Beautiful Sights To VIsit In Kashmir
#3: Tral-Narastan-Marsar Trek: The Tral-Narastan-Marsar trek is filled with a range of exciting experiences from beginning to end. The hiking trail passes past a waving saffron field, beautiful meadows, and several streams. The path also crosses the Dachigam National Park, where there is an opportunity to see various animal species. Trekkers may take in spectacular views of the high mountains running parallel to them as they cut and pass through Narastan, a Hindu pilgrimage place.
The Tral-Narastan-Marsar trek is filled with a range of exciting experiences from beginning to end. | Wikimedia Commons
#4: Chhatargul-Mahlish-Gangabal: The journey, which passes through beautiful locations such as Chattargul, Mahlish, Kolsar, and Trunkul, provides a peek into an utterly uninhabited wilderness of Kashmir. There are lakes and meadows adorned with flowers along the route as one trek into the alpine wilderness. Trekkers can also enjoy fishing in the crystal clear lakes, camping, or just seeing towering snow-capped mountains while on their journey.
There are lakes and meadows adorned with flowers along the route as one treks into the alpine wilderness. | Wikimedia Commons
#5: Kolahoi Base Camp Trek: The Kolahoi Base Camp trek in Kashmir has been famous since the early 1900s and has been a goal for many seasoned hikers from across the world. While Srinagar serves as the beginning point for the trip, it is in Aru Valley that the actual hiking begins. The Kolahoi Base Camp Trek is a gentle adventure that is ideal for novices and families with children. The breathtaking sight of the peaks rising into the sky on the horizon of the Pirpanjal and Karakoram ranges is certainly worth capturing. It is considered to be one of the most popular treks in the Kashmir valley.
The Kolahoi Base Camp Trek is a gentle adventure that is ideal for novices and families with children. | Wikimedia Commons
Kashmir's natural splendour, with its beautiful valleys and towering mountains, is really unlike anywhere. Trekking through various valleys and peaks while taking in the scenic beauty is something that always calms the heart and provides us with memories that we will remember for a lifetime.
Keywords: Kashmir, Lakes, Alpine, Hiking, Trekking, Treks, Sonamarg, Gangabal, Kolahoi, Chhatargul, Mahlish, Tral, Narastan, Marsar
The Pitru Paksha starts after the Full Moon day, and this day marks the beginning of the waning phase of the Lunar cycle. This event is roughly of 15-day period, and is of great significance. From this day, rituals like Tarpan or Tarpanam and Shradh are carried out to pay respects to dead relatives and ancestors.
It is believed that from the very first day till the last day, the unhappy souls of the deceased return to the Earth to see their family members. So, in order to ensure that the dead attain Moksha, i.e. to get liberation, family members of these souls quench their thirst and satisfy their hunger by performing the Pind Daan, which includes offering food consisting of cooked rice and black sesame seeds. The literal meaning of Pind Daan is the act of satisfying those who no longer exist physically.
For fifteen days, prayers are offered in temples and rituals are performed to help the souls get free from the cycle of birth, life, and death, and attain salvation.
At the same time, the Pitru Paksha is also an important period for people with Pitru Dosha, which means the curse imposed by the ancestors. Hence, in order to ask forgiveness, people perform Shradh rituals and offer food to the crows, who are considered as living beings that represent the dead. It is believed, if the crow eats the offered food, the ancestors are happy and pleased. But, if the crow doesn't eat the offered food and flies away, the ancestors are not happy.
The event of Pitru Paksha is widely observed by Hindus from all over the world, and they perform prayers and rituals in order to gain their ancestors blessings.