Quote on Pre-Budget Expectations by Mr. Sebi Joseph, President, Otis India
Below the Quote on Pre-Budget Expectations by Mr. Sebi Joseph, President, Otis India
The Indian real estate sector has witnessed an unprecedented boom in recent years. From the Pradhan Mantri Awas Yojana to Smart Cities Mission, government initiatives have catalysed a transformation, making India one of the most dynamic real estate markets globally.
As we look towards the Union Budget 2025-26, we anticipate that the government will continue to build on this momentum through more forward-thinking measures to further strengthen the real estate and infrastructure sectors, with a special focus on localisation and sustainability. A budget that introduces strategic steps such as targeted investments, substantial tax reliefs, enhanced funding mechanisms, robust infrastructure initiatives - and that pushes for sustainable developments - would provide the much-needed impetus to developers for building homes across all segments, including luxury housing and affordable housing, thus ensuring a balanced growth trajectory and contributing to achieving the vision of a ‘Viksit Bharat’ by 2047, transforming India into a global leader in infrastructure and responsible urbanisation.
For the elevator and escalator industry, such a focus would present great avenues for growth in 2025 and beyond. With a surge in infrastructure projects, including smart cities, metro systems, and high-rise buildings, the vertical transportation industry is poised to be the backbone of India’s growing urban landscape. Furthermore, we are also contributing to the localisation of production and creating a self-reliant supply chain within the country. By marrying the growth of India's urbanisation with innovation in elevators and escalators, the Budget holds the potential to set the stage for urban spaces that not only meet today’s needs but are also poised to thrive in the decades to come.
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