Why is India Shining
– By K P Baney
During recent parlia-mentary elections, slogan which had caught up was “India is shining.” There was improvement in all the fields. Industries were doing better, foreign reserves were record high, people were getting jobs. In short, everything was sort of looking up.
Single biggest factor in ‘India shining’ was sops given to construction industry. Complete tax holiday on infrastructure projects, complete tax holiday to construction of small and medium houses u/s 801 B; and also concessions to house purchasers in income tax, on capital as well as interest (within limits) were main Feel-Good factors behind ‘India shining’.
Construction is core industry. It is prime mover of economy. More than 300 industries, big and small (like cement, steel, plywood, tile, pipes, stone aggregate, sand mining etc.) contribute to the construction sector. After houses are constructed, other 100 odd industries, (like furniture, tapestry, TV, telephone, music systems etc) contribute to the residents of these houses. Besides, construction industry along with these dependent industries, create umpteen number of jobs, employing probably the maximum labour force, compared to any other sector. One job, “Golden Quadrilateral” itself created numerous job opportunities all over India, and that too from farm –labourers.
Again, if the worker is employed, he is busy through out the day and is happy raising his family, giving basic needs, including education to his children. If the person is having house, he has got sense of belonging in him. All these factors greatly help in curbing crime rate and improve law and order situation.
Construction industry is considered to be a barometer of national progress. If construction industry is doing well, the country is doing well. This fact was realized by the NDA Government. Significant concessions u/s 80 of income tax were extended to the construction industry. And that is why ‘India was shining’.
UPA Government has two ministers, including PM, who are wizards at Finance. UPA Government is equally keen in giving economic stability to the country. It is hoped that UPA Government continues with, and even go more liberal in giving concessions to the construction industry.
Any concession given to construction industry will work as incentive and shall pay much more in return, to nation.