Curbs a Must to Curtail Inflationary Trends in Indian Real Estate
The first month of the financial year got off to a good start, registering a 13.6% growth in industry, despite measures taken by the Finance Ministry to curb demand in the housing and real estate sector.
The Finance Minister, P. Chidambaram said on Tuesday that the Government
had taken deliberate steps to slow down demand in India’s real estate where a rush from investors was creating inflationary trends in the market.
Other sectors have performed well in April 2007 too, going by the statistics.
While manufacturing performed 15.1% better, mining registered 3.4% growth
as against April 2006. The overall growth rate in 2006-07 was 9.4%, 0.4%
over and above the previous year as the table below shows:
|
2006-07(In %)
|
2005-06(In %)
|
|
|---|---|---|
| Overall Growth Rate |
9.4
|
9
|
| Gross Domestic Product |
9.1 in Q4
|
10 in Q 4
|
| Manufacturing |
12.3
|
9.1
|
| Agriculture and Allied Sectors |
2.7
|
6
|
| Construction |
10.7
|
14.2
|
| Mining and Quarrying |
5.1
|
3.6
|
| Electricity, Gas and Water Supply |
7.4
|
5.3
|
| Community, Social and Personal Services |
7.8
|
7.7
|
| Services related to Financing, Insurance, Real Estate and Business |
10.6
|
10.9
|
| Per capita income |
14 (Rs.22,483)
|
8.4. (Rs.20,734)
|
Photo: Mindet skyscraper under construction, Southern Harbour, Aarhus by Ciara Ní Riain, licensed under CC BY-SA 4.0, via Wikimedia Commons.
