Wednesday, May 10, 2017

India to reap huge gains from housing boom

Prime minister Narendra Modi’s ambitious plan to build homes for all Indians by 2022 could spark an economic revolution worth $1.3 trillion, which is a little more than Mexico’s GDP.

Between 2018 and 2024, some 60 million new homes are set to be built, mostly under the government’s affordable housing programme, as Asia’s third-largest economy looks to upgrade its people’s quality of life.

This is expected to create over 2 million jobs annually and add up to 75 basis points to India’s GDP, brokerage firm CLSA said in a report last week.

India is one of my top investment destinations for the next 10 years.

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