Housing is central to economic growth: Report - India News and Travel Times Provides India-centric and other News and Features

The High Level Task Force headed by Deepak Parekh has noted that housing is central to economic growth and has multiplier effects on employment and poverty reduction. This was revealed by Union Housing and Urban Poverty Alleviation Minister Kumari Selja while replying to a question in the Lok Sabha. "It has estimated that alleviating the urban housing shortage could potentially raise the rate of growth of GDP by at least 1-1.5 percent and have a decisive impact on improving the basic quality of life," Kumari Selja said. She also informed the house that the task force in its report strongly recommended the need for affordable housing defined affordability and given recommendation on strategy to reach this goal. "Inter alia its recommendations are to treat affordable housing as a public purpose for obtaining land and finances; give preference to in situ development of slums; continue Jawaharlal Nehru Urban Renewal mission (JNNURM) with 100 percent increase in funding; promote rental housing; and consider creating a housing micro finance market and a company," Kumari Selja informed the house. The recommendations include fiscal concessions to reduce housing costs to affordable levels. In her reply she said pursuant to receipt of the Report, the Ministry had set up a Committee under Chairmanship of Housing and Urban Poverty Alleviation Secretary to examine the recommendations made by the task Force and take a view in the matter. Kumari Selja assured the government that the recommendations of the said Committee have been received and further follow up action has been initiated by the Ministry in respect of such recommendations which fall within the domain of the Ministry. Inter-Ministerial or inter-departmental consultations are being held on the recommendations involving pan-Government issues, she added.