Annual Report 2002-2003

Tenth Five Year Plan

The National Development Council, in December 2002, approved the Tenth Five Year Plan, with an ambitious target of 8 per cent annual GDP growth on the average. One of the crucial aims of the Tenth Plan is to promote a balanced and equitable regional development and to advance the necessary policy and administrative reforms at the State level. The allocation for 2003-04 includes several additional initiatives such as promoting infrastructure by leveraging public money through private sector partnership, provision of hand-pumps in water-scarcity areas and schools, rejuvenation of traditional water sources in villages, research and development (R&D) support in pharmaceuticals, wind and solar energy, among others. The Tenth Five Year Plan estimated the urban housing shortage at 8.89 million dwelling units in 2002. Further, the total number of houses that would be required cumulatively during the Tenth Plan period is estimated at 22.44 million dwelling units. With the continuance of the 2 Million Housing Programme, it is estimated that the investment requirement from public sector institutions would be around Rs.415000 crores. Apart from this, substantial contribution from private players would be required to tackle the growing housing shortage. The major task is to evolve market friendly reforms relating to tax, infrastructure etc to help in increasing investment flow in housing. Emphasis has been laid on need to supply affordable housing to EWS and LIG through proper programme of allocation of land, extension of funding assistance and provision of support services.

Sums of these magnitudes cannot be entirely located from within the budgetary resources of Central, State and Local Governments. It is, therefore, a compulsion to access financial resources from the market and induce the private sector to participate in housing programs.