Thursday, February 18, 2010

Mr. Samson Arthur, GM (India), Quinn group

Extension of STPI benefits to IT & ITeS must for growth in commercial real estate sector
Extension of STPI benefits for a definite longer term period is imperative to foster growth of small and medium IT and ITeS enterprises. Such measures should be taken prominently to improve export revenues in India, thus providing an opportunity for leasing of more space to these companies.
As the global economy begins its emergence from difficult recessionary times, India continues to post impressive year-on-year growth. This does not mean however that the Indian economy has been unaffected by the global economic crisis. Quite the contrary, the decline in international demand for goods and services has lead to a significant reduction in export-led revenue earned by India based companies - indigenous and multinationals alike.
Being heavily influenced by the financial standing and outlook of its customers, a drop in their revenue has in turn reduced demand for local real estate space. This impact has unfortunately been further exacerbated by the postponement of real-estate investment decisions by companies planning to enter or expand their operations in India.
In view of the changed environment of economy, the budget for the next financial year has to deal with the challenges being faced by the industry. Government has thus far seemed mindful of the challenges being experienced by export-led Indian companies. This is positive for the real estate sector. We hope to see this continue and perhaps further support provided, where possible, through the introduction of targeted support measures in the forthcoming Budget.
Infrastructure plays a pivotal role for all development related activities, steps taken towards development of infrastructure will have an immense impact on the real estate sector and will aid its faster growth.
We hope the Union Budget 2010-11 will reinstate confidence in real estate industry.

Mr. Samson Arthur, GM (India), Quinn group

About Quinn Group: The Quinn Group is an international business conglomerate with annual turnover exceeding Euro 2.2 billion and over 8,000 employees in 13 countries including Ireland, the UK, France, Germany, Russia and India.
The Quinn Group was formed by its Chairman, Mr. Sean Quinn, in 1973. Expanding from a small quarrying operation in Northern Ireland, where its headquarters is still located, the privately owned Quinn Group has grown to become one of Ireland's most successful companies with a proven track record of success in the diverse industries it has ventured into: cement and concrete products, container glass, general and health insurance, radiators, plastics, energy, hospitality and real estate.

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