TK Elevator India Managing Director and CEO Manish Mehan is hopeful the upcoming 2024-25 national budget for India will “incorporate transformative measures to invigorate the Indian real estate sector,” which would, in turn, propel growth of the elevator industry. Mehan’s statement comes ahead of Union Finance Minister Nirmala Sitharaman’s interim budget announcement on February 1. Mehan observed the real estate sector plays a significant role in India’s economic growth, and that the sector looks forward to “policy interventions that promote sustainable development, encourage foreign direct investment and streamline regulatory processes.” Stakeholders’ key demands include reducing interest rates and taxes, granting infrastructure status to the affordable-housing segment, addressing liquidity concerns and simplifying regulations. “Elevators have become an integral part of modern urban living,” Mehan said. “In India, where real estate is booming and infrastructure is rapidly evolving, the elevator industry is playing a crucial role in ensuring efficient vertical mobility.”