Perhaps one of the most important financial events in India this year, the 2014-2015 UnionBudget brought forth many changes and developments in the fiscal structure of the government. The economic sector, including the real estate market, eagerly awaited the new changes. Financial experts narrowed down the three major concerns of the Finance Minister when creating the new budget. These core issues included minimizing the fiscal deficit, taming the inflation and encouraging economic growth. It was encouraging to note that many aspects of the Union Budget focused on taming revenue deficit upto 4.1% by 2015.
Considering the real estate market, the Union Budget focused on different aspects such as manufacturing investment allowance as well as increasing the role of manufacturing to 25% in the final GDP. This plan over the next decade is expected to create 100 million new jobs and will play a large role in income growth and job creation. This is vital for sustainable growth in the real estate sector in the long term. The budget is also showing signs of optimism in the next few years and is mainly aimed at economic recovery.
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