The finance minister presented a budget, which is in line with the BJP manifesto.
The budget has come at a time the country is passing through a very difficult macro-economic situation. The economy is suffering from its worst slowdown in nearly three decades, inflation remains stubbornly high and the fiscal situation fragile, with a sense of despondency among the business community.
The underlying sense seems to be of a reform-oriented budget, which will boost growth, paving the way for job creation in both the industrial and agriculture sector.
The steps laid out in the budget marks the beginning of the journey towards 7-8 per cent GDP growth to be achieved in the next three years. The government has been rational on targets of containing fiscal deficit at 4.1 per cent and revenue deficit at 2.9 per cent of GDP for 2014-15.
The important measures taken by the finance minister include increase in FDI in insurance and defence to 49 per cent from 26 per cent along with management control.
Road map for REITs will be set up, which is very positive for the real estate sector