The Economic survey 2015 has spelt out financial market stability, yet expresses concerns over tentative growth in construction and mining sector, and has identified investment in the infrastructure sector as crucial for the growth to strengthen further.
According the Economic Survey 2015, structurally important economies such as China, Russia, Euro area and Japan face uncertain prospects, thereby affecting global growth and investment outlook. Meanwhile, the sharp decline in oil prices has diminished fortunes of oil exporting countries that can affect economic activity adversely.
It further says in the light of the Government’s commitment to reform, along with the improvements in the price and external sector scenarios including the possibility of international oil prices remaining generally benign, the outlook for domestic macroeconomic parameters is generally optimistic, notwithstanding the uncertainties that could also arise from an increase in the interest rates in United States and situation prevailing in Greece within euro zone.
Economic Survey 2015 & Assumptions
Assuming normal monsoons, better prospects in the world economy that could provide impetus to higher exports for Indian products and services, a growth of around 8.5 per cent is in the realm of possibility in 2015 -2016.
This overview clearly indicates that in coming few quarters a robust sales activity in housing market is about to start. The present emphasis of RBI to keep inflation in control is bound to bring inflation under the required comfortable levels. Thereafter with the help of policy measures, the housing sector in India is about to witness a quantum leap in demand.
SHRIDEV SHARMA’s note to readers: The above extends from my study of the Act, to better understand its objectives, its implementation and impact on the Real Estate industry, the government and society at large. It is not, and does not attempt to be an analysis. To read the complete text of the Act, and news about related events, please see Related Links.