NEW DELHI : Highlighting the difficult economic situation faced by the country, the Narendra Modi government in its maiden Budget presented in the Lok Sabha today, called for fiscal prudence and reviving growth by boosting manufacturing and investing in infrastructure.
The Budget tabled by Finance Minister Arun Jaitley also announced various schemes for the social and the rural sector. For reducing fiscal deficit, he said, he would go for subsidy rationalisation.
The Finance Minister announced a target of bringing down fiscal
deficit to 3.6 per cent of the GDP in 2015-16 and to 3 per cent in 2016-17.
He also stressed the need to be watchful of the Current Account
Deficit(CAD).
Expressing determination to achieve 7-8 per cent economic growth in the next 3-4 years, the Finance Minister said controlling inflation was his first priority. He also announced to have the GST in place during the course of the year.
Hinting at stress on austerity, Mr Jaitley said “We cannot spend beyond our needs” but at the same time, expressed optimism about global economic revival saying there were “green shoots” of
recovery in global economy.
(AGENCIES)
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