NEW DELHI : The Narendra Modi government’s debut Budget today promises an economic revival with return to 7-8 per cent GDP growth in the next 3-4 years, reining in of inflation with special focus on manufacturing, infrastructure building and skill development.
Finance Minister Arun Jaitley, in his 2014-2015 Budget proposals presented in Lok Sabha, announced a slew of measures for revival of the ailing economy and called for fiscal prudence while hinting at austerity by saying “We cannot spend beyond our needs.”
He 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 and stressed the need to be watchful of the Current Account Deficit (CAD).
He also announced to have the GST in place during the course of the year.
Hinting at stress on austerity, Mr Jaitley said “We can not 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.
The Budget estimates a total expenditure of Rs 17,94,893 crore and a non-planned expenditure of Rs 12,94,000 crore. The personal Income Tax limit was raised to Rs 2,50,000. The Finance Minister also announced uninterrupted power supply to Indian homes 24X7, Rs 50,548 crore for SC development and minimum pension of Rs 1,000 crore to all public provident schemes.
To implement its promise of a clean India, Mr Jaitley said a ‘Swatchh Bharat Abhiyan’ (Clean India Drive) would be launched and total sanitation goals achieved by 2019. Moreover, Rs 3,600 crore have been allocated for drinking water programmes and Rs 500 crore earmarked for rural housing. To boost rural infrastructure, an amount of Rs 14,389 crore has been earmarked for the ‘Pradhan Mantri Gram Sarak Yojna’. He said national skill programme called the ‘Skill India’ would be launched and 24×7 power supply provided to all homes. Moreover, Rs 500 crore would be infused into the ‘Deen Dayal Upadhyaya Yojana.’
Farmers would be provided social health card. To expand educational opportunities and health facilities, the government would set up four AIIMS and five IIMs. Rs 7000 crore was allocated for development of smart cities. He also announced increase in defence expenditure. (AGENCIES)
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