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Arun Jaitley's Budget key points

Arun Jaitley
Highlights

Arun Jaitley\'s Budget Key Points. Finance Minister Arun Jaitley detailed his budget for 2014-15 on Thursday, the first under Prime Minister Narendra Modi\'s new government.

NEW DELHI: Finance Minister Arun Jaitley detailed his budget for 2014-15 on Thursday, the first under Prime Minister Narendra Modi's new government.

Arun Jaitley's Budget key points.

Economy is stuttering under high inflation and the slowdown since free-market reforms in the early 1990s, and the budget is the first major test of Modi's reformist credentials since he swept to power in May with a pledge to boost growth and create millions of new jobs.

FISCAL DEFICIT

- Fiscal deficit seen at 3.6 per cent of GDP in 2015/16

- Accepts fiscal deficit target of 4.1 per cent of GDP for 2014/15

- Finance Minister says: "We cannot spend beyond our means"

- Tax-to-GDP ratio must be raised.

GROWTH

- Finance minister aims for sustained growth of 7-8 per cent in the next 3-4 years

- Bound to usher in policies for higher growth, lower inflation

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