Arun Jaitley's Budget key points
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.
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 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.
- 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