Union Budget 2015-16: Arun Jaitley presents NDA's maiden Budget

budget_2015Finance minister Arun Jaitley began by presenting the Narendra Modi government's full-fledged budget, Union Budget 2015-16, stating India's GDP in the financial year 2015-16 is expected to grow between 8 and 8.5 per cent,

Here are some early highlights:

  • To keep fiscal discipline in mind despite need for higher investment
  • Fiscal deficit  3.9 pct of GDP in 2015-16
  • Committed to meet fiscal target of 4.1 pct of GDP
  • Committed to meeting medium term fiscal deficit target of 3 pct of GDP
  • Current account deficit to be brought below 1.3 per cent of GDP
  • Goods and services tax expected by April 2016
  • GDP growth expected at between 8 per cent and 8.5 per cent and double-digit growth rate achievable soon
  • Consumer inflation expected to remain close to 5 per cent by March, leading to  more monetary policy easing
  • To build additional 100,000 km of road