India's gross domestic product in the fiscal year 2015/16 is expected to grow between 8 and 8.5 per cent, Finance Minister Arun Jaitley said on Saturday when presenting the government's first full-year budget.
Here are the highlights of Jaitley's budget for the fiscal year that begins on April 1.
* Fiscal deficit seen at 3.9 per cent of GDP in 2015/16
* Will meet the challenging fiscal target of 4.1 per cent of GDP
* Remain committed to meeting medium term fiscal deficit target of 3 per cent of GDP
* Current account deficit below 1.3 per cent of GDP
* GDP growth seen at between 8 per cent and 8.5 per cent year on year
* Aiming double digit growth rate, achievable soon
* Expects consumer inflation to remain close to 5 per cent by March, opening room for more monetary policy easing
* Expects to implement goods and services tax by April 2016
* Will need to build additional 100,000 km of road
* Have to keep fiscal discipline in mind despite need for higher investment
INFLATION
* Expects consumer inflation to remain close to 5 percent by March, opening room for more monetary policy easing
POLICY REFORMS
Allocates 346.99 billion rupees for rural employment guarantee scheme in 2015/16 * To bring a new bankruptcy code in 2015/16
TAXATION
* Expects to implement goods and services tax by April 2016
INFRASTRUCTURE
* Will need to build additional 100,000 km of road
* Investment in infrastructure will go up by Rs. 70,000 crore in 2015/16 over last year
* Plans to set up national investment infrastructure fund
* Proposes tax-free infrastructure bonds for projects in roads, rail and irrigation projects
* Proposes 5 ultra mega power projects for 4,000 MW each
* Second unit of Kudankulam nuclear power station to be commissioned in 2015/16
SUBSIDIES
* We are committed to subsidy rationalisation based on cutting leakages
UNIVERSAL SOCIAL SECURITY SCHEME
* Arun Jaitley has proposed the creation of a universal social security scheme for all Indians
EXPENDITURE
* If revenue improves, hope to raise budgeted allocations for rural job scheme by Rs. 5,000 crore in 2015/16
Here are the highlights of Jaitley's budget for the fiscal year that begins on April 1.
* Fiscal deficit seen at 3.9 per cent of GDP in 2015/16
* Will meet the challenging fiscal target of 4.1 per cent of GDP
* Remain committed to meeting medium term fiscal deficit target of 3 per cent of GDP
* Current account deficit below 1.3 per cent of GDP
* GDP growth seen at between 8 per cent and 8.5 per cent year on year
* Aiming double digit growth rate, achievable soon
* Expects consumer inflation to remain close to 5 per cent by March, opening room for more monetary policy easing
* Expects to implement goods and services tax by April 2016
* Will need to build additional 100,000 km of road
* Have to keep fiscal discipline in mind despite need for higher investment
INFLATION
* Expects consumer inflation to remain close to 5 percent by March, opening room for more monetary policy easing
POLICY REFORMS
Allocates 346.99 billion rupees for rural employment guarantee scheme in 2015/16 * To bring a new bankruptcy code in 2015/16
TAXATION
* Expects to implement goods and services tax by April 2016
INFRASTRUCTURE
* Will need to build additional 100,000 km of road
* Investment in infrastructure will go up by Rs. 70,000 crore in 2015/16 over last year
* Plans to set up national investment infrastructure fund
* Proposes tax-free infrastructure bonds for projects in roads, rail and irrigation projects
* Proposes 5 ultra mega power projects for 4,000 MW each
* Second unit of Kudankulam nuclear power station to be commissioned in 2015/16
SUBSIDIES
* We are committed to subsidy rationalisation based on cutting leakages
UNIVERSAL SOCIAL SECURITY SCHEME
* Arun Jaitley has proposed the creation of a universal social security scheme for all Indians
EXPENDITURE
* If revenue improves, hope to raise budgeted allocations for rural job scheme by Rs. 5,000 crore in 2015/16
