Budget 2015-16: India fastest-growing economy in the world

Top Stories

»	49% Indian startups now from tier 2, 3 cities: Jitendra Singh
»	'India ranks 3rd in global startup ecosystem & number of unicorns'
»	Tripura exported over 9K tonnes of pineapples in 2 years
»	CPI inflation eases to 6.71% in July, IIP falls to 12.3%
»	Rupee depreciates 12 paise to close at 79.64 against US dollar

SME Times News Bureau | 28 Feb, 2015
Finance Minister Arun Jaitley Saturday said the state of the country's economy was better placed today with its credibility re-established by a series of measures taken by his government.

"I am presenting the union budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory," Jaitley said as he started his budget speech in the Lok Sabha.

"The real GDP growth is estimated at 7.5 percent for this fiscal, making India the fastest-growing large economy of the world," said Jaitley, watched keenly by Prime Minister Narendra Modi, seated next to him.

"We inherited a sentiment of doom and gloom and have come a long way by proper actions," said the finance minister, adding: "Our objective is to improve quality of life and to pass benefits to common man."

He also said a double-digit growth was now feasible. "Our objective is to conquer inflation. It will be only 5 percent by end of year."

The finance minister said his government did not intend to do away with subsidies but target them better to achieve the goals. He also said some Rs.8.5 lakh crore will be provided to farmers in the form of credit, along with an allocation of Rs.5,300 crore for irrigation.

He also said allocations for a host of social sector projects was being enhanced substantially along with some new social security schemes. He particularly said the allocation for the rural job guarantee scheme will be the highest ever.

Highlighting the achievements of his government, Jaitley recited a couplet in parliament that elicited loud approval from the treasury benches.

"Kuch to gul khilaye hain, kuch abhi khilane hain, par baagh mein ab bhi kaante kuchh puraney hain," (We have made some progress and are working towards achieving more goals but there are some hindrances in the way), Jaitley said, referring to the policies of the previous UPA government.

BJP MPs welcomed the couplet by thumping their desks loudly. Jaitley mentioned the Jan Dhan Yojna, coal mine auction and Swachh Bharat campaign as some of the successes of the government.

Jaitley said that the government had provided an outlay of Rs.246,727 crore for defence for 2015-16.

He said in his budget speech that the government was following a policy of transparency and quick decision-making in procurement to keep the defence forces prepared for any eventuality.

He said that government was pushing for Make in India policy in defence manufacturing. He added the defence outlay had been enhanced over the last fiscal at Rs.246,727 crore.