India's Finance Minister Arun Jaitley unveiled the Union Budget for 2014-15 speech in Lok Sabha today.
The FM said that fiscal prudence is of paramount importance and the Budget aims to lay down broad policy indications.
Stating that he is taking up the fiscal deficit target as a challenge, Finance Minister Arun Jaitley in his maiden Budget speech said, "We will try to meet the fiscal deficit target set for us."
"I have set a fiscal deficit target of 3.6% for 2015-2016," Jaitley said.
"The steps I will announce are only a beginning towards 7-8% growth to be achieved in the next few years," Jaitley said.
The Finance minister has indicated that the present government is taking a long term view for bringing back the economy on track on a sustainable basis. The focus on legislative and administrative reforms is a good indication. Similarly expenditure commission, subsidy overhaul, FDI in many sectors is a very welcome step is executed effectively. The attention given to health care, transportation, education and energy requirements is good.
Nimesh Shah, MD & CEO, ICICI Prudential AMC, said, “One thing that stands out is the tax concessions for the
middle-class that will mean more surplus funds in the hands of investors that can be channelized towards financial savings. The budget also does an admirable job of balancing the need for fiscal consolidation while providing impetus for sectors like infrastructure and manufacturing. There is an attempt to improve the business climate by streamlining procedures, which should encourage investments. It also gives a sense of the long term direction on issues such as GST, DTC etc.”
Highlights of Union Budget 2014-15