Highlight of Union Budget 2015

good day budget

Fiscal deficit

* Fiscal deficit seen at 3.9 pct of GDP in 2015/16

* Will meet the challenging fiscal target of 4.1 pct of GDP

* Remain committed to meeting medium term fiscal deficit target of 3 pct of GDP

* Current account deficit below 1.3 percent of GDP

* Jaitley says have to keep fiscal discipline in mind despite need for higher investment

Growth

* GDP growth seen at between 8 pct and 8.5 pct y/y

* Aiming double digit growth rate, achievable soon

Inflation

* Expects consumer inflation to remain close to 5 percent by March, opening room for more monetary policy easing

* Monetary policy framework agreement with the RBI clearly states objective of keeping inflation below 6 percent

Policy reforms

* Propose to create a universal social security system for all Indians

* Propose to merge commodities regulator with SEBI

* Allocates 346.99 billion rupees for rural employment guarantee scheme in 2015/16

* To bring a new bankruptcy code in 2015/16

* Jaitley says will move to amend the RBI act this year, and provide for a monetary policy committee

* To set up public debt management agency

Taxation

* Expects to implement goods and services tax by April 2016

* Plans to introduce direct tax regime that is internationally competitive on rates without exemptions

Infrastructure

* Investment in infrastructure will go up by 700 bln rupees 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

* Will need to build additional 100,000 km of road

* Ports in public sector will be encouraged to corporatise under Companies Act

Expenditure

* If revenue improves, hope to raise budgeted allocations for rural job scheme by 50 billion rupees in 2015/16

Subsidies

* We are committed to subsidy rationalisation based on cutting leakages

Finance minister’s comments

* “The world is predicting it’s India’s time to fly”

* “We inherited a sentiment of doom and gloom. The investment community had almost written us off. We have come a long way since then.”

* “We have turned around the economy, dramatically restoring macroeconomic stability and creating the conditions for sustainable poverty elimination, job creation, durable double digit economic growth.”

* “While being mindful of the challenges … this gives us reason to feel optimistic.”

* “Domestic and international investors are seeing us with renewed interest and hope.”

Chirag
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