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Finance Minister Arun Jaitley presented the Narendra Modi government’s first budget. Here are the highlights:
1. Two years of sub-five per cent growth has led to challenges to the economy
2. Green shoots of recovery seen in global economy
3. Slow decision making has resulted in loss of opportunity
4. We look forward lower level of inflation
5. Will usher in policy regime that will usher in higher growth, low inflation
6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years
7. Will leave no stone unturned to create a vibrant India
8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal
9. Anti-poverty programmes will be targeted well.
10. We need to revive growth particularly in manufacturing sector and infrastructure
11. There is urgent need to generate more resources
12. Should we allow economy to suffer because of indecisiveness and populism
13. Task before us is challenging
14: We must continue to be watchful of CAD
15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge
16. Finance Minister emphasizes on fiscal prudence, need to generate more resources.
17. Iraq crisis having impact on oil prices
18. We must address the problem of black money fully
19. We must take bold steps to enhance economic activity
20. Expenditure Management Commission will be constituted to look at expenditure reforms
21. We are for minimum government, maximum governance
22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected
23. New urea policy will be formulated
24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional
25. This govt will not ordinarily change policies retrospectively which creates a fresh liability
26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken
27. We are committed to providing stable tax regime which is investor friendly
28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required
29. FM Proposes to enhance the scope of income tax settlement commission.
30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches
31. Transfer pricing regulations for residents and non-residents being done
32. FDI in Defence sector raised to 49 per cent
33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes
34. Financial stability is foundation of rapid recovery
35. Our domestic manufacturing is still at nascent stage
36. Manufacturing units will be allowed to sell their products through retail and e-commerce
37. Budget proposes 49 per cent FDI in insurance through FIPB route.
38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in
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