Jaitley announces 201516 Union Budget No big bang, but Budget goes for growth, investment
Jaitley announces 2015-16 Union Budget: No big bang, but Budget goes for growth, investment
Source: The Sangai Express / Agencies
New Delhi , February 28 2015 : Finance Minister Arun Jaitley on Saturday announced a Budget that put boosting growth before painful reforms, slowing the pace of fiscal deficit cuts and seeking to put domestic and foreign capital to work.
In his first full-year Budget since Prime Minister Narendra Modi’s landslide election victory last May, Jaitley said India’s economy was about to take off.
Modi tweeted that the Budget would “further reignite our growth engine” .
Billed as a test of the Nationalist premier’s willingness to reform a $2 trillion economy with a bloated public sector and weak private investment, the Budget was short on structural reforms and contained revenue targets some called unrealistic.
It drew a mixed reception from economists, with some calling it a path to an investor-friendly India, but others seeing a missed opportunity to tackle deep-seated structural problems.
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“Definitely far from what some were hoping would be an event similar to the game-changing Budget of 1991 which ushered in India’s economic liberalisation,” said Devika Mehndiratta, senior economist at ANZ research.
Apparently anticipating such barbs, Jaitley, 62, said his Government had acted “rapidly” to right the course of Asia’s third-largest economy.
“People who urged us to undertake ‘big bang’ reforms also say the Indian economy is a super giant, which moves slowly but surely,” Jaitley told Parliament as he wrapped up a 90-minute speech.
via NorthEast Calling http://ift.tt/1CaV3JX
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