The government will present its second full-fledged Budget on February 29 that would set a road map for the remainder of its term to accelerate growth, minister of state for finance Jayant Sinha said on Thursday.
“We have laid out economic principles very well and we are very confident that we will be able to sustain high growth over a long period of time,” Sinha told the India-Korea Business
Summit organised by industry body CII.
Presenting the direction of the government, Sinha said it would be focusing on five core areas — universal social security, national crop insurance, manufacturing, financial sector reforms and infrastructural development — in the country. A major objective of the government is to support and empower the poor, for which, market oriented reforms are necessary, he added.
The government is taking measures to increase productivity of agriculture, which is key to improve demand in rural areas. It also announced a new crop insurance scheme to protect farmers from damages due to natural calamity.
Earlier this month, finance minister Arun Jaitley said the government will maintain its accelerated tempo in public investment as the Indian economy battles through a global slowdown to achieve higher economic growth. With domestic demand tepid and exports growth rate shrinking, economists in the finance ministry have revised downwards their estimate of the real economic expansion for the current fiscal to 7-7.5% from 8.1-8.5% forecast in February 2015.