Flashback Union Budget 2015: Finance Minister Arun Jaitley has said that the Indian Economy has turned around dramatically in the last nine months with the real GDP growth expected to accelerate to 7.4%
Flashback Union Budget 2015: Finance Minister Arun Jaitley has said that the Indian Economy has turned around dramatically in the last nine months with the real GDP growth expected to accelerate to 7.4% making India the fastest growing large economy in the world.
Presenting the General Budget for the year 2015-16 in Lok Sabha on 28th February, 2015 (Phalguna 9, 1936), he said macro-economic stability has been restored and conditions have been created for sustainable poverty elimination, job creation and durable double digit economic growth.
FM Arun Jaitley specifically talked about three key achievements of the Government, the Jan Dhan Yojana which brought over 12.5 crores families into financial mainstream in a short period of 100 days, transparent coal block auctions to augment resources of the states and ‘Swachh Bharat’ which has become a movement to regenerate India.
Arun Jaitley said that India has now embarked on two more game changing reforms which are GST and the JAM Trinity-Jan Dhan, Aadhar and Mobile-to implement direct transfer of benefits. He added that GST will put in place a state-of-the art indirect tax system by 1st April 2016 while the JAM Trinity will allow transfer benefits in a leakage-proof, well-targetted and cashless manner.
Describing the declining inflation as one of the major achievements of the Government, the Finance Minister said that this represents a structural shift. He said CPI inflation is expected to remain at close to 5% by the end of the year which will allow further easing of monetary policy. Shri Jaitley said a Monetary Policy Framework Agreement has been concluded with the RBI to keep inflation below 6%.
Check out the 2-minute Budget 2015 here:
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BUDGET 2015: READ HIGHLIGHTS