With a focus on overall economic development of the country, Arun Jaitley's Budget for 2016-2017 has surely given a few reasons to cheer for.
The highlights of the Budget include a major focus on agriculture and farmers' welfare, massive mission to provide LPG connection to poor households, a new health protection scheme, increased outlay for infrastructure, Rs. 2.87 Lakh crore Grant in Aid to Gram Panchayats and Municipalities, setting up of 1500 Multi Skill Training Institutes and incentives for jobs creation.
Announcing a number of new schemes and increasing the allocation in various sectors Sh. Jaitley underlined that the Government is firm on its course towards fiscal consolidation without compromising on its development agenda. He said 3.5% fiscal deficit is targeted for FY 2016- 17.
Stating that the IMF has hailed India as a ‘bright spot' amidst a slowing global economy, the Finance Minister said the growth of GDP has now accelerated to 7.6% compared to the last three years of the previous Government when growth had decelerated to 6.3%.
He said this was accomplished despite two consecutive years of monsoon shortfall of 13% compared to normal rainfall in the last three years of the previous Government. He added that the country's external situation is robust and the Current Account deficit has declined from 18.4% billion US dollars in the first half of last year to 14.4 billion this year.
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