Transforming challenges into opportunities

INDIA'S Finance Minister Arun Jaitley announced a progressive budget concentrating on macroeconomic stability, boosting infrastructure and investment, and continuing with increased focus on reforming existing policies in the financial, social, agricultural and rural sectors. This aligns with the underlying ambition of the Modi government to transform India into a manufacturing hub along with a skilled workforce.

The tone of the budget was set with the achievement of 7.6 per cent GDP (gross domestic product) growth target. This meets industry expectations while making India one of the fastest growing economies despite a volatile global economic environment. The government honoured its commitment towards fiscal prudence by retaining the fiscal deficit target of 3.9 per cent for FY 15-16 and 3.5 per cent for FY 16-17.

The foundation of the budget revolved around nine key pillars, namely Agriculture and Farmers welfare, Rural Sector, Social Sector including healthcare, Education and Job Creation, Infrastructure and investment, Financial Sector reforms, Governance and Ease of doing business, Fiscal Discipline, and Tax reforms to reduce compliance burden on taxpayers.