Modi's maiden Budget focuses on growth, narrowing down deficit: Prateek Kumar, MD , NeoNiche
The maiden Budget presented by the Prime Minister Narendra Modi's new government on Thursday emphasized on structural reforms seeking to to revive growth and cutting down fiscal deficit while setting aside temptation to resort to higher borrowing.
Finance Minister Arun Jaitley in his Budget speech said that he would uphold the fiscal deficit target despite expectations he would be forced to raise it as a result of weak revenues and high subsidy costs.
He added that said he would raise caps on foreign investment in the defence and insurance sectors, but still bar non-residents from taking majority control in projects to supply the world's largest arms buyer.
Finance Minister Arun Jaitley in his Budget speech said that he would uphold the fiscal deficit target despite expectations he would be forced to raise it as a result of weak revenues and high subsidy costs.
He added that said he would raise caps on foreign investment in the defence and insurance sectors, but still bar non-residents from taking majority control in projects to supply the world's largest arms buyer.
In another initiative the Modi Government will launch a tax reform this year to unify India's 29 states into a common market, a measure that economist say would boost revenue and at the same time make it easier to do business. Read More... at thesynergyonline.com
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