India unveils annual Budget, pegging deficit target at 3.2 pct
NEW DELHI, Feb. 1 (Xinhua) — India Wednesday unveiled its annual Budget, pegging the fiscal deficit target at 3.2 per cent for 2017-18, higher than the 3 per cent pledged earlier.
Presenting the Budget, along with the Rail Budget, Indian Finance Minister Arun Jaitley also pledged to boost rural spending and pull out more people out of poverty.
The government also introduced discipline by making the maximum cash donation that any political party can receive from one person to 2,000 Indian rupees (40 U.S. dollars).
It also pledged a record 7.09 billion U.S. dollars on a scheme that guarantees every rural household 100 days of work each year.”Agriculture is expected to grow at 4.1 per cent,” Jaitley said, announcing a number of measures to benefit farmers and asserting that the government is committed to doubling the income of farmers.
In a major reform, the Minister announced scrapping of the Foreign Investment Promotion Board, what is seen as a major hurdle for foreign investors.
The Budget has been advanced by a month, which Jaitley said would help government departments start schemes right from the start of the fiscal year.
