"I am presenting the union budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory," Jaitley said as he started his budget speech in the Lok Sabha.

"The real GDP growth is estimated at 7.5 percent for this fiscal, making India the fastest-growing large economy of the world," said Jaitley, watched keenly by Prime Minister Narendra Modi, seated next to him.



"We inherited a sentiment of doom and gloom and have come a long way by proper actions," said the Finance Minister, adding: "Our objective is to improve quality of life and to pass benefits to common man."

He also said a double-digit growth was now feasible.

"Our objective is to conquer inflation. It will be only 5 percent by end of year," he said.

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