Expressing concern over the economic slowdown, Jaitley said, “Should we allow the economy to suffer because of indecisiveness and populism.”

“Two years of sub-five percent growth has led to challenges to the economy,” he added.

Pitching for stability in the tax regime, the Finance Minister said, “We are committed to providing stable and predictable tax regime that will protect investment and spur growth.”

Asserting that the target set by his predecessor P Chidambaram was a ‘daunting’ task, Jaitley said, “I have decided to accept this target as a challenge.” The Finance Minister said he will seek to further bring down the fiscal deficit to 3.6 percent for the next fiscal.

“We will look forward to lower level of inflation,” he added.

Jaitley, who also holds the Defence portfolio, further said ‘the government will usher in policy regime that will usher in higher growth and low inflation’.

He said the Union Budget aims to achieve 7-8 percent economic growth rate in the next three to four years.

Emphasizing on fiscal prudence, Finance Minister said, “We need to generate more resources and need to revive growth particularly in manufacturing sector and infrastructure.”

 “We must take bold steps to enhance economic activity; Anti-poverty programme will be targeted well and will continue to be watchful of CAD,” he added.
 
Expressing concern over the nation’s environmental needs, he said, “Green shoots of recovery will be seen in global economy.”

(JPN)

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