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FM GDP Accelerates to 7.6 ; Budget 2016-17 Built on Agenda Transform India

Budget - Dated:- 29-2-2016 - While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. This was possible notwithstanding the contraction of global exports by 4.4% compared to 7.7% growth in the world exports during the last three years of the previous Government. He said that the Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets ha .....

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d zero investor confidence in Government s capability to govern. The Finance Minister Shri Jaitley further said that CPI inflation which was 9.4% during the last three years of the previous Government had come down to 5.4%. This was accomplished despite monsoon shortfall of 13% for two consecutive years. Calling India s external situation as robust, Shri Jaitley said that the Current Account Deficit had declined from 18.4 billion US dollars in the first half of last year to 14.4 billion this yea .....

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ractice of reducing it. Shri Jaitley pointed-out three serious implications facing the Indian economy. Firstly, we must strengthen our firewalls against the risks of further global slowdown and turbulence by ensuring macroeconomic stability and prudent fiscal management. Secondly, since foreign markets are weak, we must rely on domestic demand and Indian markets to ensure that India s growth does not slow down. And thirdly, we must continue with the pace of economic reforms and policy initiative .....

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