* Indian econ still bright spot despite challenges * GDP grew notwithstanding global meltdown * India GDP has accelerated to 7.6% now * India's external situation is robust * Must carry out reforms * Must have prudent fisc policy, up domestic demand * Pay panel, defence pension to add to spending in FY17 * FY16, FY17 will be extremely challenging for govt spend * Must continue with pace of reforms * Must ensure growth does not slow down * Must ensure macro-economic stability * Strengthened firewalls against global risks * Plan spend increased under FY16 revised estimates * Risk of global slowdown is mounting * Money with govt belongs to people * We had to work in unsupported global environment * Forex reserves highest ever at $350 bln * Foreign exchange reserves are at highest ever level * FY16 CAD projected at 1.4% of GDP * To make significant changes in FDI policy * To incentivise gas exploration * Aim to work on passage of GST, Bankruptcy Code * FY17 priority to give additional resources to rural areas * Need to provide for bank recapitalisation * Must prioritise spending in FY17 * Managed to improve FY16 fincl condition on revenue buoyancy * Infra invest to enhance quality of life * To have prudent mgmt of govt expenses for fiscal prudence * To focus on tax reforms * To undertake tax reform to improve compliance * To focus on prudent mgmt of govt finance * To focus on governance, ease of doing business * To focus on infra investment * To provide dispute resolution for PPP platform * Allotted 90 bln rupees for Swachh Bharat mission * Allotted 1.5 bln rupee for land record digitalisation FY17 * 7.5 mln households gave up LPG subsidy * Jaitley sits down, continues Budget speech * 1 bln rupees for birth anniversary of Guru Gobind Singh * 1 bln rupees for birth anniversary of Deen Dayal Upadhyay * Interim provision made for pay panel suggestions execution * Committed to fincl requirements of announced econ packages * Made interim provision for seventh pay panel * To up MSME category turnover cap to 20 mln rupees * To drive towards self-sufficiency in hydrocarbon sector * Jaitley stands up, continues Budget speech FISCAL HEALTH * To have fiscal deficit target range * FY17 fiscal deficit target at 3.5% of GDP * FY16 fiscal deficit pegged at 3.9% of GDP * Prudence lies in adhering to fiscal targets FY16 REVISED * FY16 revenue deficit 2.5% of GDP * Ensured development agenda is not compromised FY17 ESTIMATES * FY17 total expenditure 19.78 trln rupee * FY17 total spend at 19.78 trln rupees * FY17 non-plan expenditure 14.3 trln rupees * FY17 plan expenditure 5.5 trln rupee * Total resources to states in FY17 at 996 bln rupees * To scrap plan, non-plan expenditure distinction * To do away with plan, non-plan classification of spending * Plan allocation to stress on rural, infra, social sectors Powered by Capital Market - Live News
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