India Inc on Saturday cheered the road map for lowering corporate taxation, abolition of wealth tax and steps to check black money menace, while calling the Union Budget a 'visionary' document.
The Budget was aimed at high growth, Finance Minister Arun Jaitley said, adding that the pace of cutting the fiscal deficit would be slow as he seeks to boost investment and ensure that ordinary people benefit.
Here are some key features:
FISCAL DEFICIT
- Fiscal deficit seen at 3.9 per cent of GDP in 2015/16
- Will meet the challenging fiscal target of 4.1 per cent of GDP
- Remains committed to meeting medium term fiscal deficit target of 3 per cent of GDP
- Current account deficit below 1.3 per cent of GDP
- Jaitley says have to keep fiscal discipline in mind despite need for higher investment
Budget 2015: Complete Coverage
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EXPENDITURE
- Plan expenditure estimated at about Rs 4.65 trillion
- Non-plan expenditure seen at about Rs 13.12 trillion
- Allocates Rs 2.46 trillion for defence spending
- Allocates Rs 331.5 billion for health sector
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BORROWING
- Gross market borrowing seen at Rs 6 trillion
- Net market borrowing seen at Rs 4.56 trillion
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SUBSIDIES
- Food subsidy seen at Rs 1.24 trillion
- Fertiliser subsidy seen at Rs 729.69 billion
- Fuel subsidy seen at Rs 300 billion
- Major subsidies estimated at Rs 2.27 trillion
- We are committed to subsidy rationalisation based on cutting leakages
REVENUES
- Revenue deficit seen at 2.8 per cent of GDP
- Non tax revenue seen at Rs 2.21 trillion
- Agricultural incomes are under stress
- Net receipts under market stabilisation scheme estimated at Rs 200 billion
