October 11, 2024 14:01 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
AAP claims Atishi's belongings have been evicted from Delhi Chief Minister residence | Ratan Tata's condition critical; under intensive care in Mumbai hospital: Report | Nayab Saini calls on PM Modi a day after BJP's hattrick in Haryana | Will talk to Election Commission: Rahul Gandhi crying foul over Congress' defeat in Haryana | 'Feeling weak physically but mentally strong': RG Kar junior doctors show resilience on day 5 of 'fast unto death' protest
Jaitley begins Budget 2017 Speech, says demonetisation will improve GDP

Jaitley begins Budget 2017 Speech, says demonetisation will improve GDP

| | 01 Feb 2017, 11:34 am
New Delhi, Feb 1 (IBNS): Indian Finance Minister Arun Jaitley began presenting the Union Budget 2017 at 11 am on Wednesday batting for the demonetisation policy of PM Modi after initial confusion on whether the budget would be postponed owing to the death of a lawmaker.

Beginning his speech, Jaitley said India stands out as a bright spot in the global uncertainty and double digit inflation has been controlled.

He said demonetisation measure taken was a bold one and it seeks to create a new normal where GDP will be improved and curb terror funding.

He said it will reduce corruption in the long run and lead to greater formalisation of the economy. He said it will affect the tax evaders.

He said the budget aims to spend more in rural sectors and keep the economic reforms going.

The budget  assumes significance as it will be the first one since the Union government's demonetisation move banning  old Rs 1000 and Rs. 500 currency notes to curb black money menace.

The Economic Survey presented ahead of the budget said demonetisation has hit India’s growth by 0.25-0.5% of GDP, but will yield a fiscal “windfall”. 

The Indian economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate despite continuing global sluggishness, said Union Minister Arun Jaitley in the Parliament on Tuesday.

As per the advance estimates released by the Central Statistics Office, the growth rate of GDP at constant market prices for the year 2016-17 is placed at 7.1 per cent, as against 7.6 per cent in 2015-16.This estimate is based mainly on information for the first seven to eight months of the financial year.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.