Arun Jaitley to present Union Budget today

With expectations running high, it remains to be seen if the budget packs some big bang reforms or follows more a populist line.

The Economic Survey 2015-16 presented in the Parliament on Friday by Union Finance Minister Arun Jaitley emphasized that Indian economy will continue to grow more than 7 percent for the third year in succession in 2016-17 helped by a normal monsoon, despite global meltdown.

The Economic Survey also stated that due to Government’s commitment to carry the reform process forward, conditions do exist for raising the economy’s growth momentum to 8 percent or more in the next couple of years.

The survey underlined that despite global headwinds and a truant monsoon, India registered 7.2 per cent growth in 2014-15 and 7.6 per cent in 2015-16, thus becoming the fastest growing major economy in the world.

The Survey pointed out that the growth in agriculture sector in 2015-16 has continued to be lower than the average of last decade, mainly on account of it being the second successive year of lower-than-normal monsoon rains.

The Finance Minister is facing the expectations of the Indian society who are looking forward to a low level of inflation, freedom from poverty and creation of employment..

This is the third time Jaitley will be presenting the Union Budget.