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Union Budget 2014: Key highlights

July 30, 2014, 12:22 am

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Prime Minister Narendra Modi's government on Thursday unveiled a Budget it said can revive growth after the longest slowdown in a quarter of a century even while curbing borrowing.

Prime Minister Narendra Modi's government on Thursday unveiled a Budget it said can revive growth after the longest slowdown in a quarter of a century even while curbing borrowing.

Modi government, in office for less than two months, said it would raise caps on foreign investment in the defence and insurance sectors, and launch a tax reform to unify India's 29 states into a common market.

Modi government, in office for less than two months, said it would raise caps on foreign investment in the defence and insurance sectors, and launch a tax reform to unify India's 29 states into a common market.

Delivering his maiden Budget, finance minister Arun Jaitley told Parliament that India's 1.2 billion people were "exasperated" after two years of economic growth below 5 per cent.

Delivering his maiden Budget, finance minister Arun Jaitley told Parliament that India's 1.2 billion people were "exasperated" after two years of economic growth below 5 per cent.

He vowed that Asia's third largest economy would expand at an annual rate of 7-8 per cent within three to four years.

He vowed that Asia's third largest economy would expand at an annual rate of 7-8 per cent within three to four years.

"We shall leave no stone unturned in creating a vibrant and strong India," Jaitley said after climbing the steps of Parliament and showing his budget briefcase to TV cameras.

"We shall leave no stone unturned in creating a vibrant and strong India," Jaitley said after climbing the steps of Parliament and showing his budget briefcase to TV cameras.

Narendra Modi won a landslide election victory in May with a pledge to create jobs for the 1 million people who enter India's workforce every month.

Narendra Modi won a landslide election victory in May with a pledge to create jobs for the 1 million people who enter India's workforce every month.

He has since warned that "bitter medicine" is needed to nurse the economy back to health from high inflation and the worst slowdown since free-market reforms in the early 1990s unleashed an era of rapid growth.

He has since warned that "bitter medicine" is needed to nurse the economy back to health from high inflation and the worst slowdown since free-market reforms in the early 1990s unleashed an era of rapid growth.

At the same time, Jaitley vowed to adhere to the "daunting" budget deficit target - of 4.1 per cent of gross domestic product for the fiscal year ending March 2015 - that the government inherited from its predecessor.

At the same time, Jaitley vowed to adhere to the "daunting" budget deficit target - of 4.1 per cent of gross domestic product for the fiscal year ending March 2015 - that the government inherited from its predecessor.

"I have decided to accept this challenge - one fails when one stops trying," Jaitley said. He said the budget deficit would be reduced to 3.6 per cent in the following two fiscal years.

"I have decided to accept this challenge - one fails when one stops trying," Jaitley said. He said the budget deficit would be reduced to 3.6 per cent in the following two fiscal years.

Jaitley's commitment to fiscal discipline was stronger than many independent economists had expected. With the deficit already approaching half of the annual target just three months into the fiscal year, they expected him to raise the borrowing target to 4.4 per cent for the current fiscal year.

Jaitley's commitment to fiscal discipline was stronger than many independent economists had expected. With the deficit already approaching half of the annual target just three months into the fiscal year, they expected him to raise the borrowing target to 4.4 per cent for the current fiscal year.

Fiscal prudence is of paramount importance," Jaitley said. "We cannot leave behind a legacy of debt for our future generations.

Fiscal prudence is of paramount importance," Jaitley said. "We cannot leave behind a legacy of debt for our future generations.

The government's other major policy initiatives had been broadly flagged in advance.

The government's other major policy initiatives had been broadly flagged in advance.

Jaitley said he wants a solution by December on how India would impose a national Goods and Services Tax (GST), promising that the government would be "more than fair" in its dealings with the country's states on how revenue would be allocated.

Jaitley said he wants a solution by December on how India would impose a national Goods and Services Tax (GST), promising that the government would be "more than fair" in its dealings with the country's states on how revenue would be allocated.

He also said he would set up a high-level committee to review retrospective tax claims blamed for choking off foreign investment after companies such as Britain's Vodafone (VOD.L) were hit with massive demands.

He also said he would set up a high-level committee to review retrospective tax claims blamed for choking off foreign investment after companies such as Britain's Vodafone (VOD.L) were hit with massive demands.

Jaitley raised limits on foreign investment in defence and insurance ventures to 49 per cent from 26 per cent. Foreign defence contractors had sought a higher threshold to justify sharing technology when they site operations in India, a major arms buyer.

Jaitley raised limits on foreign investment in defence and insurance ventures to 49 per cent from 26 per cent. Foreign defence contractors had sought a higher threshold to justify sharing technology when they site operations in India, a major arms buyer.

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