Here are the highlights of the budget:
· Vows to keep fiscal deficit target of 4.1 per
cent of GDP for 2014/15
· Fiscal deficit forecast to fall to 3.6 per cent
of GDP in 2015/16, 3 per cent of GDP in 2016/17
· Finance Minister says: "We cannot spend
beyond our means"
· Tax-to-GDP ratio must be raised, says: Jaitley
GROWTH
· GDP growth in 2014/15 estimated at 5.4-5.9 per
cent year-on-year
· Aims for sustained growth of 7-8 per cent in the
next 3-4 years
· Nominal GDP growth in 2014/15 expected to be
13.4 per cent year-on-year
· Must usher in policies for higher growth,
lower inflation
POLICY REFORMS
· Raises limit on foreign direct investment in
defence sector to 49 per cent from 26 per cent
· Raises FDI limit in insurance sector
to 49 per cent from 26 per cent





