Union Budget 2014-15 LIVE: To Overhaul Subsidy Regime; No Retrospective Tax, Says FM Arun Jaitley

Presenting his maiden Union Budget 2014-15 in Parliament on Thursday, Finance Minister Arun Jaitley said that his predecessors have left a very daunting target of meeting the fiscal deficit. 

However, the BJP government will take this as a challenge and meet the fiscal deficit target of 4.1 percent of GDP, he added.

Delivering his maiden Budget, Jaitley told Parliament that India`s 1.2 billion people were “exasperated” after two years of economic growth of below 5 percent.

He vowed that Asia`s third largest economy would expand at a rate of 7-8 percent within three to four years. 

To open up India`s economy, Jaitley announced that he would lift caps on foreign investment in the defence and insurance sectors.

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