New Delhi: In his maiden Budget speech, Finance Minister Arun Jaitley said that it was important to improve roads and highways in the country.
Jaitley began his much-anticipated speech by saying, "The people of India have voted for a change. India unhesitatingly desires to grow."
"We propose to allocate Rs 37,850 crore for road building plan via the NHAI."
He also announced Rs 11,635 crore to provide and impetus to existing ports and harbours.
"We will award 16 new port projects. We also announce a shipbuilding policy in this fiscal. We plan to establish 7 industrial cities in India." Jaitley said.
"Our domestic manufacturing is still at nascent stage," he said. "Manufacturing units will be allowed to sell their products through retail and e-commerce," Jaitley said. "We need to revive growth in manufacturing," Jaitley added.
Jaitley also said that the new government is aiming for a 7 to 8 per cent GDP growth in the next 3 to 4 years.
"The steps I will announce are only a beginning towards 7-8% growth to be achieved in the next few years," Jaitley said. "We look forward to lower levels of inflation. The country is in no mood to suffer from unemployment. Continuing slowdown has posed threat to global economy. There are green shoots of global growth that are emerging," Jaitley said.
Jaitley said that the country was facing a very serious challenge of fiscal target. He promised that the Centre was committed to meet the fiscal deficit target.
"I have set a fiscal deficit target of 3.6% for 2015-2016," Jaitley said. "We need to introduce fiscal prudence. Fiscal prudence is of paramount importance. We cannot leave behind a legacy of debt," he added.
