Jaitley's Budget Gives Tax Relief, Promises Higher Growth
"But I have decided to accept this target as a challenge," he said, adding he will seek to further bring down the fiscal deficit to 3.6 percent for the next fiscal and to 3 percent in the year after.
He said the country cannot be made to suffer due to indecisiveness and populism and there was an urgent need to revive growth in manufacturing and infrastructure. "We will also examine proposals for more autonomy to banks."
The finance minister said the possibility of a poor monsoon and the Iraq crisis were key challenges with a bearing on both government finances and inflation. But he said the situation will be monitored closely to initiate immediate corrective steps.
"Financial stability is the foundation of our recovery."
