Mumbai: Finance Minister Arun Jaitley gave importance to the manufacturing sector in his maiden Budget speech.
"We plan to establish 7 industrial cities in India," Arun Jaitley said. "Our domestic manufacturing is still in a nascent stage.”
“Manufacturing units will be allowed to sell their products through retail and e-commerce," Jaitley said, adding, "We need to revive growth in manufacturing."
Aiming to revive the economy, Jaitley said, "We are aiming for a 7-8% GDP growth in 3-4 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.
Read: Rs 37,850 crore for roads via NHAI
Earlier, Jaitley began his speech by saying, "The people of India have voted for a change. India unhesitatingly desires to grow. We shall leave no stone unturned in creating a vibrant India."
Jaitley said he was ready to take up the fiscal deficit target as a challenge. "We will try to meet the fiscal deficit target set for us.”
"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," Jaitley added.
