India's finance minister has announced his government's new budget, promising a slew of measures that attempt to balance welfare spending with high economic growth and infrastructure development while vowing to keep a tight control on fiscal deficit.
Saturday's announcement was Finance Minister Arun Jaitley's first full budget since Prime Minister Narendra Modi won a thumping majority in national elections in May on the back of promises that he would turn around the economy and boost job creation.
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Jaitley said the Indian economy is slated to grow at 7.4 percent in the current fiscal year, which ends in March, and will grow more than 8 percent in the next year.
Jaitley said his government would stick to the fiscal deficit target of 4.1 percent of GDP in the current year.