Jaitley said the Budget 2019-20 focuses on accelerating the direction of the past and expands the roadmap on which the Prime Minister has built up India’s growth story from 2014-19.
The striking part of this period was that for a five-year average, India grew by 7.3 per cent, its revenues grew exponentially and it brought macro stability back with both the current account deficit and the fiscal deficit being on the glide path downwards, he said.
“The present Budget maintains that path based on the premise that economies which are fiscally prudent, eventually get rewarded as against those who indulge in fiscal adventurism,” Jaitley said.
The Budget, tabled in Parliament by Finance Minister Nirmala Sitharaman, cut fiscal deficit estimates for current financial year to 3.3 per cent from 3.4 per cent projected in the interim Budget on February 1.
In her speech, the finance minister said India, which at present is a USD 2.7 trillion economy, would become a USD 3 trillion economy in the current year.
She further said the target of making India a USD 5 trillion economy in the next few years was “imminently achievable”.