Thursday, July 10, 2014: The BJP-led NDA government at the centre is all set to give domestic manufacturing a major overhaul, indicated Union Finance Minister Arun Jaitley presenting his maiden budget for the year 2014 in the Parliament today. The government is planning to set up a total of seven industrial cities across India to boost the sector, said Jaitley.
Jaitley insisted that although the manufacturing sector in India was still at a nascent stage, it boasts of tremendous potential in the days to come. “Our domestic manufacturing is still at nascent stage. Manufacturing units will be allowed to sell their products through retail and e-commerce. We need to revive growth in manufacturing,” Jaitley stressed. The government aims to achieve a 7-8 per cent GDP growth in 3-4 years, something that will give the country’s economy the much needed boost, said Jaitley.
“The steps I will announce are only a beginning towards 7-8 per cent growth to be achieved in the next few years. 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 added. Jaitley further added that his government will leave no stone unturned in creating a vibrant India, and the budget 2014 was their first major step in the direction. “We will try to meet the fiscal deficit target set for us. I have set a fiscal deficit target of 3.6 per cent for 2015-2016. We need to introduce fiscal prudence. Fiscal prudence is of paramount importance. We cannot leave behind a legacy of debt,” Jaitley said.