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The new government’s first Union Budget for 2014-15 was presented to the parliament by Mr. Arun Jaitley, the Finance Minister, on 10 July 2014 within 45 days of a superlative win by the Bhartiya Janta Party (BJP) led by now-Prime Minister Mr. Narendra Modi.
The Indian economy over the past few years has gone through one of its worst periods in history. Growth plummeted from a 9% to 5%. Sticky inflation, populist subsidy measures, oil price shocks and a devaluing currency have left the economy in need of a much-needed boost.
It’s been a very long time since the people of India overwhelmingly chose a single party, giving the government enough stability to last for the next five years and ability to take decisive actions. Expectations for the new government have soared very high.
This first budget offers a few reassuring steps and ideas of reforms the Modi government will need to deliver if 7%-8% GDP growth is to be achieved in next three years. However, investors and businesses may need to check their expectations of how quickly the economy can be turned around.
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