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India reveals first budget featuring 'Modi-nomics'

NEW DELHI--India's new right-wing government under Prime Minister Narendra Modi unveiled its maiden budget Thursday, promising a new era of fiscal prudence and greater opportunities for foreign investors in key sectors of the economy.

Finance Minister Arun Jaitley told parliament that the new right-wing government, in office since May, had inherited a “challenging” situation of low growth and high inflation from the previous Congress administration.

But he laid out what he said were broad indicators of the direction the government intended to travel in: towards lower government debt, more privatization and greater openness to foreign investors.

Government overspending would be brought down dramatically in the next three years, with the fiscal deficit reduced to 3.0 percent in 2016/17 from a target of 4.1 percent this financial year, Jaitley pledged.

“We cannot leave behind a legacy of debt for future generations,” he said.

He said the budget was “the beginning of a journey to sustain seven to eight percent growth in the next three to four years.”

Jaitley also announced an increase in the permitted level of foreign direct investment in the defense and insurance sectors to 49 percent from 26 percent.

He also said the government intended to sell an unspecified amount of shares in the debt-laden public banks which are in need of fresh equity.

“The government will continue to hold majority ownership, but the citizens of India will get direct shareholding in these banks,” he said.

1 Comment
July 12, 2014    satchandrag@
To coincide with U.S. senator McCain’s visit to Modi, it was announced that the U.S. National Security Agency has been snooping on the BJP after which Modi expressed a desire to McCain for a deeper relationship with the United States. This was immediately followed by the announcement that the Pentagon has notified the U.S. Congress it will sell submarine-launched anti-ship Harpoon missiles to India for two hundred million dollars. This unilateral step signifies that from now on the United States will be deciding what weapons India needs and India will have to buy those weapons from the United States whether it wants them or not. When the United States blew up an Indian submarine, Sindhurakshak, by microwave signals from satellites triggering a torpedo being loaded on it, it was in preparation for this step of shoving Harpoon missiles down India’s throat. Of course, the U.S. can explode the Harpoon missiles also whenever it wants if India fails to obey U.S. wishes in any matter. The chiefs of staff of the Indian army, air force and navy will have to remove the CIA-appointed Modi government also -- that is, arrest Modi and his cabinet in preparation for executing them -- not just destroy RAW, or India’s nuclear forces stand ready to destroy the Indian army, air force and navy, starting with their headquarters. From now on, buying any military equipment from the United States or taking part in any joint military exercises with it will be acts of high treason and treated accordingly. If already participating in any joint military exercise with the U.S., such as the naval exercise RIMPAC, such participation must be cut short and the ship(s) return home immediately.
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In this photograph taken on July 5, 2014, Indian Hyderabad Metro Rail (HMR) labourers work at a construction site in Hyderabad.

(AP)

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