- GDP growth of 6.3% in Q2 signals turnaround in economy, says Arun Jaitley
- Growth in fiscal second half expected to accelerate to 7.2-7.5%, he says
- Recapitalised PSU banks to support growth, finance minister adds
The finance minister also said that manufacturing is back on the growth path and recapitalised state banks will also be able to support growth.
In his Budget speech, the finance minister said that the government is focused on infrastructure creation, higher farmers' income and economic reforms. The indirect tax regime has been made simpler by the introduction of GST, he added. The structural growth initiative announced by the government will help the government to accelerate in the future, the minister said.
He also said that economy under the first three years of the NDA rule clocked growth of 7.5 per cent.
In line with the expected thrust on the farm sector in Budget 2018-19, Mr Jaitley announced that the minimum support price (MSP) for all agriculture produce would be fixed at a level to ensure the farmer a minimum return of one and a half times over the production cost. The finance minister said this measure would go a long way to realise the government's goal of doubling farmers' income by 2022.
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