Budget 2018: Jaitley begins speech with outlook on economy

Finance Minister Arun Jaitley on Thursday began the presentation of the Union Budget 2018-19 by highlighting the outlook of the Indian economy.

"For four years we pledged to give an honest, clean and transparent government," he says. We promised to build a strong and confident India. India was part of the fragile 5 and we have decisively reversed this," said Arun Jaitley while he tabled the Narendra Modi government's first post-GST and last pre-poll Budget.

He highlighted that the journey of economic reforms so far has been challenging but rewarding.

"FDI has gone up and various measures have made it easier to do business in India. There is a premium on honesty," added Jaitley.

Jaitley, who highlighted the Budget as good and beneficial to common man, said, "Demonetisation has increased taxation base and spurred greater digital transaction in the country. Recapitalised banks have now great ability to support growth. This will help the country achieve growth in medium to long term."

The Finance Minister said that the Indian economy is now 2.5 trillion dollar economy in the world and expected to become the fifth largest economy very soon, he notes.

"IMF has projected that India will grow at 7.4 percent next year. Exports are expected to grow at 15 percent in 2017-18. We are set to achieve high growth," he added.

Finance Minister Arun Jaitley will present the current NDA government's fifth and arguably his toughest Budget with higher focus on addressing agriculture distress, creating jobs and boost growth.