The Union Budget was presented by the Finance
Minister, Mr. Arun Jaitley in Lok Sabha The budget was later tabled in
the Upper House.
· Expenditure: The government proposes to spend Rs 19,78,060 crore in 2016-17, which is 10.8% above the revised estimates of last year.
· Receipts: The
receipts (other than net borrowings) are expected to increase by 15.5%
to Rs 14,44,156 crore, driven by disinvestment receipts, union excise
duties and income tax.
· GDP growth:
The government has assumed a nominal GDP growth rate of 11% (i.e., real
growth plus inflation) in 2016-17. The growth estimate for 2015-16 was
11.5% as announced in the 2015-16 Budget.
· Deficits: Revenue deficit is targeted at 2.3% of GDP, and fiscal deficit is targeted at 3.5% of GDP.