The new government of India announced the first budget vowed to restore economic growth

in new network on 11 July, according to Singapore "Singapore United Morning Post" report, India's new prime minister Modi government announced 10 local time, the first budget since he took office, vowed to restore economic growth in the debt situation. The new measures include open to foreign investment restrictions, so that more of the privatization of state enterprises, and the tax reform, etc..

India finance minister

Jay Turley told the India parliament in the budget, where the new government had a Congress government inherited "challenging" economic situation, low growth and high inflation rate. He said, India 1200000000 population has been impatient on the rate of economic growth for two consecutive years of below 5%.

Cheap Jets Jerseys therefore, Jia Yi is vowing to make India's annual economic growth rate of 7% to 8% in 3 to 4 years. At the same time, he also pledged to maintain the previous government set a target for the year to March, the fiscal 2015 deficit in the gross domestic product (GDP) 4.1%, and over the next two fiscal year the deficit will be reduced to 3.6%.

The

report says, Jay Turley's commitment to deficit reduction than economists had expected. Because of the 2015 year after only three months, half the deficit has been close to the annual target, so many economists are predicting the India government will raise the fiscal debt target to equal to 4.4% of GDP.

Jia Cheap NHL Stanley Cup Jerseys Yi Terry said: "fiscal prudence is the most important. We cannot be left a pile of debt for the next generation."

Jia Yi is also announced a relaxation of restrictions on foreign investment, the foreign investment in defense and insurance holding limit increased from 26% to 49%. The India government also plans to sell off the heavily indebted state-owned bank shares, so as to inject new capital into banks.

Jia Yi is said: "the government of India will continue to hold the majority of shares, but the people of India will become the bank's shareholders."

Jia Yi is also announced a tax reform, so that the 29 states of India United for a common market. He said the government will decide how to impose national consumption tax before December, in the income distribution of commitment will treat every state. He also announced the establishment of high level committee to review the retroactive tax..

reported that a few years ago, India's economic growth rate approaching double digits, but last year the growth rate of only Cheap Thrashers Jerseys 4.7%, is the second consecutive year of less than 5%. Poor performance of the economy with the scandal, leading to the Congress led government in the election defeat.

Mo Di led government in May to go to take office. Fiscal year 2015 Cheap Red Wings Jerseys budget for national elections to be held and delayed until now released.

(original title: the new government of India announced Cheap Flames Jerseys the first budget vowed to restore economic growth)