2016 Union budget of India
2016 Union budget of India
The 2016 Union Budget of India, presented by Finance Minister Arun Jaitley on February 29, 2016, was a pivotal fiscal plan aimed at fostering economic growth and enhancing infrastructure development. This budget, the third under the Narendra Modi administration, emphasized a commitment to Transforming India through increased public investment and significant allocations for agriculture, rural development, and social welfare. With a focus on financial inclusion, the budget proposed measures for tax simplification and digital transactions while implementing a new Goods and Services Tax (GST) regime. It also aimed to reduce the fiscal deficit to 3.5% of GDP for the financial year 2016-17, reflecting a strategic approach to fiscal discipline amidst global economic uncertainties.