Finance Minister Arun Jaitley said India's people were "exasperated³" after two years of economic slowdown. 

 

India's economy has slowed markedly in recent years, growing by 4.7% in 2013-14. In 2010-11, growth was 8.4%.

 

Mr Modi's government has promised reforms aimed at creating jobs.

 

The budget is also expected to contain measures designed to slow inflation.

 

"We shall leave no stone unturned in creating a vibrant and strong India," Mr Jaitley told reporters ahead of presenting the budget.

 

 

Later, Mr Jaitley told the parliament that Asia's third largest economy would grow at rate of 7-8% within three to four years, and announced that his government would increase caps on foreign investment in defence and insurance sectors⁵ to 49% from 26%.

 

He also set a fiscal⁶ deficit target of 4.1% of gross domestic product (GDP) for this year with further cuts in coming years - 3.6% in 2015-16 and 3% in 2016-17.

 

"We cannot leave behind a legacy⁷ of debt for future generations," he said.

 

Mr Jaitley also spoke⁸ about plans to introduce a goods and services tax (GST) this year. 

 

He also said the government planned to sell an unspecified amount of shares in debt-laden state-owned banks, which are in need of fresh equity⁹.

 

Other highlights of the budget include earmarking $1.13bn to build 100 "smart cities" and plans for more targeted food and petroleum¹⁰ subsidies¹¹.

 

Shubhada Rao, chief economist¹² of Yes Bank, told Reuters that the budget was a "good beginning".

 

"Fiscal consolidation¹³（财务整顿） is a strong takeaway. Foreign direct investment in insurance and defence and the plethora¹⁴（过多） of schemes for improving the rural economy with all round focus on development programmes, are a key thrust," Ms Rao said.

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