The Finance Minister Arun Jaitley presenting the General Budget for 2014-15 said that the Narendra Modi government is bound to usher in a policy regime that will result in the desired macro-economic outcome of higher growth, lower inflation sustained level of external sector balance and a prudent policy stance.

Highlighting the prevailing economic challenges Mr. Jaitely said that the government is committed to its mandate of “Sab ka Saath Sab ka Vikas” and will ensure that anti-poverty programmes are well targeted.

He said that the country needs to revive growth, particularly in manufacturing and infrastructure to raise adequate resources for our developmental needs. He also laid emphasis on fiscal prudence and said that the target of fiscal deficit would be 3.6 percent in 2014-15 to 3 percent in 2015-16.

Mr. Jaitley said that the government is committed to housing for all by 2022. He said that the government will pay attention to urban revival and growth of middle classes to boost economic growth.

Talking about urban revival, Mr. Jaitley said that safe drinking water, sewerage management and digital connectivity will be given priority. He said development of smart cities would be encouraged to meet the pace of migration to cities. He said a sum of 7060 crore rupees is being provided in the current financial year for developing 100 smart cities.

Mr. Jaitely said the Prime Minister has a vision of developing smart cities as Satellite town of larger cities and by modernizing the existing mid sized cities. He said these smart cities would also provide habitation for the neo-middle classes aspiring for better living standards.

He also referred to food sector reforms and said FCI would be restructured , transportation and distribution losses reduced and PDS would be made efficacious.