Arun Jaitley
Union Minister for Finance Arun JaitleyIANS File

For the latest updates from Finance Minister Arun Jaitley's budget presentation, click here.

Finance Minister Arun Jaitley will present the Modi government's first full budget at 11 am on Saturday after the economic survey pegged GDP growth at more than 8 percent for the next fiscal year and charted out a fiscal consolidation path.

The Survey said said inflation was now declining, helping set for reforms needed to further drive the expansion, prune wasteful expenditure and promote productive investment.

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Growth to Cross 8% in FY 2015-16

Tabled in Parliament on Friday by Finance Minister Arun Jaitley and authored by a team led by Chief Economic Advisor Arvind Subramanian, the annual report card on the state of the economy said the growth should now rise further and double-digit expansion was a possibility, reports IANS.

On inflation, the survey said, there has been a fall of over 6 percentage points since 2013, even as the external sector, which includes exports and inflow of foreign funds, was returning to a path of strength and resilience. Industrial growth has also picked up now.

It also had some good news to report on the farm sector. "Food grain production for year 2014-15 is estimated at 257.07 million tonnes and will exceed that of last years by 8.5 million tonnes."

It also made a case for rationalisation of subsidies and said such doles did not appear to have had a transformative effect on the living standards of the poor. On the fiscal side, it said the government was committed to consolidation with revenue generation a priority.

What to expect

The maiden Union Budget 2015 to be presented by the Finance Minister Arun Jaitley would spell out the Prime Minister Narendra Modi government's planning and strategy to help expand economic activity.

Some of the key focus areas are:-

1) Public Spending/ Infrastructure focus

2) Taxation

3) Make in India – manufacturing

4) Digital India

5) Revenue mop-up

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