Anwar Contreras

David Farr

Rajan Padmanabhan

Arun Kumar

B.M.R. Singh

Chetan Mehta

Yashpal Singh

Bhanu Thakre

Nihar Patel

Lakshmi Somanatha

Raj Kumar Singh

Yubad Shah

Dr. Uday Singh

Jayanthi Ghosh

Sukhoi Kermani

Jitendra Singh

Suresh Kumar

Sushil Kumar

K.N. Singh

Pradeep Joshi

Revenue Secretary

G.S. Bhaskaran

Athanastha Mukherjee

Chief Economic Adviser

Mihir Gupta

Gadbar Singh

Vinod Pandey

R.K.S. Rajagopal

B.N. Singh

Dr. Rajeev Bhaskaran

P. S. Raghunathan’s speech

The government’s first two budgets – in 2013-14 and 2015-16 – sought to reduce the fiscal deficit by 2.7% in the current financial year (FY) and 4% in the next fiscal year. The budget for FY 2016-17 has gone by the planed cut in fiscal deficit of 4.2% of GDP.

The budget for the current year comprises 5% of the total revenues from the previous year. The budget for FY 2016-17 proposes to reduce the fiscal deficit to 11.9% of GDP, a reduction of 0.1% of GDP, or 5% of the government revenue. The budget is based on FY 2015-16, the last year before the present government.

Here are the key points to know about these two budgets and about this year’s budget:

The economic growth in the first one was 7.7% in 2013-14, as compared to 8.9% in 2014-15; and 7.3% in 2015-16.

The budget says that India’s growth will decline to 5% in 2016-17 and 4% in 2017-18.

The current fiscal year is for fiscal year 2015-16, which begins on April 1 and ends on March 31, 2016, and the next fiscal year (FY) is for fiscal year 2016-