In the Narendra Modi government's maiden budget, the finance minister Arun Jaitley has hit the ground running.

In his Budget speech for FY15 he said that the government's immediate target is to lower inflation, lessen the fiscal deficit and reduce the cuurent account deficit to manageable levels.

He said the government will meet the 4.1% fiscal deficit target set by his predecessor P Chidambaram but termed it as 'daunting'. He said the government aims to achieve 7-8% economic growth rate in next 3-4 years

He announced that a new urea regime will be implemented. He said that the government needs to revive growth particularly in manufacturing sector and infrastructure after slow decision making by the previous government.

'Two years of sub-five per cent growth has led to challenges to the economy,' he said and added that green shoots of recovery are seen in global economy.

He announced a raise in composite FDI to 49%.