Union Budget 2015-16: Indian economy is in good shape today, says FM Arun Jaitley

Finance Minister Arun Jaitley on Saturday began presenting the Union Budget for the 2015-16 financial year, saying the state of the country's economy was better placed today with its credibility re-established by a series of measures taken by his government.

"I am presenting the Union Budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory," Jaitley said as he started his Budget speech in the Lok Sabha.

"The real GDP growth is estimated at 7.5 percent for this fiscal, making India the fastest-growing large economy of the world," the Finance Minister said while presenting his maiden full-year Budget in the Lok Sabha.

"We inherited a sentiment of doom and gloom and have come a long way by proper actions," he said, adding, "Our objective is to improve quality of life and to pass benefits to common man."

Jaitley also said a double-digit growth was now feasible. "Our objective is to conquer inflation. It will be only 5 percent by end of year," the minister said.