Budget 2015: MGNREGA allocation increased by Rs 5,000 crore; at highest-ever level

NEW DELHI: Announcing the highest ever allocation to MGNREGA, Finance Minister Arun Jaitley in his budget speech said that he would increase the allocation for the scheme by Rs 5,000 crore.

Stating that Budget 2015 comes in the backdrop of a better growth environment than in the past, Jaitley on Saturday said, "World predicting that it is India's chance to fly."

"India is going to take off on a faster growth trajectory." "While global growth forecasts have come down, India's forecasts have either been maintained or scaled up," Jaitley said in his Budget speech.

Emphasising the thrust need to encourage entrepreneurship and businesses in India, Finance Minister Arun Jaitley in his budget speech said that the government will aim to make India a manufacturing hub with the 'Make in India' programme.

While acknowledging his government's aim towards greater fiscal consolidation, Jaitley in his budget speech said that he will be able to meet the stated 4.1% fiscal deficit target for the current fiscal year.

Stating that the government is committed to maintaining a fiscal deficit target of 3% in the medium term, Jaitley said, "The fiscal target is 3% for FY 17-18. Fiscal consolidation is on track."