Indian Finance Minister Arun Jaitley.

New Delhi - India's Finance Minister Arun Jaitley set a fiscal deficit target for this year of 4.1 percent of GDP as he presented the new government's first budget, while promising cuts in the next few years.

He targeted 3.6 percent for the 2015/16 financial year and 3.0 percent in 2016/17, saying “We cannot leave behind a legacy of debt for future generations.” - Sapa-AFP