Saturday 31 October 2020

Budget 2019 Live: Important announcements

Presenting the first Budget of the second Modi government, FM Sitharaman said the Indian economy, which stood at $ 1.85 trillion five years ago, has reached $ 2.7 trillion now

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New Delhi: Finance Minister Nirmala Sitharaman Friday said India needs to make structural reforms to achieve $ 5 trillion economy in the next few years.

Presenting the first Budget of the Modi government in its second term, she said the Indian economy, which stood at $ 1.85 trillion five years back, has reached $ 2.7 trillion now and is within the capacity to reach USD 5 trillion in the next few years.

She said the interim budget focused on a 10-point vision to boost the economy. In the current year, India’s economy will grow to become $ 3 trillion economy, the sixth largest in the world.

“We need to invest in infrastructure, digital economy and job creation in small and medium enterprises,” Sitharaman said.

She said that in terms of Purchasing Power Parity (PPP), India has become the third largest economy in the world after the US and China.

The minister emphasised the need for structural reforms for achieving $ 5 trillion economy.

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