Finance Minister Nirmala Sitharaman in her maiden Budget speech today said the Indian economy had reached from $1.85 trillion to $2.7 trillion, and that the Centre had the target of taking it to $5 trillion by FY25.
Sitharaman said investment-driven growth is a must in India as the country required Rs 20 lakh crore worth investment per year.
Announcing sops for MSMEs, the FM said Rs 350 crore will be allocated for the sector. Sitharaman also announced that the pension benefits would be extended to 3 crore retail traders under the Pardhan Mantri Karam Yogi Maan Dhan Yojana.
The first full-time woman finance minister further said how schemes such as BharatMala, Sagarmala and Udan were bridging rural urban divide and improving transport infrastructure. She added the government would restructure highways and the movement of cargo through the River Ganga. For power sector, the Finance Minster proposed ‘One Nation One Grid’. Sitharaman also proposed the establishment of NSIL, a new commercial arm in the Department of Space to increase India’s power in space and technology.
Government is also considering to increase FDI in aviation and media, said Sitharaman.
Inputs from business standards