India on Friday unveiled a budget aimed at boosting infrastructure and foreign investment, the first since the Bharatiya Janata Party led by Prime Minister Narendra Modi returned for a second term in power, reports Reuters.
Here are the highlights of Finance Minister Nirmala Sitharaman’s budget for the 2019/20 fiscal year beginning April 1:
INVESTMENT
* India will ease foreign direct investment restrictions in single-brand retail
* Will open up FDI in aviation, insurance, media and animation sectors
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* Important to get retail investors to invest in treasury bills
ECONOMY AND INFRASTRUCTURE
* India will become a $3.0 trillion economy in the current fiscal year, and a $5.0 trillion economy in the next few years
* India to invest heavily in infrastructure and job creation
* The government will carry out a restructuring of highway building programme to ensure enough capacity is created
* Railway infrastructure will need an investment of $72.0 billion between 2018 and 2030
* India will enter into aircraft financing and leasing activities.