New Delhi: Government on Friday unveiled Budget 2019, the first since the Bharatiya Janata Party (BJP) led by Prime Minister Narendra Modi returned for a second. Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget for 2019-20 in Parliament, said India will become a $3 trillion economy in the current year itself.
“We need to invest heavily in infrastructure, digital economy, job creation,” Sitharaman said. “It is now the sixth largest economy… Five years ago it was 11th,” the finance minister said.
PM Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion. On Thursday, the Economic Survey said that the target will be achieved on the back of higher investment, savings and exports in the way China’s growth was propelled.
Indian economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years.
Sitharaman’s parents are in parliament to watch her first Budget speech on Friday. Sitharaman, India’s first full-time woman Finance Minister, is expected to tackle a tricky balancing act with the need to boost growth and offer tax breaks without straining expenditure. Savitri and Narayanan Sitharaman arrived in a separate car in parliament.
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