Finance minister Nirmala Sitharaman stated that the big picture presented in the Budget is backed with a plan to increase investment without compromising on the fiscal consolidation roadmap
New Delhi: Finance minister Nirmala Sitharaman said that the Budget is committed to increasing investment without compromising on the fiscal consolidation roadmap.
Replying after a general discussion on the Union Budget 2019-20 in the Rajya Sabha, the minister said, "comprehensive steps" have been envisaged for the next 10 years.
Nirmala said the mid-term target of the government is to make India a $5 trillion economy.
The target of putting India in the $5 trillion club is not “without a plan”, she said and listed out measures proposed in the Budget.
To boost investment, she said FDI norms would be further liberalised, extension of lower corporate tax to companies with Rs 400 crore turnover, incentives for boosting use of electric vehicles in the country.
She further said the government has expressed intention to invest Rs 100 lakh crore in the infrastructure sector over the next five years. Also, the Budget reflects firm commitment to boost investment in the country.
In the Budget presented by Nirmala in the Lok Sabha on July 5, the government said it aims to mop up Rs 16.49 lakh crore in net taxes during 2019-20, up 11.13% over the previous year.
She maintained that every projection of revenue and expense in Budget 2019-20 is realistic and has been adequately provided for.
Just days earlier, Nirmala said that budget numbers are authentic and projections based on realistic estimates.
"The data which is given in the Budget is 100% above board...there need not be any speculation on the figures which have been given out. Every number is authentic," the minister had said while replying to the concerns raised by members during the general discussion on the Budget in the Lok Sabha.
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