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Financial News: India's Budget Focus On Infrastructure, FDI

India's Budget Focus On Infrastructure, FDI

07/05/2019 - 03:16:00 (RTTNews)

(RTTNews) - India's Finance Minister Nirmala Sitharaman has given thrust to infrastructure and foreign direct investment in her first budget speech, on Friday.

The minister said India will become a $3 trillion economy in current fiscal year. Now India is the sixth largest in the world.

She said the government will invest in infrastructure and job creation. The government plans to upgrade 125,000 kilometers of roads over the coming five years.

The government will permit 100 percent foreign direct investment in insurance intermediary. The ministry invited suggestions for further opening up of FDI in the aviation sector, media and insurance sectors.

The Economic Survey, released on Thursday, said India needs to sustain a real growth of 8 percent to achieve the objective of becoming a $5 trillion economy by 2024-25, which will make the economy the third largest in the world.

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