Budget to boost investment, comprehensive steps envisaged: FM

Finance Minister Nirmala Sitharaman Friday said the big picture presented in the Budget is backed with a plan to increase 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.

Sitharaman said the mid-term target of the government is to make India a USD 5 trillion economy. The target of putting India in the USD 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 liberalized, an extension of lower corporate tax to companies with Rs 400 crore turnover, incentives for boosting the use of electric vehicles in the country. She further said the government has expressed the intention to invest Rs 100 lakh crore in the infrastructure sector over the next five years.

Also, the Budget reflects a firm commitment to boost investment in the country. In the Budget presented by Sitharaman 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 percent 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.