Finance Minister Unveils Plans to Boost FDI and Economic Growth

Finance Minister Nirmala Sitharaman announced the simplification of Foreign Direct Investment rules, a five-year vision document for financial needs, and efforts to push privatization and use the Indian rupee for overseas investments. Additional plans include developing a taxonomy for climate finance and revamping the Shram Suvidha Portal.

Seeking to attract more funds into the country, Finance Minister Nirmala Sitharaman on Tuesday said rules for Foreign Direct Investment (FDI) will be simplified.

Presenting the Union Budget 2024-25, the minister said the government will bring out a five-year vision document for meeting financial needs of the economy.

Efforts will also be made to nudge privatization and use the Indian rupee for overseas investments, she said.

Further, the government will develop a taxonomy for climate finance as well as revamp the Shram Suvidha Portal to enhance compliance for industry and trade.