India on Friday unveiled a budget aimed at boosting infrastructure and foreign investment, the first since the Bharatiya Janata Party led by Prime Minister Narendra Modi returned for a second term in power.
Here are the highlights of Finance Minister Nirmala Sitharaman's budget for the 2019/20 fiscal year beginning April 1:
- India will ease foreign direct investment restrictions in single-brand retail.
- Will open up FDI in aviation, insurance, media and animation sectors.
- Important to get retail investors to invest in treasury bills.
- Will allow foreign investors to buy the debt of listed real estate investment trusts
ECONOMY AND INFRASTRUCTURE
- India will become a $3 trillion economy in the current fiscal year, and a $5 trillion economy in the next few years.
- India to invest heavily in infrastructure and job creation.
- The government will upgrade 125,000 kilometres of roads over the next five years at a cost of $11.6 billion.
- Railway infrastructure will need an investment of $72 billion between 2018 and 2030.
- India will enter into aircraft financing and leasing activities.