Sitharaman’s Maiden Budget Sets Stage For $5 Trillion Economy

Catch all the live updates from Parliament as the first budget of Modi government 2.0 is tabled today.

Updated
Business
8 min read
Finance Minister Nirmala Sitharaman and MoS Anurag Thakur arrive at Parliament to present the Union Budget 2019-20.
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Finance Minister Nirmala Sitharaman, in her maiden budget speech on Friday, 5 July, said India is set to become USD 3 trillion economy in the current fiscal. She added that structural reforms are needed to reach USD 5 trillion in the next few years.

Terming the budget as one that extends "hope" and boosts "self confidence", PM Narendra Modi said it will empower the poor and provide the youth with a better future.

Snapshot
  • Finance Minister Sitharaman said the fiscal deficit was brought down to 3.3% this year from 3.4% last year
  • “Gaon, Garib and Kisan” are going to be the focus for government projects
  • Every willing rural family will have electricity and LPG connection by 2022, Sitharaman said
9:06 AM , 06 Jul

US Corporate Sector Welcomes Indian Budget, Says It Will Attract FDIs

The American corporate sector on Friday hailed the maiden Budget of Finance Minister Nirmala Sitharaman, noting that it is not only inclusive but also attractive for foreign investments.

President of US India Strategic and Partnership Forum (USISPF) Mukesh Aghi said the budget is inclusive and policy decisions are encouraging for American companies.

It's "good news" for companies like Apple, Aghi told PTI. The Budget opens up the Indian market, and encourages US companies to invest more, at the same time it ensures prosperity and growth for the lower sections, he said.

The Budget is trying to make positive structural changes, he added.

4:25 PM , 05 Jul

It is a Budget For All: Piyush Goyal

On the Congress calling the Union Budget a ‘manifesto’, Railway Minister Piyush Goyal said, “Our track record is that we've performed on every single budget for last 5 years. Congress made promises that no one was willing to buy, because they were just _shekh chilli ki kahani_, dreams in the air that nobody trusted.”

He added, “It's a budget for all. It has addressed issues which will make 'ease of living' for the poor, the middle class. It has ensured large-scale infrastructure development which has made life and living easy for 130 crore Indians, rich or poor.”

He also said the Budget has given a huge thrust to startups, job creation and Make in India.

4:19 PM , 05 Jul

Union Budget is Pathbreaking: Niti Aayog CEO

NITI Aayog CEO Amitabh Kant said, “The Union Budget is path-breaking. It's a very comprehensive Budget. We're particularly delighted as Finance Minister has acknowledged the role of Niti. But more important is the roadmap that she has set for laying down a vision for $5-trillion economy.”

4:09 PM , 05 Jul

Budget Day: Sensex Cracks 395 Points; Metal, Power Stocks Sink

The BSE Sensex plunged 395 points on Friday on heavy selling in metal, power, auto and IT counters, after the Budget proposal of raising public shareholding threshold stoked fears about liquidity in the market.


Published: 05 Jul 2019, 9:07 AM IST
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