Interel India’s Overview of the Union Budget 2019
Wide push for Make in India programme. Encourage start-ups. Lay the ground for more digital payments. Slew of long-term infrastructure driven investments. Nudge for growing bond markets. Nearly 20% higher tax for the super-rich. Push for rural India. These were some of the broad policy directions announced by Finance Minister Nirmala Sitharaman in her maiden Budget speech today. This is the first Budget of the second term of Prime Minister Modi’s government.
With a target of turning India into a USD 5 trillion economy, nearly 2X from its current size, the Finance Minister is looking to tap the overseas markets to raise lower-cost capital. Her budget math has managed to keep the fiscal deficit at 3.3%, a shade better than 3.4% announced during February’s interim budget.