Finance Minister Nirmala Sitharaman recently said that the foundation for achieving the goal of $5 trillion economy by 2024-25 has been laid in the union budget.
The finance minister said that this will be achieved by a focus on increasing capital expenditure for infrastructure, and increasing consumption and investments towards building assets.
Sitharaman told the press, “I think we have laid the foundation for increasing consumption and investments towards building assets such as infrastructure, which should have a cascading effect in the long and short term.”
“The majority of government investment is directed towards creating infrastructure and through various windows like health and agriculture to avoid any kind of rural distress. These will create the foundation for the $5 trillion economy.”
With regards to the rationalisation of rates of Goods and Services Tax, the finance minister said that it is being reviewed every three months by the GST Council.
While interacting with the members of trade and industries, the minister said the government wants continuous engagement with industries and businesses and will act as a facilitator for hassle-free payments of taxes.
Major announcements with regards to the aviation and tourism sector in India were made, which can be read here.