This Budget takes into consideration the aim of building a $5 trillion economy while incorporating learnings from the Economic Survey 2018-19, on infrastructure spending, affordable housing, credit growth and the MSME sector.
The maiden Budget of the re-elected government foresees the Indian economy reaching US$ 3 trillion by the end of the current year. While the first term of the government introduced three major regulatory changes - GST, IBC and RERA - the first Budget of the new term introduces necessary reforms to streamline the tax and regulatory framework to achieve the overall objective of a $5 trillion economy. The vision for the second term is driven by the expansion of physical and financial infrastructure, Digital India, Make in India, start-ups, giving clear signs that India has a clear plan to challenge the manufacturing strength of China.
In order to boost the economic growth in India, in line with the Make in India policy, and attract technology to the country, the government will launch a scheme to invite global companies through transparent bidding to set up mega manufacturing plants in sunrise and advanced technology areas such as semiconductor fabrication. The scheme will also include units in the fields of solar photovoltaic cells, lithium storage batteries, solar electric charging infrastructure, computers servers, laptops etc. In order to incentivise them, they are offered investment-linked income tax deduction and certain indirect tax benefits.
The maiden Budget of the re-elected government foresees the Indian economy reaching US$ 3 trillion by the end of the current year. While the first term of the government introduced three major regulatory changes - GST, IBC and RERA - the first Budget of the new term introduces necessary reforms to streamline the tax and regulatory framework to achieve the overall objective of a $5 trillion economy. The vision for the second term is driven by the expansion of physical and financial infrastructure, Digital India, Make in India, start-ups, giving clear signs that India has a clear plan to challenge the manufacturing strength of China.
In order to boost the economic growth in India, in line with the Make in India policy, and attract technology to the country, the government will launch a scheme to invite global companies through transparent bidding to set up mega manufacturing plants in sunrise and advanced technology areas such as semiconductor fabrication. The scheme will also include units in the fields of solar photovoltaic cells, lithium storage batteries, solar electric charging infrastructure, computers servers, laptops etc. In order to incentivise them, they are offered investment-linked income tax deduction and certain indirect tax benefits.
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