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India unveils budget to boost infrastructure

Published: July 05, 2019 12:43:23 | Updated: July 09, 2019 15:34:39


File Photo (Collected)

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, reports Reuters.

Here are the highlights of Finance Minister Nirmala Sitharaman’s budget for the 2019/20 fiscal year beginning April 1:

INVESTMENT

* India will ease foreign direct investment restrictions in single-brand retail

* Will open up FDI in aviation, insurance, media and animation sectors

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* Important to get retail investors to invest in treasury bills

ECONOMY AND INFRASTRUCTURE

* India will become a $3.0 trillion economy in the current fiscal year, and a $5.0 trillion economy in the next few years

* India to invest heavily in infrastructure and job creation

* The government will carry out a restructuring of highway building programme to ensure enough capacity is created

* Railway infrastructure will need an investment of $72.0 billion between 2018 and 2030

* India will enter into aircraft financing and leasing activities.

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