Laid foundation for USD 5 trn economy in budget: FM

Finance Minister Nirmala Sitharaman on Sunday said that the foundation for achieving the goal of USD 5 trillion economy by 2024-25 has been laid in the union budget which stressed on increasing capital expenditure for infrastructure.

She said that the budget has also focused on increasing consumption and investments towards building assets.

"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," Sitharaman told reporters here.

She said this will trigger the virtuous cycle for the economy to perform and move forward.

"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 USD 5 trillion economy," she said.

Asked about rationalisation of rates of Goods and Services Tax, the ...