Sitharamans Budget a blueprint for creating USD 5trillion economy by 2025 India

first_imgNew Delhi: Finance Minister Nirmala Sitharaman’s maiden Budget is “mega investment-oriented” with a blueprint to transform India’s economy to reach USD 5 trillion by 2025, India Inc said Friday. While Vedanta Resources Chairman Anil Agarwal termed it a progressive Budget, RPG Enterprises Chairman Harsh Goenka said it was a blueprint to achieve exponential growth. Presenting the first Budget of the Modi government in its second term, she said the Indian economy, which stood at USD 1.85 trillion five years ago, has reached USD 2.7 trillion now, and is within capacity to reach USD 5 trillion in the next few years. Also Read – Balakot strikes show major shift in govt’s handling of terror attacks: IAF chief Agarwal said it was a progressive budget which focuses on core issues of health, sanitation, water, welfare of the people as well strengthens the foundation of New India that is prepared to ride the wave of mega technological changes. “FM Sitharaman walked in with a red cloth bag carrying the budget vs the traditional briefcase. What came out was a new era in Indian history a union budget that didn’t talk granular numbers rather laid a blueprint for exponential growth!” Goenka tweeted. Also Read – Pak activated 20 terror camps, 20 launch pads along LoC Lauding Sitharaman, Biocon Chairman Kiran Majumdar-Shaw tweeted, “As a business woman I can’t help but burst with pride to see a woman FM deliver such a confidence boosting budget 2019.” CII Director General Chandrajit Banerjee said the budget is a popular budget without being populist. “It has announced initiatives which touch all segments of the society women, youth, farmers, entrepreneurs, students and industry. It benefits both rural and urban India all within the limited fiscal space available to it,” he said. Assocham President BK Goenka said Sitharaman’s maiden budget is a mega investment-oriented initiative with a strong focus on scaling up rural infrastructure and demand along with a slew of tax simplification measures aimed at boosting growth and maintaining high level of fiscal discipline. “This is a transformational budget, aimed at taking the Indian economy to USD 5 trillion by 2025,” he added. Goenka said the increase in the threshold for lower corporate tax of 25 per cent to Rs 400 crore annual turnover would encourage higher investment, which would also get a boost from proposals like further liberalisation of foreign direct investment (FDI) norms in sectors like insurance intermediaries and aviation. Ficci President Sandip Somany said there are several positives in the budget, and it provides a set of benefits for most segments of the society. We see a clear action plan for realising the vision of making India a USD 5-trillion economy over the next few years with a focus on ease of living. Apollo Hospitals Group Chairman Prathap Reddy said the budget presented a long term vision to achieve a USD 5 trillion economy by 2024. “The government’s focus on infrastructure continues, which is the need of the hour. We have set a laudable target of becoming USD-5 trillion economy in the next few years. This calls for a sustained real GDP growth rate of 8 per cent with stringent commitment to fiscal discipline,” Wipro Enterprises CFO Raghav Swaminathan said. Dalmia Bharat Group Managing Director Puneet Dalmia said the budget this year has its heart in the right place, specifically in context of balancing the rural and the urban developmental priorities, boosting investment to spur growth and the eco-friendly development thrust as is evident in the government’s emphasis on green and sustainable practices.last_img read more

Afghanistan Security Council consults on new UN mission aims to act soon

After meeting in closed-door consultations on the situation in Afghanistan, particularly the establishment of a new United Nations assistance mission in the country, members of the Security Council today expressed hope to act soon on a draft resolution submitted by France. Following the informal session late Wednesday afternoon, the Council President, Ambassador Ole Peter Kolby of Norway, told the press that the 15-member body had held “a useful discussion” on the draft, which, he said, “we hope can be adopted shortly.” Acknowledging the importance of maintaining security in Kabul, Council members also expressed their intention to extend the mandate of the International Security Assistance Force (ISAF) beyond the current 20 June expiration date, Ambassador Kolby said.

Canadian dollar edges lower amid better than expected retail data low inflation

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Canadian dollar edges lower amid better than expected retail data, low inflation TORONTO – The Canadian dollar closed lower Friday but well off session lows amid data showing a better than expected read on Canadian retail sales and very low pressure on prices.The loonie was down 0.03 of a cent to 95.02 cents US after going as low as 94.67 cents US.But the currency improved after Statistics Canada reported that October retail sales rose one per cent, much higher than the 0.3 per cent gain that economists had expected. But excluding autos, sales were flat against an expected 0.2 per cent rise.On the inflation front, the agency reported that inflation rose at an annual rate of 0.7 per cent, down from 1.1 per cent in September and lower than the 0.9 per cent increase that economists expected.The Canadian currency has had a tough week, losing almost three-quarters of a US cent.The loonie started sliding in earnest mid-week and the greenback gained ground after minutes from the Fed’s latest meeting suggested the U.S. central bank will start reducing its $85 billion of monthly bond purchases in coming months.The content of the minutes may have come as a surprise to the markets after Janet Yellen, who is slated to become the next Fed chairman, had expressed strong support for low interest rate and bond buying policies during her confirmation hearing last week.This third round of quantitative easing has kept interest rates low to support a slow but steady economic recovery in the U.S. but also propelled money into higher-yielding stocks.Commodity prices were mixed with January crude on the New York Mercantile Exchange off 60 cents to US$94.84.December copper rose two cents to US$3.21 a pound, while December bullion inched up 50 cents to US$1,244.10 an ounce. But worries about Fed tapering still left gold prices down more than three per cent on the week. by Malcolm Morrison, The Canadian Press Posted Nov 22, 2013 6:43 am MDT read more