Budget 2019: Measures to boost flow of foreign capital will boost investment in infrastructure: SBI chief

The Union Budget 2019-20 stresses upon the need for heavy investment in infrastructure, digital economy and job creation in small and medium firms to fulfil the aspiration of making India a 5 trillion Dollar economy. Presenting her maiden budget in Parliament today, Finance Minister Nirmala Sitharaman pointed out that the Indian economy has added one trillion dollar in the last five years due to the various initiatives and reforms undertaken by the government, and is poised to  grow to be a 3 trillion dollar economy in the current year. 

Prime Minister Narendra Modi described the Budget as one of hope and expressed confidence that it will boost the country`s development in the 21st century, giving strength to the poor and providing a better tomorrow for the youth.

Commenting on the first Budget of the NDA government`s second term, he said "I congratulate the first woman Finance Minister Nirmala Sitharaman for presenting a citizen friendly and a future friendly Budget. This is a Budget aimed at making the citizens of the country prosperous." 

Appreciating the Union budget proposals of the Finance Minister, Rajnish Kumar, Chairman, SBI, said “Enhanced investment in infrastructure, affordable housing, augmenting lending capacity of Public Sector Banks and NBFCs are major initiatives unveiled in the Budget. Measures to boost flow of foreign capital and deepening of corporate bond market as well as formation of an expert committee to look into the long term financing for infrastructure are all aimed at boosting the investment in infrastructure which is expected to play a critical role in becoming a $ 5 trillion economy in the next 5 years."

"Measures aimed at simplification of processes like interchangeability between AADHAR and PAN, pre-filled income tax returns, faceless assessment will reduce the burden of tax compliance on an ordinary citizen. Simplification of labour codes is another major announcement. On the whole, the Budget will boost demand with many enablers for augmenting the flow of domestic and foreign capital,” he added.