Budget 2019-20: The Narendra Modi-led BJP government first took over in May 2014 when the Indian economy's real GDP size was USD 1.7 trillion. After five years, the economy stands at Rs 2.7 trillion, that makes it the sixth largest economy in terms of GDP size.
Union Budget 2019: Union Minister for Road Transport and Highways Nitin Gadkari on Friday said that the Indian economy doubled in the last five years and it would be cross USD 5 trillion by 2024 – an ambitious target set by Prime Minister Narendra Modi. Gadkari further said that his government will achieve the target of becoming a three trillion dollar economy this year and the MSME sector will contribute half of it.
The Narendra Modi-led BJP government first took over in May 2014 when the Indian economy’s real GDP size was USD 1.7 trillion. After five years, the economy stands at Rs 2.7 trillion, that makes it the sixth largest economy in terms of GDP size and third in terms of purchasing power only after the United States and China. Now, the Prime Minister has set a target of USD 5 trillion in the next five years.
Finance Minister Nirmala Sitharaman today presented the first full budget of Modi government’s second term in which she broadly outlined ways for India to become a USD 5 trillion economy by 2024.
Congratulating Prime Minister Modi and Finance Minister Nirmala Sitharaman on the Budget 2019, Nitin Gadkari said that it will prove as the foundation for New India. “From rural to urban development, infrastructure to startups, from education to industry, this is the vision that 125 crore people of the country required today,” the minister said.
He also said that the promotion of electric vehicles and allied infrastructure is set to transform the economy and logistics sector. “It is one of the biggest steps to curb pollution and move towards sustainable development,” Gadkari said. Finance Minister Nirmala Sitharaman proposed an outlay of Rs 10,000 crore for a period of three years to encourage faster adoption of Electric vehicles.
The budget will be used in offering an upfront incentive on the purchase of electric vehicles and establishing the necessary charging infrastructure in the country.