Union Budget 2019 | FM Nirmala Sitharaman Rolls Out Centre's 10-point-plan To Make India A $5 Trillion Economy, Emphasises 'major Structural Reforms Are Necessary'

Union Budget 2019

Envisioning the Modi Government 2.0's dream of making India a 5 trillion USD economy in the next five years, Union Finance Minister Nirmala Sitharaman, on Friday has revealed a 10-point plan of the Centre to achieve this dream while presenting the Union Budget in the Lok Sabha.

Written By Suchitra Karthikeyan | Mumbai | Updated On:

Envisioning the Modi Government 2.0's dream of making India a 5 trillion USD economy in the next five years, Union Finance Minister Nirmala Sitharaman, on Friday has revealed a 10-point plan of the Centre to achieve this dream while presenting the Union Budget in the Lok Sabha.  

"Our economy was at approximately 1.85 trillion USD when we formed the government in 2014. Within 5 years it has reached 2.7 trillion USD. Hence it is quite within our capacity to reach 5 trillion USD within the next few years. In Interim budget presented in February 2019, we gave ourselves a vision for the decade, with a ten point vision laid before us," she said.

Here is the 10-point plan as announced by Sitharaman:

  • Building a social, physical infrastructure 
  • Digital India reaching every corner of the economy 
  • Pollution-free India with green Earth and blue skies
  • Make In India with emphasis on MSME
  • Startups for defence manufacturing, Automobiles, Electronics, Batteries and Medical devices
  • Water and water management to build a blue economy
  • Space programs - Gaganyaan, Chandrayaan and satellite programs
  • Self-sufficiency and export of foodgrains, pulses, seeds, fruits and vegetables
  • Health Society- Ayushmaan Bharat, well-nourished women and children, Safety of citizens
  • Minimum government, maximum governance

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Speaking about the journey ahead, she expressed her confidence in reaching the 5 trillion dollar goal under PM Modi's able leadership.

"With these vision set and large mandate, we are determined to take India to that height which we deserve. I firmly believe that under the leadership of the Prime Minister we can achieve our goal," she said.

Charting the pathway to achieve the goal, she spoke about the Indian economy's current status in the world adding that several structural reforms were needed in the way ahead.

"The Indian economy will become a 3 trillion USD economy in the current year itself. It is the sixth largest economy. In terms of purchasing power parity, we are the third largest in the world next to China and USA. To continue this and more, we must take structural reforms. We need to heavily invest in infrastructure, digital economy and job creation in small and medium industries," she added.

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Significance of Union Budget 2019

The Union Budget 2019 is presented by the Prime Minister Narendra Modi-led NDA government after coming to power in its second term, is expected to boost spending at the cost of short-term slippage in fiscal deficit targets with the aim to lay down the road map of the Modi government 2.0 for the economy and the nation in the next five years.

Sitharaman is also the first woman to present the Union Budget since former Prime Minister Indira Gandhi who had also then held the finance portfolio. After Nirmala Sitharaman will present the Budget in the Lok Sabha, both lower and upper houses will be adjourned for the day. 

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