Highlighting the inclusive nature of the Union Budget 2019, Finance Minister Nirmala Sitharaman, on Friday said that no segment of society has been excluded from the budget in terms of funds, facilities or fundamental needs while promoting digital economy, in conversation with Republic TV's Executive Editor Abhishek Kapoor and political editor Aishwarya Kapoor, hours after delivering her maiden Union Budget.
"Every segment has been brought into the sector. There is no one who has been excluded in terms of financial exclusion, facilities like cheap housing loans, fundamental needs making sure India does it transparently, hence the push to digital," she said.
Talking about the inspiration behind the 5 trillion USD economy dream, she said that considering the Modi government's past 5 years' accelerated growth, the present government has set such a visionary goal.
"The Budget sets a vision for 10 years. A vision in which we view India in not incremental basis but transformational basis. We should ramp up at such a great pace, that what we could not do in decades, we have to do now. When asked about 5 trillion USD dream, I say that it took us only 5 years to add 1 trillion USD to last 55 years' economy, so it is possible to reach such a goal, hence we set such a vision," Sitharaman added.
Paving the path to achieving the 5 trillion USD economy dream, she said that the government has taken a call which no previous government has taken by tapping into cash-rich economies with no avenues of investment.
" To achieve this vision, this budget took a call on many things that any government would have hesitated. It is a paradigm shift. For instance, when we talk about our external borrowing, we are at the bottom of the world economy. This gives us the opportunity to exploit cash-rich nations making no investment in their own landscapes. Hence we took a call to access such economies. They don't have viable options and we have enough investment opportunities to offer," she added.
Earlier in the day, while addressing the Parliament presenting the Union Budget, Sitharaman had presented the 5 trillion USD economy vision.
As the economic survey underlined the goals required for achieving the objective of becoming a US$5 trillion economy by 2024-25. The main requirement for India to become a 5 trillion economy, as per Economic Survey 2019, is to sustain a real GDP growth rate of 8%. International experience, especially from high-growth East Asian economies, suggests that such growth can only be sustained by a “virtuous cycle” of savings, investment and exports catalysed and supported by a favourable demographic phase.
On the same line, Finance Minister Sitharaman said the following that Indian economy is currently 3 trillion dollar economy in the current year. The government aspires to make India a 5 trillion dollar economy. She praised India Inc and said: “India Inc. are India’s job-creators and nation’s wealth-creators”.