NEW DELHI: Finance Minister
Nirmala Sitharaman on Friday said the average amount spent on food security per year nearly doubled during 2014-19 compared with preceding five years.
It is well within our capacity to reach $5 trillion economy in a few years, she added.
"From $1.85 trillion in 2014, the economy has reached $2.7 trillion mark. We can very well reach $5 trillion dollars in the next few years," Sitharaman said.
In her Budget speech, the finance minister said she has requested the Securities and Exchange Board of India (Sebi) to raise minimum public shareholding in companies to 35 per cent from 25 per cent.
Presenting the full Union Budget for 2019-20, she said her government rejuvenated centre-state dynamic,
cooperative federalism, GST Council and a strident commitment to fiscal discipline. They also set the ball rolling for NewIndia between 2014 and 2019.
Talking about her government’s achievements, the FM said the common man was served even as major transformational reforms were brought in.
Highlights from Budget Speech
- Between 2014 and 2019, we rejuvenated centre-state dynamic, cooperative federalism
- Will further simplify procedures and reduce red tape
- Well within our capacity to reach $5 trillion economy in a few years
- India will become a $3 trillion economy in the current year itself
The Sensex traded 48 points higher after slipping into the negative territory earlier in the day. Nifty was flat at 11,950.
The recent election was charged with brimming hope and desire for a bright and stable New India, said Sitharaman, adding that the people of India have secured two goals – national security and economic growth. The voter turnout was highest, she said, while suggesting that every section came to stamp their approval for a performing government.
Any shortfall in revenue and higher expenditures will be made up through
disinvestment, 4G & 5G auctions, hopefully some dividend from RBI and roll over of food bill if needed.