Finance Minister Nirmala Sitharaman presented the Budget 2019-20 in the Parliament on Friday, the first budget since the Narendra Modi-led BJP government came back to power in May.

Here are the highlights of Budget 2019:

 $3 Trillion Economy This Year

Sitharaman said India will become a $3-trillion economy in the current fiscal year. “It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion,” she said.

Housing, Electricity For All By 2022

Govt aims to achieve housing for all by 2022 and plans electricity, clean cooking facilities for all families by 2022.

Water For All Rural Houses By 2024

The Jal Shakti ministry to ensure water supply to all rural households by 2024.

Tenancy Law

A model tenancy law will be formulated.

Pension programme for retail traders

The government will introduce a pension programme, the Pradhan Mantri Karma Yogi Maan Dhan Scheme, for 30 million retail traders with less than Rs 1.5 crore turnover.

Foreign Direct Investment

— Will increase FDI in aviation, media and animation

— Ease FDI norms for single-brand retail

— Further open up FDI into insurance sector 

Pre-Budget Economic Survey

Sitharaman presented the pre-Budget Economic Survey in the Parliament on Thursday which said India’s economic growth will rebound from a 5-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy’s size to $ 5 trillion by 2024-25.

The real GDP growth, which slowed to a five-year of 5.8 per cent in the first three months of 2019 ― well below China’s 6.4 per cent, is expected to rise to 7 per cent in the fiscal year 2019-20 that started in April, it said.

India is currently the sixth-largest economy in the world with a size of USD 2.7 trillion. It is expected to overtake Britain to become the fifth-largest next year.

Authored by Chief Economic Adviser Krishnamurthy Subramanian, the Economic Survey said investment (especially private), is the ‘key driver’ that boosts demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction and generates jobs.

While the survey retained the fiscal deficit estimate for 2018-19 at 3.4 per cent, the general fiscal deficit — Centre and states combined — was pegged at 5.8 per cent in 2018-19, down from 6.4 per cent in the previous fiscal.

For India to become a $5 trillion economy (more than double the current size) by 2024-25, it needs to sustain a real GDP growth rate of 8 per cent, which international experience suggests is possible only through a sustained “virtuous cycle” of savings, investment and exports.

It said oil prices will decline in current fiscal, pushing consumption. Consumption accounts for about 60 per cent of the GDP.

Stating that low pay and wage inequality remain serious obstacles towards achieving inclusive growth, it called for legal reforms, policy consistency, efficient labour markets and use of technology focus areas.