New Delhi: Union Finance Minister, Nirmala Sitharaman, in her first budget of the second term of the Modi government announced that Government will invite suggestions for further opening up of FDI in various sectors including Media and Animation, Visual effects, Gaming and Comics (AVGC).
The list of sectors proposed for FDI in the Budget 2019 includes Aviation sector, Media and AVGC (Animation, Visual effects, Gaming and Comics) and Insurance sectors and single brand retail. The decision will be taken after due consultation with all stakeholders. In her Budget speech FM also said that India’s FDI inflows in 2018-19 grew by 6 per cent to USD 64.37 billion.
She added that India Inc is the job creators, are the nation’s wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth.
The Finance Minister predicted that the Indian economy will grow to become a $3 trillion economy in the current year itself and reported that it is now the sixth largest in the world. 5 years ago it was at the 11th position.
Briefing her Vision for the decade Sitharaman added,“From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars withing five years. We are well within capacity to reach $5 trillion economy in next few years.”