Govt asks States to work towards achieving the US$ 5 trillion economy of India by 2024-25.

The Economic Survey 2018-19 and the Union Budget 2019-20 have indicated the government's goal of making India a US$ 5 trillion economy by 2024-25. To achieve this goal, the economy needs to grow at high and robust rate. To boost the economic growth of the economy, Government has announced various measures in the Budget 2019-20; which, inter alia, include, further liberalisation of Foreign Direct Investment policy, increasing the annual turnover limit from Rs. 250 crore to Rs. 400 crore for a lower corporate tax rate of 25 percent, additional income tax deduction of Rs. 1.5 lakh on the interest paid on affordable housing loans and moving the GST council for reduction of GST rate on electric vehicles from 12 percent to 5 percent. 

 

The budget provides a push to infrastructure development with the intention to invest Rs. 100 lakh crore in infrastructure over the next five years and by restructuring of National Highway Programme. Scheme of Fund for Upgradation and Regeneration of Traditional Industries (SFURTI) has been started to facilitate cluster based development to make the traditional industries more productive, profitable and capable for generating sustained employment opportunities.