This Union Budget lays down the roadmap for India to become a USD 5 trillion economy over the next five years. Some of the key features of the Union Budget are:
Promoting liquidity in domestic market
The government has made a budgetary allocation of INR 70,000 crore for further investment in the public sector banks to boost credit for a strong impetus to the economy. Measures to promote investments in NBFC have also been announced.
Tapping external market for domestic capital requirement
It is proposed to raise sovereign debt in foreign currency for the first time. Further, it is proposed to liberalise FDI regulations for several restricted sectors.
Promoting use of electric vehicles
The government has made an outlay of INR 10,000 crore over the next three years for the scheme to incentivise the purchase of electric vehicles. Tax benefits have also been announced to promote the manufacturing and purchase of electric vehicles.
Promoting digital economy
The government has announced several measures in the Income-tax Act to promote the use of digital mode of payments.