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May 2020
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Need to find a way to outlast Pujara in summer series: Cummins        La Liga can resume week of June 8 - Spanish Prime Minister        Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks        Will try to restart international flights before August: Puri        Iran warns US not to interfere with Venezuela oil shipment        Sri Lanka to ease coronavirus restrictions from May 26        Coronavirus cases cross 10,000-mark in Ahmedabad, 24 deaths        Amphan toll rises to 85 in Bengal; protests over electricity, water supply        Prisoners aged above 60 to be released on emergency parole to decongest jail in Delhi        Record jump in COVID-19 cases, 137 more deaths        Bryant items fetch premium prices, Trout card sets record        Baseball players respond to MLB on virus protocols        RBI extends moratorium on loans for another 3 months till Aug        Sensex, Nifty turn choppy; RIL jumps on KKR deal        Quarantine must for domestic air travellers: Kerala govt        At least 57 killed in Pakistan passenger plane crash in Karachi        China introduces new security bill in parliament to tighten controls over Hong Kong        Trump lashes out at scientists whose findings contradict him        COVID-19 death toll climbs to 3,583 in India        Pak troops shell LoC areas in twin sectors of Poonch, Rajouri        
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Kerala News
India set to reach $3 trn eco this fiscal; need structural reforms to be $5 trn: FM
 
New Delhi: India is set to become USD 3 trillion economy in the current fiscal, and structural reforms are needed to reach USD 5 trillion in next few years, Finance Minister Nirmala Sitharaman said in the Union Budget 2019-20 Friday. Presenting the first Budget of the Modi government in its second term, she said the Indian economy, which stood at USD 1.85 trillion five years back, has reached USD 2.7 trillion now, and is within capacity to reach USD 5 trillion in the next few years. "The Indian economy will grow to become a 3 trillion dollar economy in the current year.

It is now the sixth largest in the world. Five years ago, it was at the 11th position. In Purchasing Power Parity terms, we are in fact, the 3rd largest economy already, only next to China and the USA. To attain USD 5 trillion economy and more, India needs to continue undertaking many structural reforms, Sitharaman said in her first ever Budget presentation. The minister said the government in the last five years brought about many big reforms in particular, in indirect taxation, bankruptcy and real estate. "While these reforms were happening here in the Parliament, the common man''s life was being changed through Mudra loans to help him do his business, and through several programmes it was being ensured that his/her kitchen become smokeless, his/her house got electricity connection and women''s dignity was respected with the provision of toilets in homes," she said.

The common man was served even as major transformational reforms were being rolled out. "And for this to continue, we need to invest heavily in infrastructure, in digital economy and on job creation in small and medium firms. "It took over 55 years for the Indian economy to reach 1 trillion dollar but when the country and her people''s hearts are filled with aasha, vishwas and aakansha that is, when hearts are filled with hope, trust and aspirations, we, in 5 years, added 1 trillion dollar. Today we are nearing a 3 trillion dollar level," she said. The minister said the target of reaching a USD 5 trillion economy is eminently achievable on the back of hard labour of the people of the country. "...their goals of human pursuit filled with their inherent desire to progress led by the dedicated leadership present in this House, the target is eminently achievable," the finance minister said.

She also recognised that India''s private sector industries, be it small, medium or large, have played a substantial role in growing the economy. "I recall the words of an eminent industry leader, who said that his company''s growth has always aligned itself with India''s growth, before and post-independence. So if before-independence, India Inc understood ''Swadeshi'', today they understand ''Make in India''. "We do not look down upon legitimate profit-earning. Gone are the days of policy paralysis and license-quota-control regimes. India Inc is India''s job-creator. They are the nation''s wealth-creators," Sitharaman said. The minister said, together, with mutual trust, India can gain, catalyse fast and attain sustained national growth. "I wish to propose a number of initiatives as part of a framework for kick-starting the virtuous cycle of domestic and foreign investments," she said in her speech.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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