India unveils annual budget aimed at reversing weakening economic growth and investment
India's Finance Minister Nirmala Sitharaman arrives to present the 2019 budget in Parliament in New Delhi, India on July 5, 2019.
Finance Minister Nirmala Sitharaman, presenting the annual budget statement to parliament, said the government planned structural reforms to kickstart foreign and domestic investment. Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 tr illion that a government report on Thursday said will be done on the back of higher investment, savings and exports in the way China's growth was propelled.
Capital Economics said in a note on Friday that reaching that target "is dependent in large part on achieving real GDP growth of 8 percent a year, which we think is unlikely."Land and labour reforms are difficult in a democracy like India and it seems unlikely Modi will risk drawing the ire of his Bharatiya Janata Party voters that re-elected him with a huge mandate.
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