INDIAN finance minister Nirmala Sitharaman on Thursday (1) presented the pre-election interim budget in which she said the Narendra Modi government will initiate next-generation reforms and build consensus with the states of the country and other stakeholders to ensure effective implementation.
"Our government will adopt economic policies that will sustain growth and contribute in powering investment and fulfill aspirations," she said.
Sitharaman, who became only the second finance minister to present six consecutive budgets after former Indian prime minister and finance minister Morarji Desai, said the next five years will see unprecedented development and to realise India's goal of becoming a developed country by 2017, the year it turns 100 since getting independence from foreign rule.
She said there is no dearth of opportunity and added that the "trinity of democracy, demography and diversity can fulfil aspirations of every Indian".
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Sitharaman said providing training for micro, small and medium enterprises will be a policy priority and focus will be put on facilitating their growth. The finance minister added that the government will prepare the financial sector for meeting the investment requirements.
Sitharaman also said that the India-Middle East-Europe trade corridor, announced during the G20 summit in New Delhi last September, will prove to be a game-changer for India and the rest of the world.
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"Our vision for Viksit Bharat (developed India) is one of prosperity in harmony with nature and providing opportunity to all to reach their potential," the minister said.
The Indian rupee went up by seven paisa to 82.9725 against the US dollar after Sitharaman started her interim budget, which was presented ahead of the general elections due in a few months. A full-fledged budget will be presented after a new government takes charge.
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