Key Budget Announcements and Implications for
Foreign Organisations in India
On 5th July 2019, our newly appointed Hon’ble Finance Minister (FM), Nirmala Sitharaman, presented her maiden budget under Modi 2.0 government for the 6th largest economy in the world presently standing at $2.7 trillion.
Being the first budget after the historic victory of Modi Government in the recent Lok Sabha elections, the expectations from the budget were high.
Key highlights of the budget are:
- Promotion of digital economy
- Relaxation of Foreign Direct Investment (FDI) norms for certain sectors
- Promotion of entrepreneurship and skill development
- Proposals announced to reform India’s education sector
- Fillip to corporate bond market