USISPF: India aiming for 5 trillion economy after the Union Budget 2021
The US-India Strategic and Partnership Forum (USISPF) stepped its foot as bold and visionary which would launch India’s economy into a growth trajectory on Monday.
“We applaud India’s budget. It is bold and visionary, launching the economy into a growth trajectory. The budget positions India towards its target of a USD 5 trillion economy,” said Mukesh Aghi, USISPF President.
“The Indian government’s commitment to growth is also reflected in the milestones and timelines that it has set forth,” Aghi said, adding that the USISPF is confident that the global investment community will embrace the expansion of India’s economy over the next 12-24 months.
The Union Budget 2021-22 has taken into consideration the needs of all sectors of the economy, reflecting a robust growth plan for India to become a USD 5 trillion economy, he added. Increased government spending in critical areas of the economy such as agriculture, infrastructure, healthcare, education and defence was much needed.
The new Development Finance Institution will facilitate foreign investment in infrastructure while the consolidation of the Securities Market Code will make the investment climate more welcoming to foreign capital.
The new budget props up the flagging economy amid the COVID-19 pandemic and boost spending across sectors.