NEW DELHI: The Budget proposals regarding infrastructure improvement and lowering corporate tax rate would help the country become a USD 5 trillion economy in the coming years, the International Chamber of Commerce (ICC) - India said Saturday.
ICC - India President Vikramjit Singh Sahney said that the proposals with regard to easing foreign direct investment norms in certain sectors would help attract more overseas inflows.
The government in the Budget has proposed relaxation in the FDI norms for sectors such as aviation, insurance, animation media and single-brand retail.
The Modi 2.0 government's maiden Budget Friday hiked petrol and diesel prices, raised import duty on dozens of items and increased tax on the super-rich as it sought to spur growth through higher spending and sops for startups, housing and corporates.
"India has all set to become USD 5 trillion economy through various Budget announcements by spurring growth through spending in infrastructure, lowering corporate tax rate and establishment of national power and gas grid," Sahney said in a statement.
He also said steps related to rationalising custom duties, would help support Make in India programme.
Sahney, who is also chairing BRICS Agri Business Council, said that announcements like investment in developing infrastructure in both agriculture and allied farm sector, and encourage private entrepreneurs in food processing would help farmers increasing their incomes.