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Investment-driven growth envisaged in Budget’19

Finance Minister, Smt. Nirmala Sitharaman, laid out a roadmap towards investment-driven growth in Union government’s 2019 budget. The budget seeks to allow Foreign Institutional and Portfolio Investors to invest in debt securities given by non-banking financial companies (NBFC), enabling them to raise funds. The Minister also spoke about the fusion of investments made through NRI portfolio route with foreign portfolio investment. This merger will usher in a single regime for foreign investors and regulate investments and funds brought in by non-resident Indians (NRIs) and Persons of Indian Origin (PIOs). Further, it has been proposed to permit 100% FDI for insurance intermediaries. The government is also considering further opening up of foreign direct investment (FDI) in aviation, media, animation and insurance sectors, and emphasised on the importance of P-P-P for critical projects.