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India to ease foreign investment rules in push for $5tn economy

Finance minister lays out plans to boost infrastructure in budget speech

Indian Finance Minister Nirmala Sitharaman arrives to present the 2019 budget in parliament on July 5.   © Reuters

NEW DELHI -- In its first budget since returning to power in a landslide election, Prime Minister Narendra Modi's government unveiled plans to boost foreign investment as part of his push for a $5 trillion economy.

Nirmala Sitharaman, India's first full-time female finance minister, said on July 5 that India plans to further open up investment in sectors such as aviation and insurance, and relax local sourcing rules for single-brand retailers.

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