The tax exemption given to sovereign wealth funds for infrastructure development in the Union Budget 2020 will spur growth in the infrastructure sector, NITI Aayog CEO Amitabh Kant said on Saturday.
"This is a development-oriented budget. Our corporate and indirect tax regime will become one of the lowest in the country. The dividend distribution tax has been removed. Additionally, our country needs infrastructure creation. In view of that, sovereign wealth funds have got tax exemption for infrastructure. For startups also important measures have been introduced," Kant told ANI.
"There is a focus on Public-Private-partnership. There is a lot of focus on technology as well. For instance, the budget talks about quantum computing," he added.
Union Finance Minister Nirmala Sitharaman on Saturday presented Union Budget for 2020-21, which proposes to give the Indian economy an impetus to emerge as more vibrant and stronger.