Credit Guarantee Enhancement Corporation to be set up: Sitharaman

Finance Minister Nirmala Sitharaman on Friday announced to set up the Credit Guarantee Enhancement Corporation (CGEC) to give a boost to the country's growth process.

"The Credit Guarantee Enhancement Corporation will be set up in 2019-20," she said while presenting the Union Budget 2019-20 in the Lok Sabha on Friday.

She also announced an "action plan to deepen markets for long-term bonds with a specific focus on infra sector to be put in place."

Earlier she praised India Inc, saying that the country's job creators are the nation's wealth creators while presenting the Union Budget for 2019-20.

"India Inc, our job creators, is the nation's wealth creators. Together, we can prosper. I wish to propose the number of reforms to kick start virtuous cycle of growth," she said.

"When we aspire to reach 5 trillion dollars, many wonder whether it is possible. The target is eminently achievable. Given our citizens' desire and the leadership of the government," she added.

She also said that the objective of her government was a strong nation and strong people.

"Our objective was and continues to be 'Mazboot Desh Ke Liye Mazboot Nagrik'. With determined human efforts the task will surely be completed," she said.