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Finance Minister Nirmala Sitharaman on Thursday proposed some tax benefits to startups and pension funds.

The government has taken various measures to promote startups in the country. As many as 1.17 lakh startups are recognised by the government so far, she said.

An action plan for Startup India was unveiled on January 16, 2016. In this, the government provided tax and non-fiscal incentives, she said.

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Fiscal deficit for FY25 pegged at 5.1% of GDP against 5.8% in current fiscal: FM

The minister also said that the Indian economy has been put on strong and sustainable growth path.

The finance ministry, in its latest monthly economic review, said that the Indian economy will become the third largest in the world in the next three years with a GDP of $5 trillion from the current $3.7 trillion.

It also said India can aspire to become a $7 trillion economy in the next six to seven years (by 2030).