NewDelhi: Union Finance Minister Nirmala Sitharaman is presenting her second union budget today which will focus towards boosting India’s economic growth and maintaining the fiscal disciple. Sitharaman’s budget 2020 highlights would aim to make India a $5-trillion economy in the next five years. The key highlights of India’s budget will determine the future of the country’s economic growth.
For 2019-20, the government’s fiscal deficit was budgeted at 3.3 per cent of GDP. However, the current stress in the economy as shown in the many survey seems to have given Nirmala Sitharaman a clear message that she should go easy on the deficit target and instead open the spending tap a bit more.
In the previous budget (2019-20) of Narendra Modi-led-government the major highlight were building team India with ‘Jan Bhagidari’ that is minimum government maximum governance, achieving green mother earth and blue skies through a pollution-free India, making digital India reach every sector of the economy, launching space and satellite programmes, building physical and social infrastructure, water management, clean rivers, blue economy.
Union budget 2019 also focused on the agriculture sector with lunching schemes for self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables. The budget also bought with it some major beneficiaries in the field of health schemes achieving a healthy society via ayushman bharat, well-nourished women & children, safety of citizens.
The previous budget also paid emphasis on MSMEs, start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under the ‘Make in India’ scheme of the government.
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Central government’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014, says Nirmala Sitharaman
FDI increased from $119 billion to $ 284 billion in between FY 2014 to 2019.
4 % household spend saved due to introduction of GST – FM
60 lakh new tax payers added in the Indian economy.
Inspector Raj has vanished in the MSME sector, says FM during Union Budget 2020 presentation
”GST council has been pro-active in resolving issues” – FM Nirmala Sitharaman.
In her second budget presentation Finance Minister Nirmala Sitharaman said GST has been one of the most historic achievement of the government.
Budget facts: The first Union budget of independent India was presented by RK Shanmukham Chetty on 26 November 1947
As per the survey reports, the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme of the government is likley to see a change in the budget.
Economy survey 2020 stated that the Union Budget 2020 should focus towars strengthening the invisible hand by promoting pro-business policies to provide equal opportunities for new entrants.
As per the Economy survey released by the Narendra Modi led government, India’s aspiration to become a $5 trillion economy depends critically on strengthening the invisible hand of the market.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman budget will take into account the Economic Survey 2019-20 which was tabled in Parliament on Friday (January 31).
Bureau Report
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