Finance Minister Nirmala Sitharaman is presenting her second budget today amidst a rapidly worsening economic outlook. The GDP touched a 6-year low of 4.5% in the July-September quarter last year. The finance minister is likely to announce government expenditure on infrastructure and cut personal tax to boost spending.
The budget comes a day after the government’s own economic survey predicted weak GDP growth for the next financial year. The Economic Survey 2019-20 tabled in the parliament on Friday predicted the GDP growth between 6% and 6.5% in the fiscal year starting 1 April. If this prediction holds true, this will be up from the current 5%. The survey also said that the fiscal deficit target for the current financial year may need to be relaxed to revive economic growth.
Here are the key highlights of today’s budget:
- Vineet Agarwal, Senior Vice President, ASSOCHAM: Our expectation from #Budget2020 is broadly that how will govt policies align towards country’s&PM’s goal of $5 trillion economy. We’re expecting some areas of guidance from the govt&policies that could help us to lead towards that (ANI)
- Amit Gossain, MD, Kone Elevators on #Budget2020: Real estate sector should become an industry& I think they will do something about it. Real Estate is still struggling. There are liquidity crisis. It should be taken care of. Once real estate picks up it is good for employment too (ANI)
- Congress expresses hope Union Budget would provide relief to salaried class through tax cuts and invest in rural India besides providing healing touch to common man, industry facing ‘hardship’ since demonetisation (PTI)
- Sitharaman is seen holding a folder containing the Union Finance Budget documents at the North Block in New Delhi on Saturday.
- Sitharaman arrives in parliament
Union Budget 2020: Nirmala Sitharaman presents her second budget amidst economic slowdown
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📢MBK Team | 📰JantaKaReporter
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