Economy

Finance Minister Nirmala Sitharaman to present Budget 2020 at 11 am

Finance Minister Nirmala Sitharaman to present Budget 2020 at 11 am”

The survey is usually released a day before the Union Budget is tabled. In a major step, the Survey pegs India's GDP growth at 6-6.5% rather than the 4.8% projection by the International Monetary Fund for 2020-21.

Sitharaman is also expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of a $5 trillion economy by 2025.

Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a "bahi-khata". Moreover, the budget also announced a reduction in corporate tax and subsidies to the housing sector, startups and electric vehicles apart from boosting cashless economy.

Sitharaman has held a series of meetings with different sectors over the last month ahead of the preparations of the Union Budget 2020.

More news: Last possible coronavirus case in MI ruled negative

The Union Budget 2020 will be the seventh consecutive Budget of the BJP-led NDA government.

India gears up for the Modi government's second Union Budget which will be presented by Union Finance Minister Nirmala Sitharaman in the Parliament at 11 AM on Saturday- 1 February 2020. After that, the finance minister will meet the President and then leave for the parliament to table the Union Budget at around 11 am.

Explaining the current situation in the country, PM Narendra Modi's former chief economic advisor, Arvind Subramanian wrote, "India is facing a great slowdown", while former RBI governor Raghuram Rajan and Nobel laureate Abhijit Banerjee too have echoed similar concerns due to record "low consumer spending and rising balance deficit".

This year the survey pegs GDP growth at 6-6.5% in the fiscal year starting April 1, up from 5% in current fiscal.



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