Union Budget 2020 | Nirmala Sitharaman to present budget on Feb 1, here's all you need to know
New Delhi | Jagran Business Desk: The first full time of the Modi government 2.0 for the financial year 2020-21 will be presented by Nirmala Sitharaman on February 1. In its first full time budget since re-election in 2019, the government is expected to announce about key measure to revive the economy which is struggling against a slowdown and of job losses.
The government has taken a slew of measures, including a sharp cut in corporate tax to address the slowdown in the economy, these steps are yet to yield significant results.
Here’s all you need to know about Union Budget 2020:
* The Modi government will present the first full time budget since its re-election in 2019 on February 1. This is the second time 2015 when the budget will be presented on a Saturday.
* The idea behind starting the budget in in February is to complete the process by March 31 so that expenditure exercise for 12 months could begin on April 1.
* The expectations from the Budget 2020 is high as it comes amid a deep downturn in the economy, investment and lack of jobs. The government has also taken a slew of measures to address the slowdown.
* The government recently released the GDP growth data which showed India's GDP growth slowing to an 11-year low of 5 per cent in the current fiscal due to poor showing by manufacturing and construction sectors.
* According to the National Statistical Office (NSO) data, the manufacturing sector output growth will decrease to 2 per cent in 2019-20, down from 6.9 per cent in the previous financial year. Likewise, the construction sector growth is estimated at 3.2 per cent as against 8.7 per cent in 2018-19.
* So ahead of presentation of Budget 2020-21, Prime Minister Narendra Modi also met with around 40 economists, industry heads, experts, bankers and entrepreneurs where he addressed them on India's target of achieving a USD 5 trillion economy.
* In the meeting, PM Modi discussed ways of boosting growth and job creation, apart from a host of other issues raised by the participants, including investment climate, credit growth and structural reforms.
* “The Prime Minister addressed the gathering of industry, economists, experts and entrepreneurs on the USD 5 trillion dollar target and their role in helping the economy achieve it. The meeting discussed the consumption slowdown, investment climate , exports, credit growth, governance of PSBs (public sector banks), asset monetisation, real estate, external commercial borrowings, the MGNREGA rural emplyment scheme, textiles , start-ups and cluster developmentm" among others,” sources -- quoted by IANS -- said.
* PM Modi sought to directly engage with people for their demands, aspirations and wishes from the Union Budget in reaching towards developmental growth. "The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India's development. I invite you all to share your ideas and suggestions for this year's Budget on MyGov", he tweeted on Wednesday.
* Finance Minister Nirmala Sitharaman on Thursday also held pre-budget consultation with party functionaries. She held four rounds of meetings with BJP leaders at the party headquarters in New Delhi taking feedback for the budget.
(With agency inputs)
Posted By: Aalok Sensharma