Lawstreet Journal

The Most Awaited 2020 Union Budget: Key Highlights [Read Finance Bill]

Lawstreet Journal 1 Feb 2020 10:32pm

Image courtesy: Lawstreet Journal Executive The Most Awaited 2020 Union Budget: Key Highlights [Read Finance Bill]

The Union Budget 2020-2021 was presented today at 11 am, the 1st of February 2020, by the Finance Minister Niramala Sitharaman amidst a struggling economy with a six year low GDP growth. The budget comes in between a falling market situation in India with real estate, agriculture, manufacturing and automobile sectors being hit worst.India's GDP growth rate was recently revised downwards to 6.1 per cent from 6.8 per cent estimated earlier for fiscal year 2018-2019. The Economic Survey report for 2019-2020 was released on January 31, 2020, just a day before the release of Union Budget 2020-21. The Survey 2019-20 has projected India’s GDP growth to be 6-6.5% in the next fiscal year [2020-2021].

The new budget is primarily focused on reforms aimed at the revival of the downfall of economy and stimulating the consumer demand.  It is expected to ease the market fear and raise spending, enabling a revival in Indian economic growth. There are hopes that the government will allocate more funds for infrastructure development, address the major employment crisis, ease farmer distress and income tax pressure and boost public spending. According to the economic survey 2020 in November 2019, India launched its biggest privatisation drive in more than a decade. Given that unemployment and lack of jobs remains one of the big failings of the government, the Economic Survey 2019-20 has set out a framework using a Chinese model on how India can create four crore well-paid jobs by 2025 and 8 crore jobs by 2030.

This Budget aims to… Continue Reading...

Tagged: Niramala Sitharaman   Union Budget  
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