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Home / News / India News / Budget 2020: Nirmala Sitharaman presents budget amid economic slowdown
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Budget 2020: Nirmala Sitharaman presents budget amid economic slowdown

Budget 2020: Nirmala Sitharaman presents budget amid economic slowdown
Written by Shalini Ojha
Feb 01, 2020, 11:14 am 3 min read
Budget 2020: Nirmala Sitharaman presents budget amid economic slowdown

All eyes are on Finance Minister Nirmala Sitharaman as she is presenting her second budget today. The BJP leader is expected to make announcements that will revive the Indian economy, which is witnessing a historic slump since the 2008-09 crisis that affected the entire globe. The question that's concerning everyone is — Will Sitharaman provide some relief to the common man?

Slump
So, how big is the economic problem, really?

The GDP growth rate has been touching new lows and went through its worst phase since 2013 in the July-September quarter. It was recorded at 5%. Almost all the sectors, from agriculture to automobile and real estate, have shown no growth in the last couple of months. Recently, the International Monetary Fund (IMF) said India's slowdown was adversely affecting the world economy too.

Steps
To boost demand, government must spend money

Sitharaman faces the mammoth challenge of convincing investors that her revenue and expenditure projections are credible. Many believe that to rekindle the animal spirits in the economy, she shouldn't sit back and instead put in more money to boost overall demand. The government's 2018 decision to drop target revenue deficit meant that it borrowed money for its everyday finances, affecting funding of capital expenditure.

Tax rates
Middle class wants a tax relief. Can government afford it?

There are high hopes that Sitharaman will cut tax rates, and make the middle class happy. Putting in more money for spending will directly have an effect on manufacturing. However, since the contribution of salaried class to the exchequer is the most prominent, a relief might pinch the government's spending too. As far as corporate tax rates are concerned, some relaxations are expected.

Infrastructure
Infrastructure and privatization could be on focus today

Prime Minister Narendra Modi has an ambitious dream of making India a $5 trillion economy, and to achieve this, the government had announced that it will spend Rs. 105 lakh crore on infrastructure. Today, it's expected that Sitharaman will lay down a roadmap for investing this humongous amount of money. The budget might also focus on privatization.

Economic Survey
In Economic Survey, CEA spoke about "Assemble in India"

The Economic Survey, prepared by a team led by Chief Economic Advisor Krishnamurthy Subramanian, was presented yesterday, wherein India's GDP growth rate for the financial year 2020-21 was projected at 6-6.5%. Subramanian said to generate employment, which hit its four-decade low in 2017-18, schemes like "Assemble in India for the world" should be promoted. He also called for respecting wealth creators.

Twitter Post
Copies of budget have reached the Parliament

Delhi: The printed copies of the Union Budget being checked by a sniffer dog as part of a security check ahead of the presentation of Budget at 11 am pic.twitter.com/1t9mOoIG1p

— ANI (@ANI) February 1, 2020
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Shalini Ojha
Shalini Ojha
Twitter
A mathematics graduate, I handle the national desk. Always looking for items to read, I started off as an entertainment beat writer and made the switch three years into my career. My talents include breaking news and being on top of trending topics.
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