Prime Minister Narendra Modi has sought advice and suggestions from 130 crore Indians for the Union Budget 2020 which will be presented by Finance Minister Nirmala Sitharaman on February 1. “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,” PM Modi said on micro-blogging site twitter.
The Finance Ministry is also open to taking suggestions to add to the Union Budget. It tweeted it’s specifically looking for ideas on what can be done to improve the farm sector and education.
The government has forecast 5 per cent growth for the current fiscal, the slowest pace in 11 years, which will likely prompt Finance Minister Nirmala Sitharaman to opt for extra fiscal stimulus when she presents the Union Budget next month.
Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, blamed on weakening demand and private investment, putting pressure on Prime Minister Narendra Modi to speed up reforms as five rate cuts have failed to help. The financial year ends in March.
The government is expected to announce tax concessions for individuals and increase spending on infrastructure after cutting corporate tax rates last year. Ms Sitharaman last week unveiled a plan to invest Rs 102 lakh crore in infrastructure over the next five years in a bid to make India a $5 trillion economy by 2025.No tags for this post.