Budget 2020 Highlights : Nirmala Sitharaman Spells Out Budget Theme - 10 Points | PM Modi | TV5 News

Budget 2020 Highlights : Nirmala Sitharaman Spells Out Budget Theme - 10 Points | PM Modi | TV5 News

Finance Minister Nirmala Sitharaman has begun presenting her second Union Budget. As she rises to reveal her answer to a frail economy, steps to boost consumer demand and revive growth will be watched closely. Beganning her presentation in parliament with a tribute to former Finance Minister Arun Jaitley who died last year, Ms Sitharaman termed the GST "historic structural reform". Today's Union Budget, the third in a span of one year, will seek to kickstart an economy staring at the worst pace of expansion recorded since the 2008-09 global financial crisis. The government is widely expected to raise spending on infrastructure and cut some personal tax to spur consumer demand and investment. The stock markets, which have been volatile ahead of the Budget day, will remain open for a special trading session.

Here are 10 things to know about Budget 2020:
The Finance Minister began her speech by saying that the Budget 2020-21 is for boosting income and improving the purchasing power of people.
“Only through higher growth can we have our youth gainfully and meaningfully employed,” said the Finance Minister. “Fundamentals of the economy are strong and that has ensured macroeconomic stability… And inflation well contained.”
Calling Goods and Services Tax (GST) the “most historic reform”, the finance minister said that the turnaround time of trucks has seen a substantial reduction. A simplified return format for GST will be introduced from April 2020, she said.
The Finance Minister said 16 lakh individuals have been added to the taxpayers' base.
She also said the government is committed to doubling farmers' income by 2022.
The Union Budget comes at a time when the GDP growth rate has been spiralling downwards in the last five quarters. It slowed to 4.5 per cent in the July-September quarter - the weakest pace since 2013.
Consumer inflation - which is the rate of increase in consumer prices - has worsened to a more than five-year high thanks to rising prices of vegetables and especially onion, staying above the RBI's goal for the third month in a row.
Consumer confidence - which reflects various parameters such as employment, inflation, income and spending - is at the lowest level since 2014. It dropped to 89.40 points in the third quarter of 2019 from 97.30 points in second quarter of 2019, according to the RBI.
The Finance Minister may announce a roadmap for investing the already-announced Rs 105 lakh crore in infrastructure over the next five years as this could go a long way in making India a $5-trillion economy. Prime Minister Narendra Modi has increased state spending on roads, railways, airports and ports since assuming office in in 2014.
The Economic Survey has pegged gross domestic product (GDP) growth at 5 per cent in the current financial year, which it said would pick up to 6-6.5 per cent in financial year ending March 2021.
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Budget 2020 LIVE Updates : #Budget #Budget2020 #Loksabha #Modi
Finance minister Nirmala Sitharaman is set to present her second Union Budget, which contains the details about the government’s revenue and expenditure for fiscal year 2020-21, on Saturday. However, contrary to the popular belief, Nirmala Sitharaman is not the first Finance Minister of India. It was former Prime Minister Indira Gandhi, who presented the budget in 1970-71.

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