Home Minister Amit Shah, lauding the Union Budget 2020, claimed that the Modi government has taken effective steps in various aspects including--tax system, investment, infrastructure, banking system and business. He asserted that the Budget 2020, presented by Finance Minister Nirmala Sitharaman on February 1, will work towards the government's $5 trillion-dollar economy target.
Amit Shah said, "In this budget, the Modi govt has taken effective steps to rationalize the tax system, boost the basic infrastructure, strengthen the banking system, promote investment and ease of doing business, which will further Modi govt’s resolve to make India a 5 trillion-dollar economy."
मोदी सरकार ने इस बजट के माध्यम से हर वर्ग के करदाताओं को आयकर में एक बड़ी और अभूतपूर्व राहत देने का काम किया है। विशेष रूप से मध्यम वर्ग के वेतनभोगी करदाताओं को न सिर्फ कम कर देना पड़ेगा बल्कि कर व्यवस्था के सरलीकरण से उनको राहत भी मिलेगी। #JanJanKaBudget— Amit Shah (@AmitShah) February 1, 2020
Earlier on Saturday, BJP's Dr. Subramanian Swamy opined on the the possibility of India reaching the $5 trillion target by 2024. Responding to a Twitter query, the BJP leader noted that anything is 'possible' in economic, however, also stated that it is not 'probable' to achieve the target. To reach the benchmark of $5 trillion, Swamy said that there needs to be a 18.6% growth in the GDP per year, a 13.8% rise than the current number. In a tweet, he said, "Now since only 4 years to go it needs 18.6% per year GDP growth rate. Possible? Anything is economics is possible. Probable? No!"
In Nirmala Sitharaman's maiden budget presented on June 5, the newly re-elected Modi government set the ambitious course to achieve a $5 trillion economy by 2024, considering the past 5 years' accelerated growth. Sitharaman, who is the first woman to present the Union Budget since former Prime Minister Indira Gandhi, announced no changes in personal income tax rates but levied an additional surcharge on the super-rich. Moreover, the budget also announced a reduction in corporate tax and subsidies to the housing sector, startups and electric vehicles apart from boosting cashless economy.
Since then the Indian economy's growth has slumped to 4.5%, staring at a 45-year high on unemployment. While the key challenge the Finance Minister faces is kickstarting market demand, she also battles India's job crisis, diminishing FDI, growing inflation. In an attempt at course correction, the Modi government had announced the merger of 9 PSU banks into 4, major corporate tax cuts, policy changes in the automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase the consumer demand during the past year.
Finance Minister Nirmala Sitharaman on Saturday cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha. Sitharaman had only two pages of her Budget speech unread when she appeared uneasy and was seen wiping sweat from her forehead.