With Finance Minister Nirmala Sitharaman presenting the Union Budget 2020-21 in the Lok Sabha, NITI Aayog Chairman Amitabh Kant on Saturday spoke about the Union Budget and the impact that it would have.
While interacting with Republic TV's Editor-in-Chief Arnab Goswami, NITI Aayog CEO Amitabh Kant spoke about the tax exemptions proposed in the budget and how we should look at the budget from the long term developmental perspective.
"India is getting into one of the lowest tax regimes, both on the corporate tax side and the direct tax sides. India's challenge was to create world-class infrastructure, and by giving this huge tax exemption to sovereign wealth funds, you will have a lot of resources flowing in the infrastructural side. For startups, this budget has done an enormous lot. This budget will put young entrepreneurs in a very progressive way forward. It also takes the limit of startups from Rs 25 crores to Rs 100 crore."
Talking about the thrust of the budget being technology, Kant said, "This country cannot grow on the back of government, this country has to grow on the back of the private sector. The government puts a huge onus on Private Public Partnership (PPP) it pushes for PPP. The Rail sector will have to be one of the key drivers of India's growth story. The thrust of the budget is in terms of technology."
This year's Budget assumes tremendous significance as the Indian economy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. While beginning her Budget speech, the Finance Minister had said that the focus would be on increasing incomes and elevating purchasing power.
In the Economic Survey 2019-20 tabled on the floor of the Parliament on Friday, the GDP growth for the next fiscal year has been pegged at 6-6.5%. This is much more than the IMF estimate.