Hours ahead of the Union Budget 2020, BJP's Sambit Patra listed a 10-point primer on why why the country is looking towards a 'sunrise' in years to come. Listing 10 points, the national spokesperson of the ruling BJP, elaborated on the 'R&R Budget' (reform and rebound). The Union Budget will be presented by Finance Minister Nirmala Sitharaman in the Parliament at 11 AM on Saturday.
Asserting that there are 'good times ahead' as far as the GDP and economy of the country is concerned, Sambit Patra said, "I would say, this would be an R&R Budget, that is reform and rebound budget. The economic survey also talks about the bold reforms the government needs to put it to place so we rebound back. The good news is the economic survey talks about 10 bold points as to why we are looking towards the sunrise in the years to come."
Here are the 10-points listed by Sambit Patra:
1. Picking up of the NIFTY
2. Upbeat secondary market
3. High FDI inflows
4. Build-up of demand pressure
5. Positive outlook for rural consumption
6. Rebound of industrial activities
7. Steady improvement of manufacturing
8. Growth in merchandise exports
9. Higher build-up of foreign exchange reserves
10. GST revenue collection increasing by aprox 4.1%
In preparation to the budget, the Chief Economic Advisor Krishnamurthy Subramanian on Friday presented the Economic Survey 2020 - charting a path to turn around the current downward trend of GDP growth towards a $5 trillion economy. In a major step, the Survey pegs India's GDP growth at 6-6.5% rather than the 4.8% projection by the IMF for 2020-21.
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.
(with PTI inputs)