Budget 2020's Focus 'boosting Incomes & Elevating Purchasing Power': FM Eyes Demand Growth

Union Budget

FM Sitharaman in her opening remarks while presenting her second Union Budget said, "This is a budget to boost the incomes & enhance purchasing power of people"

Written By Jay Pandya | Mumbai | Updated On:

Finance Minister Nirmala Sitharaman on Saturday began her Budget speech after Lok Sabha Speaker Om Birla invited her to present the first Union Budget of the decade. In her opening remarks, she said that under PM Modi's leadership, the Government is committed to serving the people of India with "all humility and dedication" She also said that this is a budget to "boost the incomes and enhance the purchasing power of the people", signalling her intent. 

"People have reposed faith in our economic policy"

The Finance Minister said, "I rise with your permission to present a statement of the estimated receipts and expenditure of the Government of India for the year 2020-2021. In May 2019, Prime Minister Modi received a massive mandate to form the government again. With renewed vigour, under his leadership, we commit ourselves to serve the people of India with all humility and dedication. People have reposed faith in our economic policy. This the Budget to boost their incomes and enhance their purchasing power."

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'Inflation has been well contained'

She added, "Only through higher growth, we can achieve that and have our youth gainfully and meaningfully employed. Let our businesses be innovative, healthy and solvent with the use of technology. For every member of the Scheduled Caste, Scheduled Tribes who seek a better life, for every woman wishing to stand up and get counted, for every individual from the minority section of our society, this budget aims to give and have your aspirations and hopes at rest. Nirmala Sitharaman also stated that the fundamentals of the economy are "strong" and inflation has been "well contained."

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Nirmala Sitharaman said that Budget 2020 is broadly divided into three major themes - aspirational India, economic development and building a caring society that is humane. She reiterated that the Narendra Modi government is committed to doubling farmers income by 2022. "Agricultural markets need to be opened and liberalised. Fisheries, animal husbandry and dairy need to be provided for,” she said." In its Economic Survey 2020 released on Friday, the Union government predicted that the economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth.

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