Finance Minister Nirmala Sitharaman on Saturday tabled Union Budget 2020-2021. During the presentation of the budget, Sitharaman said that this Budget is woven around three prominent themes, namely Aspirational India, Economic development, and lastly, a caring society.
"First is aspirational India in which all sections of society seek a better standard of living with access to health, education and a better job."
"Second - economic development - indicated in Prime Minister's exhortation 'Sabka Saath Sabka Vikas, Sabka Vishwas' which would entail reforms across swathes of economy simultaneously yielding more space for the private sector, together they would ensure higher productivity and greater efficiency."
"Three - ours shall be a caring society, that is both humane and compassionate."
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.
Sitharaman added that unprecedented milestones were achieved in the last economic year. Speaking about GST, she says: "GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST."
Sitharaman 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.
While starting her speech, Nirmala Sitharaman had outlined that the Budget's focus would be increasing incomes and boosting purchasing power. She had outlined its three themes - 'Aspirational India, Economic Development for all, and that India shall be a caring society.'