Finance Minister Nirmala Sitharaman echoed the Narendra Modi-led government's vision for all-round development in the union territories of Jammu & Kashmir and Ladakh as she presented the Union Budget for 2020 on Saturday.
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", signaling her intent.
"The government is fully committed to supporting the all-round development of the newly formed Union Territories of J&K and the Union Territory of Ladakh. Accordingly, an amount of Rs 30,757 crores has been provided for the Union Territory of Jammu & Kashmir for the financial year 2020-21 and Rs 5,958 crores for the Union Territory of Ladakh for the year 2020-21", said Sitharaman while presenting the Union Budget.
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", adding that unprecedented milestones were achieved in the last economic year. Speaking about GST, she said, "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.