Both the government sources and the economists felt the Budget would reaffirm the focus on infrastructure spending (Photo Credit: PTI Photo)
India is now the fifth-largest economy in the world and the Central government debt has reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014, Finance Minister Nirmala Sitharaman said on Saturday. Presenting the Union Budget for 2020-21, she said growth of 7.4 per cent was surpassed in 2014-19 with average inflation of 4.5 per cent. She also listed out various welfare schemes like affordable housing, direct benefit transfer (DBT) and Ayushman Bharat.
India has uplifted 271 million people out of poverty, Finance Minister Nirmala Sitharaman said on Saturday. In her second Budget presentation, the finance minister said the Budget for 2020-21, is woven around aspirational India, economic development and caring society. The government aims to achieve seamless delivery of services through digital governance, she added.
"We shall strive to bring ease of living for every citizen," Sitharaman said.
The finance minister said that that 60 lakh new taxpayers have been added to the system and several steps on formalisation of economy have also been taken up. "Fundamentals of the economy are strong and inflation has been well curtailed. This Budget will boost income and enhance purchasing power. Our people should be gainfully employed, our businesses should be healthy. For every member of the scheduled caste and schedule tribe, for every woman, for every individual from minority section, this Budget aims to give wings to your aspirations," Sitharaman said after laying the Budget in the Lok Sabha.
She also said that an average household now saves about 4 per cent of its monthly spend on account of reduced Goods and Services Tax (GST), adding that 60 lakh new taxpayers have been added to the system and several steps on formalisation of economy have also been taken up.