Willing To Do More Beyond Budget To Revive Economy: Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said that the government was willing to take more steps beyond the announcements made in the Budget 2020 to revive the country’s economy. Speaking at an interactive session on 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy and other related industries, Sitharaman said, "If more has to be done beyond the Budget 2020, we are willing to do that."

The finance minister, often criticised by the Opposition for being "incompetent", also said that the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive.

In her Budget speech on February 1, Sitharaman had announced a host of steps to expand the economic activities at a time when the country is faced with demand slowdown due to several reasons. India’s GDP growth is estimated to slow to an 11-year low of 5 per cent in the current financial year.

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During the interactive session, participants made suggestions for increasing consumption, giving more money into the hands of consumers, measures required to boost liquidity and hosts of suggestions for the capital markets.

Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21. She said the finance ministry will provide details of the scheme soon. However, Parliament approval will be required before the scheme is implemented.