The Union Budget for 2020 was released by Finance Minister Nirmala Sitharaman on the 1st of February. This year’s budget is crucial. The country is struggling from a prolonged slowdown that has effects across sectors. India Inc. has put its hopes on the ‘aspirational’ budget 2020 presented by the FM, and this his how it reacts to the roadmap for development.
Nirmala Sitharaman said that the government was committed to the path of fiscal consolidation without compromising on requirements of public expenditure.
In an anxious move, 5 lakh crore of equity investor wealth was wiped off in a matter of 2 days. The market responds to a budget that isn’t ‘market-friendly’.
In the budget, the custom duty on gold is increased from 10% to 12.5% to bring down the fiscal deficit and also to recapitalize the banks.
Union Finance Minister Nirmala Sitharaman decided to go with ‘swadeshi bahi-khata’ on the day of Union Budget presentation. She kept budget documents in four fold red cloth instead of a briefcase that reminds of traditional ‘bahi-khata’ (ledger).
The government has recovered non-performing assets (NPAs) worth Rs 4 lakh crore over the past four years, Finance Minister Nirmala Sitharaman said on Friday.
India will undertake multiple measures to deepen the corporate bond market, Finance Minister Nirmala Sitharaman said on Friday.