Nirmala Sitharaman, the Finance Minister of India, on the 1st of February, began presenting the Union Budget for 2020 during the ongoing Budget Session of the Parliament.
Ms. Sitharaman started presenting the Budget for 2020-2021 at 11:00 A.M., at the Parliament. This would be the second Union Budget presented by the Modi Government after the Bharatiya Janata Party (BJP) came to power. Nirmala Sitharaman, who is the first woman to become a full time Finance Minister of India and present the Union Budget, on the 31st of January, tabled Economic Survey 2019-2020.
On the 31st of January, Nirmala Sitharaman distributed copies of the document projecting the overall economic growth for fiscal year (FY) 2020 at 5 %.
The Gross Domestic Product (GDP) for FY 2020 is expected to grow at 6-6.5 %.
According to the Economic Survey, the falling demand for new vehicles is also one of the reasons for the slowdown of economic growth. The Economic Survey read, “It was felt that temporary auto slowdown may be attributable to certain other reasons such as lack of credit, base effect (as in last few years the auto sector has grown rapidly) and structural changes like the adoption of newer fuel standards from BS-IV to BS-VI from April 20 etc.”
The Finance Department also made a survey report about performance linked employee stock options for public sector bank staff. The suggestion pertaining to the banking sector of India came at a time when the bank employee unions are on a two day strike, demanding a hike in their salaries.
On the 1st of February, before presenting the Union Budget in the Parliament, Ms. Sitharaman presented the budget before the Cabinet during a meeting.
Ministers like Prakash Javadekar, Jitendra Singh, Union Cabinet Secretary Rajib Gauba and others attended the Cabinet meeting.
The copies of the Budget were brought to the Parliament and were checked by sniffer dogs. Prime Minister Narendra Modi also reached the Parliament.
The Budget Session 2020, began at 11:00 A.M.
Stay tuned for further updates.
