Union Finance Minister Nirmala Sitharaman has concluded reading the document of Union Budget 2020-21 proposals. Sirf News‘ live blogging has ended.
The tweets posted after 1:50 PM below are of verified accounts still using the hashtag #Budget2020.
Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur have reached Parliament House. The Modi Cabinet meeting has started in Parliament House. The Union Budget 2020-21 will be approved by the cabinet, after which the budget will be presented in the Lok Sabha at 11 AM. Budget copies have reached Parliament House.
Sitharaman is the first woman finance minister, who has full charge of the finance ministry. She will present her second budget today.
Before the budget is presented, officials and ministers have started arriving in the Parliament House. Union Minister Jitendra Singh, Prakash Javadekar, Cabinet Secretary Rajiv Gauba have reached Parliament House.
Prime Minister Narendra Modi has reached Parliament House as well. There is to be a meeting of the Modi cabinet sometime from now, in which the Union Budget will be approved. Today, the world is eyeing this budget coming amidst the staggering economy.
Like every time the Finance Minister met the President before presenting the budget in the Lok Sabha. Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur met President Ram Nath Kovind on Saturday morning. The budget has been approved by the President and now the budget will be passed in the Union Cabinet.
The Prime Minister Narendra Modi-set target of Indian economy turning as voluminous as $ 5 trillion by 2024 is near-impossible to meet, suggests this year’s Economic Survey. Economists believe that to reach this goal, the GDP growth rate should be 8% per annum. But in the first year of chasing this goal set by the prime minister, the GDP grew at around 5% or a notch below that level. This will more or less remain the rate of growth next year. The Modi government itself believes that the GDP growth rate will be 6-6.5%.
India in 2018 was expected to grow at a break-neck speed in 2019, but that did not happen.
The government has presented the Economic Survey for the year 2019-2020 in the parliament. This survey report states that the GDP growth rate will be 6-6.5% in the financial year 2020-21. That is, the Indian economy is lagging in the speed of about 1.5% to meet the target of $ 5 trillion by 2024.
If the GDP growth rate is 6-6.5% in FY 2020-21, it is projected to attain a pace of above 8% in three years to turn Indian into a $ 5 trillion economy. The data of the Economic Survey before Budget 2020 has given a shock to the government on the GDP growth front.