New Delhi, 1st February 2020: Budget 2020 empowers India, Industry and individuals. Commenting on the Union Budget 2020-21 presented today, Dr Sangita Reddy, President, FICCI said, “Given the constraints that the Finance Minister was facing, this has been a comprehensive statement.
The government has done a commendable job and the various measures announced will strengthen India, individuals and industry. By invoking the deviation clause in FRBM Act and relaxing the fiscal deficit to 3.8 per cent in the current year and targeting 3.5 per cent in the next year, the government has underscored its resolve to support the economy at a time when it needs a fiscal boost.
This was FICCI’s key suggestion to the government and through this we expect more money will be left in the hands of the people that will spur consumption and industrial growth. Much of this money will go towards capital expenditure in infrastructure and agriculture sector – two areas that can have the maximum growth enhancing impact.”
The significant move of putting more money in the hands of people is visible by: a) Personal income tax reduction; b) Rural and Agri push.