Union Budget 2020 India: At a post Budget interaction at a CII event here, the minister said the government was there to facilitate the industry. "I don't think in today's condition it can be just government spending which can pull economy towards growth."
Budget 2020 India: Finance Minister Nirmala Sitharaman on Tuesday said the industry needs to “shun hesitation” and make investments to drive the country’s economic growth. At a post Budget interaction at a CII event here, the minister said the government was there to facilitate the industry. “I don’t think in today’s condition it can be just government spending which can pull economy towards growth. I strongly believe industry today will have to come out of hesitation which you have..,” Sitharaman, who presented the Union Budget 2020-21 in Parliament on Saturday, said.
Sitharaman on Saturday slashed income tax for individuals, abolished dividend tax for companies and announced record spending in agriculture and infrastructure sectors to pull the economy out of its worst slowdown in more than a decade.
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The Budget 2020-21 drew mixed responses from India Inc, with a section of industry leaders saying “big bold” reforms needed to kick-start economic growth are missing while others acknowledged that the Finance Minister had “little room” to manoeuvre.
Besides, the steps announced in the Budget, the government had last year sharply slashed corporate income tax with an aim to spur investment.