Budget 2020 India: Speaking to reporters, alongside Sitharaman, after a meeting of the RBI board in New Delhi on Saturday, Das too had said the government had largely remained within the deficit road map set by the FRBM Act.
Budget 2020 India: India's GDP growth is expected to slip to a decadal low of 5 per cent this fiscal, pressured by domestic factors like drop in consumption, as well as global issues.
Budget 2020 India: "If more has to be done beyond the Budget 2020, we are willing to do that," Sitharaman said at the session, where the participants made several suggestions to boost economic activities in the country.
Union Budget 2020 India: India needs to create many more formal sector jobs than it is doing now, and that means creating many more firms, and growing existing firms more effectively. The Budget did not jettison the long-term capital gains tax, but it does seek to make risk-taking more attractive for start-ups. On balance, this Budget is positive in its potential impacts on India’s economy. But there is a new urgency, and one hopes the government can actually deliver what is needed.
Union Budget 2020 India: Sitharaman had served as Defence Minister in the first term of the Modi government. Speaking on allegations and questions raised on the data and account fudging by the government, she highlighted that between 2005-2006 and 2010-11, every year there was issuance of oil bonds.
Union Budget 2020 India: The quantum of investment through equity-linked savings scheme for tax purpose is just about two per cent amounting to around Rs 3,000 crore, out of the 1.4 lakh crore inflow in 2019.
Budget 2020-21: Chidambaram said the government is facing shortfall in all forms of taxes - Rs 1.56 lakh crore in corporate tax, Rs 10,000 crore in personal income tax, Rs 30,000 crore in customs, Rs 52,000 crore in excise and Rs 51,000 crore in GST.
Budget 2020: Given the cash crunch, ESOPs are often used by start-ups to employ and retain highly-talented employees. This way they are able to reward employees without taking a hit on the cash flow.
Budget 2020 India: Higher educational institutions need to refocus themselves as research and teaching bodies, rather than just money-making teaching shops.
Budget 2020 India: If the FM did not heed the advice of the CEA or the economists or yield to the demands of businesspersons, it was because of the following reasons:
Budget 2020 India: The minister, when asked if such a lenghty budget speech was warranted -which drove her to a point of exhaustion-something which was not seen in the past few decades, said it was needed.
Budget 2020: In areas of ease of compliance, one such amendment proposed by the Finance Minister is to extend exemption to non-residents from filing annual income-tax return in India in additional cases.
Union Budget 2020 India: It can be noted that some constituencies have expressed disappointment with the budget for not having any big announcements, especially at a time when growth has slipped to a decadal low.
Union Budget 2020 India: The Budget is centralised around the soft themes of improving the ease of doing business, simplifying the tax structure, reduction in tax litigation, and stimulating growth in India.