The Union Budget of India for FY 2019-20 was tabled in Parliament last week by the Honourable Finance Minister, Ms. Nirmala Sitharaman.
Doshi Chatterjee Bagri & Co LLP has produced an analysis of the Indian Budget, available at Budget.
The budget is described in Partner, Ajay Doshi’s Forward
The Honourable Finance Minister Smt. Nirmala Sitharaman, who is the first full-time woman Finance Minister since independence, presented her and the NDA 2.0 government’s first budget after being re-elected in the general elections in 2019, earlier today. Given the thumping majority with which Mr Narendra Modi was re-elected and from the exuberance of the Finance Minister, it seemed to be “A Budget Of Confidence“.
During her speech, the Finance Minister unfailingly mentioned the achievements of the Modi government during its first stint between 2014-19 and then further elaborated her proposals for the remaining part of the financial year 2019-20. This was, in fact, the Finance (No.2) Bill, 2019.
She also mentioned that in the interim Budget of 2019-20 presented in February 2019, the government gave itself a Vision for the Decade and presented a status of various targets achieved till date and additional outlays made in fulfilling these targets.
Along with the Union Budget, she also presented the Railway Budget highlighting various proposal for its expansion and reforms.
She further outlined that the Indian economy shall grow to become a 3 trillion dollar economy in the current year, which is already the 6th largest economy in the world.
She highlighted that the government would intend to attract investment in the key drivers of simultaneous growth in demand, job, export and productivity. She also stated that Indian MSMEs need to be freed from various shekels to seem as a source of innovation, growth and job creation.
She also mentioned that the objective of the government is to strive to have “Minimum government and maximum governance” and mentioned that the same could be achieved “with determined human efforts, the task will surely be completed.”
July 5, 2019.