Budget 2020 Reactions

Source :ANI
Author :ANI
Last Updated: Sat, Feb 1st, 2020, 19:38:39hrs
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Budget 2020

The Budget will prepare India to become a $5 trillion economy, says Piyush Goyal

New Delhi: The Union Minister for Commerce and Industry Piyush Goyal on Saturday said that the Union Budget for the year 2020-21 is a balanced one that prepares India to become a 5 trillion dollar economy.

"It is a balanced Budget which prepares India for the decades ahead of us and prepares the country to become a 5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development and ensures that we continue to remain an economic powerhouse," the Minister told ANI.

The Minister also responded on the proposal to sell a part of government holding in Life Insurance Corporation (LIC) through an initial public offering (IPO).

"If a small part of Life Insurance Corporation (LIC) goes to the public, it will increase transparency and accountability, after all, it is the public's property. I do not think there is any harm if a small part of it is with the people," the Minister said.

Union Finance Minister Nirmala Sitharaman on Saturday announced that the government proposes to sell a part of its holding in LIC through an initial public offering.

The announcement was made by the Minister in her Budget speech in Parliament. 

PM congratulates Sithraman, her team for presenting budget having 'vision and action'

New Delhi: Prime Minister Narendra Modi on Saturday congratulated Finance Minister Nirmala Sitharaman and her team for presenting the 'first Budget of the decade that has vision as well as action'.

"I congratulate Finance Minister Nirmala Sitharaman and her team for presenting the first Budget of the decade that has vision as well as action," said Prime Minister in a press conference here.

Underlying that skill development of the youth has also been stressed upon in the budget, Prime Minister said: "India will now move to become a key member of the global value chain. Skill sets needed for the development of a modern and New India have been focussed".

The Prime Minister also outlined that key announcements have been made to aid exports and the Micro, Small and Medium Enterprises (MSME) sector.

"In the budget, several new announcements were made to increase exports. Additionally, a new move has been made to make every district an export hub," he said.

Union Finance Minister Nirmala Sitharaman on Saturday presented Union Budget for 2020-21, which proposes to give Indian economy an impetus to emerge as more vibrant and stronger.

Budget 2020-21 empowers India, industry and individuals: FICCI

New Delhi: Union Budget 2020-21 empowers India, industry and individuals, said the Federation of Indian Chambers of Commerce and Industry on Saturday.

"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," said Dr Sangita Reddy, President of FICCI, while commenting on the Union Budget presented earlier in the day at the Parliament.

Reddy said the government has resolved to support the economy at a time when it needs a fiscal boost.

"By invoking the deviation clause in the Fiscal Responsibility and Budget Management Act (FRBMA) 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," she said.

Underlining that the said step was FICCI's key suggestion to the government, she said: "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 and rural and agriculture push," she added.

Earlier in the day, Finance Minister Nirmala Sitharaman said the fiscal deficit target for the next financial year beginning on April 1 has been pegged at 3.5 per cent of the GDP.

"We estimate 3.8 per cent fiscal deficit in the revised estimate for 2019-20," she said while presenting the Union Budget for 2020-21 in the Lok Sabha.

The revised expenditure estimate for FY20 is at Rs 26.99 lakh crore, said Sitharaman. At the same time, revised receipts for FY21 is at Rs 19.32 lakh crore.

The Finance Minister said that fundamentals of the economy are strong and inflation is well contained.

One of the worst in last decade: Akhilesh Yadav slams budget

New Delhi: Samajwadi Party chief Akhilesh Yadav on Saturday termed Union Budget 2020-21 as 'one of the worst budgets in the last decade' and said it holds 'nothing concrete' for youth and farmers.

"It is one of the worst budgets in the last decade. It has nothing concrete for farmers and youth. It has made them upset. What do they have to fulfill dreams of youth...Where are jobs and investment?" asked Yadav while speaking to media here.

He alleged that the government is presenting false data. "How has government estimated nominal growth of GDP for 2020-21 at 10 per cent?" he asked.

The former chief minister also criticised the tax reduction announced today by Sithraman.

Presenting the budget, Sitharaman said: "Under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakh and 7.5 lakh against the current rate of 20 per cent."

"Those with income between Rs 7.5 lakh to 10 lakh to pay tax at 15 per cent against the current 20 per cent. Those with income between Rs 10 to 12.5 lakh to pay tax at 20 per cent, down from 30 per cent," she added.

Govt took key steps in budget to make India US$ 5 trillion economy: Amit Shah

New Delhi: Union Home Minister Amit Shah on Saturday said that Prime Minister Narendra Modi led Central government has taken effective steps in the union budget to make India a US$ 5 trillion economy.

"In the budget, the Modi government has taken effective steps to rationalise tax system, boost basic infrastructure, strengthen the banking system, promote investment and ease of doing business, which will further Modi government's resolve to make India a US$ 5 trillion economy," Shah said.

Union Finance Minister Nirmala Sitharaman on Saturday presented Union Budget for 2020-21, which proposes to give the Indian economy an impetus to emerge as more vibrant and stronger.

With an emphasis on capacity building and empowerment of marginalised sections of society including farmers, the Union Budget intends to ensure, as said by Sitharaman, that "our people should be gainfully employed. Our businesses should be healthy. For all minorities, women and people from SCs and STs, this Budget aims to fulfil their aspirations."

In the longest Union Budget speech in history, Sitharaman talked about tax regime, finance, agriculture, irrigation, water, sanitation, healthcare, education, infrastructure, women, digital connectivity among others.

Union Budget will further strengthen economy: Yogi Adityanath

New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath has lauded the Union Budget presented by Finance Minister Nirmala Sitharaman on Saturday in Lok Sabha and said that this budget will further strengthen the economy.

"I congratulate Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this development-oriented and pro-farmer Budget. This Budget will further strengthen the economy," said Yogi.

Sitharaman today presented her second Union Budget.

In the longest Union Budget speech in history, Sitharaman talked about tax regime, finance, agriculture, irrigation, water, sanitation, healthcare, education, infrastructure, women, digital connectivity among others. 

'Grandstanding,' Congress' Manish Tewari sums up Union Budget 2020

New Delhi: Congress leader Manish Tewari on Saturday said that the Union Budget 2020 can be summed up as grandstanding.

"Union Budget 2020-21 can be summed up in ONE WORD AND ONE PHRASE. WORD - GRANDSTANDING. Phrase - MOTHERHOOD AND APPLE PIE," Tewari tweeted after the Budget was presented in the Parliament.

Congress leader Rahul Gandhi found the Budget speech to be hollow.

"Maybe this was the longest Budget speech in history but it had nothing, it was hollow," Gandhi told media while leaving the Parliament after attending the Budget session in Lok Sabha.

Presenting the Budget, Union Finance Minister Nirmala Sitharaman on Saturday announced a new regime of personal income tax, setting aside Rs 4,400 cr to battle climate change, outlaying of Rs 2.83 lakh crore for agriculture and allied sector.

"Under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakh and 7.5 lakh against the current rate of 20 per cent," Sitharaman said while presenting the Budget.

"Those with income between Rs 7.5 lakh to 10 lakh to pay tax at 15 per cent against the current 20 per cent. Those with income between Rs 10 to 12.5 lakh to pay tax at 20 per cent, down from 30 per cent," she added. 

Will make India healthy and wealthy in coming years: Rajnath hails 'promising, proactive' budget

New Delhi: Defence Minister Rajnath Singh on Saturday hailed the Union Budget 2020 presented by Finance Minister Nirmala Sitharaman saying that it is "promising, proactive and progressive Budget which will make India healthy and wealthy in coming years."

"The first Budget of the new decade presented today by Finance Minister Smt. @nsitharaman gives an outline of a New and Confident India. It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years," he said in a series of tweets.

Stressing that the measures announced today will spur growth and create job opportunities, the Defence Minister said: "Budget 2020-21 has a clear focus on the welfare and development of all sections of our society and gives special attention to farmers and promoting ease of living in India. The measures announced today will certainly spur growth and create new job opportunities."

Terming the tax reforms introduced in the budget as "progressively, bold and unprecedented", Singh said, "This new tax regime will reduce tax burden on common man. It will pave the way for an efficient tax system, in sync with the best practises in the world."

The Defence Minister underlined that the Budget is not only investment-friendly but it will go a long way in doubling the farmers' income and unshackling the Indian industry.

It also promises the investors, tax payers and wealth creators a predictable environment by assuring them of protection against tax harassment, he said.

The Defence Minister said: "Strategic allocations have been made in this Budget for agriculture, education, health, water, sanitation and skill development. Policy intervention in new tech economy is indeed a welcome move. Investments in these areas will build a strong foundation for New India."

Lauding Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, the Defence Minister said: "I must congratulate the Prime Minister Shri Narendra Modi and the Finance Minister Smt. @nsitharaman for giving the country an excellent Budget by addressing the aspirations of the people and at the same time clearly underling our national goals and priorities."

"Under the leadership of Prime Minister Shri @narendramodi the nation aspires to be a 5 Trillion economy. The Budget today has emphatically laid down this goal to be achieved by 2024-25," he said. 

Aspirational India protesting, disturbed: Sibal targets Sitharaman over budget theme

New Delhi: Targetting Finance Minister Nirmala Sitharaman over the three themes of Union Budget 2020-21, Congress leader Kapil Sibal, in reference to anti-CAA agitations, on Saturday said the 'aspirational India' is protesting and concerned about their future.

"Sitharaman talked about three themes. The first one was 'aspirational India'. I want to tell that aspirational India is protesting, disturbed and concerned about their future," said Sibal while speaking to ANI.

The Congress leader alleged that the government is not willing to listen to aspirational India.

"How they will deal with concerns of aspirational India if they do not listen to them?" he asked.

The former Union Minister cornered the Centre over "worrisome issues" of unemployment, economic slowdown and fiscal deficit.

"Graduates aged between 22 and 25 have an unemployment rate of 63 percent. The budget does not discuss what needs to be done for these levels of unemployment that have not been seen since in the last 45 years," he said.

"The second theme was economic development but we are in the midst of the economic crisis. I am happy that the Finance Minister recognised the fact that fiscal deficit is 3.8 per cent but she should also tell the country if you add the deficit of Union of India plus the state is more than 8 per cent that is a worrisome situation," said Sibal.

During the budget presentation, Sitharaman said aspirational India, economic development and a caring society for all are the three prominent themes of the Union Budget 2020-21.

"This budget is woven around three prominent themes, aspirational India, in which all sections of society seek better standards of living, economic development for all, indicated in Prime Minister's exhortation 'Sabka Saath, Sabka Vikaas', and lastly, ours shall be a caring society," said Sitharaman.

May be longest Budget speech in history but was 'hollow': Rahul Gandhi

New Delhi: Soon after the presentation of Union Budget 2020-2021 by Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi on Saturday called it "hollow" and "tactical stuff without any central idea".

"Maybe this was the longest Budget speech in history but it had nothing, it was hollow," Gandhi told media while leaving the Parliament after attending the Budget session in Lok Sabha.

"The main issue facing [the country] is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes government well, a lot of repetition, rambling- it is the mindset of the government, all talk, but nothing happening."

Sitharaman today presented her second Union Budget on behalf of the NDA-2 government led by Prime Minister Narendra Modi.

In the longest Union Budget speech in history, Sitharaman talked about tax regime, finance, agriculture, irrigation, water, sanitation, healthcare, education, infrastructure, women, digital connectivity among others. 

 

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