Mumbai: Finance Minister Nirmala Sitharaman will present her second Union Budget on 1 February amid expectations of income tax rate cuts and another stimulus as India’s economy slows.
The ‘Halwa’ ceremony was held, marking the beginning of the budget printing process in the Finance Ministry.
Meanwhile, Tech Mahindra Managing Director & Chief Executive Officer CP Gurnani said that “Realizing the dream of India becoming a 5 Trillion Dollar economy by 2025 truly outlines the ‘art of possible’ and depends largely on the choices we make. Digital continues to be the cornerstone of India’s strategy, therefore, sharpening focus on enhancing skills in new-age technologies like 5G, improving the quality of education, and nurturing the start-up ecosystem are some key measures that will accelerate India’s IT exports and will help sustain its global competitiveness.”
He further said, “As part of the Union Budget 2020, we hope to see focused initiatives by the government that will help India fortify its digital growth momentum and contribute to the global growth story. With 1.3 billion consumers and a large talent base including over 400 million millennials, India can play a key role in scripting a unique success story amidst the global economic slowdown.”
On the other hand, Barco India Managing Director Rajiv Bhalla said, “As the country gears up for the Union Budget on Feb 1, the Indian economy is dealing with several issues including a drop in GDP, liquidity crunch, rising inflation and low tax revenue. While the Centre took multiple measures to boost the slowing economy, some of which have borne fruit, we believe that more steps are needed, especially in promoting growth in rural consumption and labour-intensive segments.”
He went on saying, “Barco remains positive on the India growth opportunity and we look forward to favourable measures from the Centre, predominantly in the technology-enabled sectors and the domains we cater to – medical imaging, smart cities, technological innovation in tourism, among others.”
The budget session of Parliament will begin on January 31 at 11 am with a speech by President Ram Nath Kovind who will address the joint session of both Lok Sabha and Rajya Sabha. The table of the Economic Survey is likely to be tabled in the Rajya Sabha on the same day as Chief Economic Advisor KV Subramanian.
The Union Budget 2020 will be introduced in Parliament on February 1 at 11 am according to the Lok Sabha Calendar. Since 2017, the Narendra Modi government has merged the Railway Budget with the Union Budget and has extended its date by one month. Earlier, the Union Budget was unveiled on the last day