Union Budget 2020 strengthens minimum government, maximum governance: PM Modi
Prime Minister Narendra Modi on Saturday hailed the Budget presented by Finance Minister Nirmala Sitharaman, calling it visionary.
“I congratulate Finance Minister Nirmala Sitharaman and her team for presenting the first Budget of the decade that has vision as well as action,” PM Modi said.
“The reforms announced in the Budget will give momentum to the economy, economically empower the citizens of the country and lay a solid foundation for the economy in this decade. This year’s Budget will help in employment generation by focussing on four core areas - agriculture, infrastructure, textile and technology,” the PM further said.
Highlighting the integrated approach adopted by Sitharaman for farm sector, by focussing on traditional and new methods, the Prime Minister said it will generate employment in the sector and will open opportunities for the youth in the fields of fish processing and marketing.
“The initiatives taken by the government in the field of technology will help India become a part of global value chain,” PM Modi said.
He also welcomed the announcement to slash the dividend distribution tax, and tax benefits for start-ups and real estate sector. “This Budget has strengthened the commitment of minimum government, maximum governance,” said the PM.
Finance Minister Nirmala Sitharaman slashed taxes for individuals and widened budget deficit targets for the current and next fiscal years to help spur a slowing economy.
Personal income tax rates for individuals were lowered as part of a goal to lift consumption in an economy that’s set to grow five per cent this fiscal year, the weakest pace in more than a decade.