Prime Minister Narendra Modi personally invested over 100 hours in making the Union Budget 2020, finance ministry sources told BusinessToday.In. You could love the budget or hate it but be assured that the budget has a clear imprint of the Prime Minister who spent over 100 hours working on it. He met every stakeholder from industry to economists, heard every suggestion, including of those who advised the PM to print more money. The Prime Minister, carrying forward his legacy as Gujarat chief minister, sat through long sectoral presentations and went through nearly every detail. As the chief minister of Gujarat, he was known to get into every minute detail of the budget.
He was clear the message from the budget ought to be focused on boosting credibility, increasing incomes and raising purchasing power. There are several firsts in this budget -- this is the first budget to devote space to governance; there's a full chapter on fiscal management; it talks about gender and women empowerment; and lifestyle diseases.
FULL COVERAGE: Union Budget 2020
After the Budget was presented in Parliament on February 1, the PM said it reflected both "vision and action". He said the Budget would accelerate economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade. "I believe this budget will increase income and investment, increase demand and consumption, bring new vigour in the financial system and credit flow," he said.
Describing investment as the "biggest driver" of employment, he said historical steps had been taken in encouraging investment. Arrangements were also being made to strengthen the bond market and long-term financing of the infrastructure, he added.
India is facing grave economic crisis with the GDP growth at its weakest since the global financial crisis of 2008-09. India reported 4.5 per cent economic growth in Q2FY20.
India Inc. believes the measures announced in the Budget need to be implemented quickly to show results. "The measures announced in this Budget can give returns in the medium to long-term. However, we need to make sure they are implemented fast to have an immediate impact," Kiran Mazumdar Shaw, Chairman and Managing Director, Biocon, said.