Finance minister Nirmala Sitharaman listed out three major themes for Union Budget 2020 on Saturday (February 1). FM Sitharaman said this year's budget is woven around three prominent things- aspirational India, economic development (for all) and building a caring society that is humane and compassionate.
FM Sitharaman presented her second budget under Modi 2.0 government.
FULL COVERAGE:Union Budget 2020
She further elaborated that under the Aspirational India theme, the budget will cover rural, water and sanitation, and education.
The finance minister also stressed on more welfare schemes for citizens under the government's holistic vision for essential health care.
The finance minister has an uphill task to lift the economy out of the worst economic slowdown in 11 years. FM Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.
She added that the fundamentals of the economy are strong and inflation has been well contained, while banks cleaned up accumulated loans.
Presenting the Union Budget for 2020-21, she said it is aimed at boosting income and purchasing power of people.
The finance minister further said during 2014-19, the government brought a paradigm shift in governance.
She termed GST as a historic structural reform, saying it integrated the country economically.