Budget 2020: Our country is like a Shalimar garden, it is like a lotus on Dal Lake, Says Nirmala Sitharaman (Photo Credit: Twitter)
Union Finance minister Nirmala Sitharaman on Saturday recited a few verses in Kashmiri as she presented her Budget 2020 in the Parliament. Translating it to Hindi later, Sitharaman said: 'Humara watan khilte hue Shalimar bagh jaise, humara watan Dal lake mein khilte hue kamal jaisa, nau jawanon ke garam khoon jaisa, mera watan tera watan, humara watan, duniya ka sabse pyara watan'. (Our country is like a Shalimar garden, it is like a lotus on Dal Lake, like the warm blood of our youth and it is our best country in the world.)
Today marks the biggest test of Union Finance Minister Nirmala Sitharaman as she is presenting the toughest budget in over last 10 years.
The Economic Survey tabled yesterday showed that the Indian economy has already bottomed out. While there was a hint at a robust rebound, the immediate concern is how Sitharaman will boost the government spending. From realty to auto, from FMCG to steel, almost all sectors are eyeing possible relief measures by the Modi government.
The main concern is to make sure the Indian economy is back on track. Recently, the International Monetary Fund (IMF) lowered India’s economic growth forecast to 4.8 per cent for this fiscal year owing to the crisis in the non-banking financial sector and weak rural demand. It also cut the world’s growth estimate and blamed the slowdown in India for its move.
With the economy going through its worst phase in decades, the expectations are high on slew of relief measure for flailing sectors to boost domestic demand. There’s a strong buzz that the Finance Minister may announce some personal income tax cuts apart from other measure such as introducing higher government spending to boost the sagging economy. However, the ballooning fiscal deficit may be a tightrope to walk on.