The Finance Minister Nirmala Sitharaman presented Union Budget 2020 in Parliament on Saturday, February 1st, 2020. She stated that the government shall work towards taking the country forward so that we can leapfrog to the next level of health, prosperity and well-being.
The budget was presented in the backdrop of two cross-cutting developments:
- a) Proliferation of technologies, specially analytics, machine learning, robotics, bio-informatics and Artificial Intelligence; and
- b) The number of people in the productive age group i.e. 15-65 years in India, being at its highest.
This combination is special to contemporary India. The energy, enthusiasm and the innovation of our youth are the ignition required to push forward. The Indian spirit of entrepreneurship which weathered several storms over the centuries inspires and motivates all of us alike and hence the government recognised the need to support and further energise this spirit.
This budget is woven around 3 prominent themes:
- Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs.
- Economic development for all, indicated in the Prime Minister’s exhortation of “SabkaSaath, SabkaVikas, SabkaVishwas”. This would entail reforms across swathes of the economy. Simultaneously, it would mean yielding more space for the private sector. Together, they would ensure higher productivity and greater efficiency.
- Ours shall be a Caring Society that is both humane and compassionate. Antyodaya is an article of faith.
The aim of this budget has been to lift up the dampened spirits of the Indian economy and to provide a stimulus towards growth whilst recovering from the current slowdown faced by businesses.
The Complete Newsletter can be accessed at: http://www.a2ztaxcorp.com/wp-content/uploads/2020/02/Highlights-of-the-Union-Budget-2020-on-3-prominent-themes-Aspirational-India-Economic-Development-and-caring-Society-with-Direct-tax-proposal.pdf