Home Minister Amit Shah lauds Modi govt's Budget; reiterates '$5 trillion economy' goal

Home Minister Amit Shah, lauding Union Budget 2020, claimed that Modi government has taken effective steps in various aspects including--tax system, investment, infrastructure, banking system and business. He asserted that Budget 2020, presented by Finance Minister Nirmala Sitharaman on February 1, will work towards government's $5 trillion-dollar ecomy target.

Amit Shah said, "In this budget, Modi govt has taken effective steps to rationalize tax system, boost basic infrastructure, strengn banking system, promote investment and ease of doing business, which will furr Modi govt’s resolve to make India a 5 trillion-dollar ecomy."

Earlier on Saturday, BJP's Dr. Subramanian Swamy opined on possibility of India reaching $5 trillion target by 2024. Responding to a Twitter query, BJP leer ted that anything is 'possible' in ecomic, however, also stated that it is t 'probable' to achieve target. To reach benchmark of $5 trillion, Swamy said that re needs to be a 18.6% growth in GDP per year, a 13.8% rise than current number. In a tweet, he said, "w since only 4 years to go it needs 18.6% per year GDP growth rate. Possible? Anything is ecomics is possible. Probable? !"

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Union Budget 2020

In Nirmala Sitharaman's maiden budget presented on June 5, newly re-elected Modi government set ambitious course to achieve a $5 trillion ecomy by 2024, considering past 5 years' accelerated growth. Sitharaman, who is first woman to present Union Budget since former Prime Minister Indira Gandhi, anunced changes in personal income tax rates but levied an ditional surcharge on super-rich. Moreover, budget also anunced a reduction in corporate tax and subsidies to housing sector, startups and electric vehicles apart from boosting cashless ecomy.

Since n Indian ecomy's growth has slumped to 4.5%, staring at a 45-year high on unemployment. While key challenge Finance Minister faces is kickstarting market demand, she also battles India's job crisis, diminishing FDI, growing inflation. In an attempt at course correction, Modi government h anunced merger of 9 PSU banks into 4, major corporate tax cuts, policy changes in automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase consumer demand during past year.

Finance Minister Nirmala Sitharaman on Saturday cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha. Sitharaman h only two ps of her Budget speech unre when she appeared uneasy and was seen wiping sweat from her forehe. 

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