Press Release

Union Budget 2020-21

Feb 17, 2020


Budget For The New Decade, For A New India


     1.India, the fifth largest economy in the world remains on track to move to a US$5 trillion economy by 2024

     2. Strong focus on Growth Revival in Budget 2020

     3. Annual household saving of US$55.94 due to GST; 6 million new taxpayers added in the last two years

     4. Fundamentals of India's economy remains strong with structural reforms, inclusive growth and well-contained inflation.

     5. Clean-up of public banks, recapitalisation, facilitation of exit for companies through Insolvency & Bankruptcy Code (IBC)

     6. US$284 billion FDI received between 2014-2019; increase from US$190 billion in previous five years

     7. Current GDP growth at 5%, expected to increase to 6% - 6.5 %. GDP growth expected to rebound from first quarter of 2020-21.

     8. Historic reform like GST integrated India economically


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