Very balanced budget, prepares India to be $5 trillion economy: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Saturday termed the Union Budget 2020-21 as "very balanced" and said it prepares India to be a USD 5 trillion economy.

"I think this is a very balanced budget which prepares India for the decade ahead of us, prepares India to be a $5 trillion economy and covers a very vast canvas both on the social side on economic development and ensures that we continue to remain an economic powerhouse, continue to keep our macroeconomic indicators very much under control," Goyal told ANI when asked about the big takeaway from this budget.

Speaking on the proposal to sell a part of government holding in LIC by way of IPO, the minister said: "If a small part of Life Insurance Corporation (LIC) goes to the public it will increase transparency and accountability, after all it is public's property, I don't think there is any harm if a small part of it is with the people."

Earlier in the day, Union Finance Minister Nirmala Sitharaman presented Union Budget for 2020-21, which proposes to give the Indian economy an impetus to emerge as more vibrant and stronger.

With an emphasis on capacity building and empowerment of marginalised sections of society including farmers, the Union Budget intends to ensure, as said by Sitharaman, that "our people should be gainfully employed. Our businesses should be healthy. For all minorities, women and people from SCs and STs, this Budget aims to fulfil their aspirations.