You are here: Home » Budget » News
Business Standard

Nominal GDP growth for FY21 estimated at 10%, says FM Sitharaman

Sitharaman said income tax rates will be significantly reduced for those who forego reliefs, exemptions

Topics
Budget 2020 | GDP growth | Indian Economy

Press Trust of India  |  New Delhi 

Nirmala Sitharaman
Finance Minister Nirmala Sitharaman. Photo: Dalip Kumar

Finance Minister on Saturday said nominal growth for 2020-21 is estimated at 10 per cent. Presenting the Budget for 2020-21, Sitharaman said receipts for 2020-21 are pegged at Rs 22.46 trillion while expenditure at Rs 30.42 trillion.

The revised estimated expenditure for FY20 has been pegged at Rs 26.99 trillion and receipts at Rs 19.32 trillion, she said. The net market borrowings would be at Rs 4.99 trillion in FY 2019-20 and are estimated at Rs 5.36 trillion in the next fiscal.

She however, said the government expected tax buoyancy to take time and the recent cut in corporate tax to cause loss of substantial revenue in short run, economy to reap huge returns in due course. Sitharaman said income tax rates will be significantly reduced for those who forego reliefs, exemptions.

To address liquidity constraints of NBFCs and housing finance corporations, partial credit guarantee scheme will be launched by government, Sitharaman added. The finance minister said amendments will be made to enable NBFCs to extend invoice financing to MSMEs.

Sitharaman said the government has accepted recommendations of interim report of 15th Finance Commission and the final report will be submitted later. All flagship schemes of the government are provided for in Budget, the finance minister said.

The government will sell part of its holding in LIC, she said adding an international bullion exchange will be set up in IFSC GIFT City.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, February 01 2020. 13:25 IST
RECOMMENDED FOR YOU