We're using 'Assemble in India' as capacity building for India: FM Sitharaman

Elias Hubbard
February 5, 2020

But we will not repeat past mistakes of splurging.

In factuality, the significant-most part of India's 2020-21 fiscal budget has been a rise on farm spending and a slash on personal taxes, two of the centrepieces of Indian economy long-overlooked, but analysts said a trim on personal taxes was aimed at the populations residing at the top of the nation's economic pyramid citing a report where more than 10 per cent Indian population living at the top of the economic pyramid were found to have slashed their expenses by more than 30 per cent at the third and fourth quarter of a year ago.

Ms Sitharaman also said that money being spent in the Budget is for asset creation. "She also said that the government's proposal to introduce taxpayers charter is a method to establish a strong bond of trust between the taxpayer and the government".

For the fiscal year starting April 1, the fiscal deficit target has been set at 3.5 percent. "On one hand, the government has been keen to attract talent and onshore the funds and fund managers whereas on the other hand, this move will disincentivise people from spending more time in India", said Shefali Goradia, Partner, Deloitte India.

"We are putting the money into creating infra for India which will have a multiplier effect for the economy". The government aims to raise Rs 2.1 trillion by stake sales next year.

"Although Budget has not given anything sector specific but it gives blueprint of how we want to take economy forward".

There were various rounds of consultation with various stakeholders, she added.

Taking a dig at the critics of government not sharing data, she said: "Government is very transparent where money will come from and where it will go".

Finance Minister Nirmala Sitharaman today said that there is no shift in government's priority from Make in India to Assemble in India and that both these policies will provide impetus to capacity building and more employment opportunities in the coming years.

Other reports by Click Lancashire

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