Union Budget 2020 India: Amid the slowdown, an action plan will be unveiled by the government to boost the economy in budget 2020, Union Minister Prakash Javadekar said on Wednesday. The 'plan of action' will be presented in the union budget to be presented on February 1, 2020, Prakash Javadekar also said at the press briefing on cabinet decisions, adding that the fundamentals of the economy remain very strong. The economy is on the path of revival and nobody should have a pessimistic view on it, he said on being asked about the cut in growth forecast by the International Monetary Fund (IMF). Finance Minister Nirmala Sitharaman is slated to present the budget on February 1, 2020.
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The Indian economy is seeing a slowdown for some time now on account of a fall in consumption and demand. The government announced a slew of measures in the past few months to revive growth ranging from bank recapitalisation and boost in liquidity. The upcoming budget is expected to be watched closely by different quarters of the economy amid the slowdown. The government is expected to announce further measures to boost growth in the budget.
The International Monetary Fund (IMF) recently slashed the growth estimates for both the Indian and the global economy. The global growth is expected to reach 3.3 per cent in 2020, compared to 2.9 per cent in 2019, the slowest pace since the financial crisis a decade ago. The Washington-based international crisis lender revised downward India's GDP growth projection to 4.8 percent for FY20 and to 5.8 percent for FY21. "(India's) domestic demand has slowed more sharply than expected amid stress in the non-bank financial sector and a decline in credit growth," the IMF report said.