Every year you must have heard the government _______
being presented in the Parliament. This
is an account of the expenses the government has made on its programmes in the past year and
how much it plans to spend in the coming year.
Answers
Answer:
Budget 2020: Infrastructure spending to go up this fiscal
The growth, which has bottomed in the last one decade will see some respite, according to the annual economic report
ETGovernment February 01, 2020, 11:09 IST
Budget 2020: Infrastructure spending to go up this fiscal
Budget 2020 is set to witness a steep rise in allocation for infrastructure spending in the next fiscal.
The Prime Minister Narendra Modi led NDA government is also likely to up offer tax incentives in its 2020-2021 budget allocations.
The growth, which has bottomed in the last one decade will see some respite, according to the annual economic report, released on Friday.
The survey has predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have exceeded its deficit target to revive growth.
At present the economy is facing its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09.
Finance Minister Nirmala Sitharaman, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting the deficit to 3% of gross domestic product in 2020/21 by at least two years.
This will be on top of roughly $28 billion of spending from off-budget borrowings, as the government seeks to keep the deficit in check.
Economists in a poll predicted the government would set a deficit target of 3.6% of GDP for 2020/21, up from 3.3% targeted for the current year.
Sitharaman is expected to announce plans to spend over 102 trillion rupees ($1.44 trillion) on roads, ports, airports, irrigation and other infrastructure over the next five years.
The government may also announce an income tax amnesty, after collecting over 350 billion rupees ($4.92 billion) from an amnesty this year to settle tax disputes on service and factory gate duties, the sources said.
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