Ahead of the Union Budget to be presented on 1st February 2020, business tycoon Anand Mahindra has asked finance minister Nirmala Sitharaman to surprise the world with a blockbuster budget. FM Nirmala Sitharaman will present her second budget at a time when the economy has hit rock bottom. India’s economy is expected to grow 5% in the current fiscal. Mahindra shared a report that said China would announce that it reached an economic growth of 6-6.5% in 2019. He said that with a forecast rate of growth of 5% for our GDP, India will fall behind China again.
"So with a forecast rate of growth of 5% for our GDP in ‘19-‘20 we’ll fall behind them again? This should get our competitive juices flowing. @nsitharaman ji, let’s surprise the world with a blockbuster of a budget including some dramatic moves. And sprint back in front." he tweeted.
Replying to industrialist Mahindra's blockbuster tweet, one user wrote, "You're expecting too much buddy, calm down. Eventually, you're going to be disappointed," To which Mahindra Group chairman wrote that he never plans to stop being optimistic. "I never plan to calm down and I never plan to stop being optimistic.." he tweeted.
Prime Minister Narendra Modi last week interacted with top business tycoons to discuss issues facing the economy and measures needed to boost growth and create jobs. Anand Mahindra was a part of the high profile meeting attended by Mukesh Ambani, Ratan Tata, Sunil Bharti Mittal, Gautam Adani, and Anil Agarwal among others.
The government has undertaken a number of measures to arrest the growth slowdown. In September 2019, it announced a cut in the corporate tax rate to 22% from 30% . The government also lowered the tax rate for new manufacturing companies to 15% to attract new foreign direct investments. The government's other initiatives include bank recapitalization, the mergers of 10 public sector banks into four, support for the auto sector, plans for infrastructure spending, as well as tax benefits for startups.
-With agency inputs