Nominal GDP growth for FY21 estimated at 10%: Sitharaman
PTI, Feb 1, 2020, 1:40 PM IST
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said nominal GDP 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 lakh crore while expenditure at Rs 30.42 lakh crore.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
The net market borrowings would be at Rs 4.99 lakh crore in FY 2019-20 and are estimated at Rs 5.36 lakh crore 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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Will PM deliver on ‘promise’ to put Ashok Chavan behind bars, Congress asks
Excise ‘scam’: Delhi court reserves order on bail pleas of Manish Sisodia
CJI Chandrachud urges voters not to miss voting in 2024 general elections
Never dreamt of getting Vadodara LS poll ticket: BJP’s youngest candidate in Gujarat; eyes big win
PM Modi running ‘school of corruption’, says Rahul Gandhi
MUST WATCH
Latest Additions
Keanu Reeves in discussions for role in Ruben Ostlund’s upcoming film ‘System Malfunction’
Will PM deliver on ‘promise’ to put Ashok Chavan behind bars, Congress asks
Excise ‘scam’: Delhi court reserves order on bail pleas of Manish Sisodia
Uthappa expresses concerns about Dhoni’s physical condition, despite sharp mental game
Challenge to convey emotions with just your voice, says ‘narrator’ and actor Priyanka Chopra Jonas