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The Budget 2020 is just a week away and expectations are high from the Modi government and Finance Minister Nirmala Sitharaman.
This is the second Budget of the NDA government’s second term in office and the economy is facing both external and internal headwinds.
Second quarter GDP growth has hit a six-year low of 4.5 per cent and the economy is expected to do only marginally better at 5 per cent for the fiscal 2019-20, according to the first advance estimates of the national income released by the National Statistical Office.
Slowing tax revenues, rising inflation, continued turmoil in the financial sector, job creation, muted investment appetite and governance issues are turning out to be major challenges for the government.
Demand-side issues
After effectively tackling supply-related issues over the year, the government is expected to address demand-side issues in the Budget. The mid-year announcement of an effective cut in the corporate tax rate to 25 per cent from 35 per cent for existing firms has also raised hopes of a similar benefit for personal income tax that would also help boost savings and, in turn, disposable incomes for individuals.
Amid these expectations ,BusinessLine will host the Countdown to the Union Budget 2020 on Friday at Dr RH Patil Auditorium, NSE, Mumbai. The event is presented by Shriram Transport Finance Company Limited and powered by LIC Mutual Fund. HDFC Bank Spectrum is the associate sponsor; NSE the venue partner; NewsX the broadcast partner and Bombay Chamber of Commerce and Industry the chamber partner for the event.
‘Revive Economic Growth’
With the theme to ‘Revive Economic Growth’, this year’s conference brings together some of the brightest commentators. Stakeholders, experts and industry leaders will express their views and suggestions on what policies can be announced in the upcoming Budget.
The event starts at 9:30 am with the keynote address being delivered by Dr C Rangarajan, economist, former RBI governor and former chairman of PMEAC under Dr Manmohan Singh and a special address by Rashesh Shah, Chairman and CEO, Edelweiss Group.
Panel discussions
This will be followed by two separate sector panel discussions on banking and finance, and infrastructure where industry experts will present their views on policy measures to be taken to boost economic growth.
The panellists include B Raj Kumar, Deputy Chief Executive, Indian Banking Association; Gopal Singh Gusain, Executive Director, Union Bank; R Baskar Babu, co-founder and CEO, Suryoday Small Finance Bank; Umesh Revankar, MD and CEO, Shriram Transport Finance Company Ltd; Pratik Agarwal, MD, Sterlite Power; Sudhir Kapadia, Partner and National Tax Leader, Ernst & Young LLP and Vice-President, Bombay Chamber of Commerce & Industry; DK Joshi, Chief Economist, CRISIL and Vivek Bhatia, MD and CEO, Thyssenkrupp Industries India.
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