FinMin Says Issues Will Be Addressed Within Budget Session

Nirmala Sitharaman, the Finance Minister of India, on Sunday said the Union Government would take sufficient measures to address all issues well before the presentation of the Union Budget 2020-21, which is scheduled on 1 February 2020. The presentation of an economic survey precedes the Budget presentation on 31 January 2020. 

The Finance Minister has said that the government is not waiting until the Union Budget to come up with plans to address the rampant issues in the economy. She has assured of taking up issues faced by each sector. With the Budget session not so far, the government has a very short time to make a difference. 

The revenues generated through GST collection has now exceeded the mark of Rs 1 lakh crore a month in the previous two months and the Finance Minister is hopeful of it remaining the same if not more in the days to come. Higher GST collection is a big positive as it has come at a time of an economic slowdown.

The Finance Minister held a press conference at Jaipur, Rajasthan on Monday in which she said that the government is continually working towards the steps to support and facilitate sectors that are troubled in the recent times and not waiting until the Union Budget to do the same.

Also Read: GST Collection for December Goes Beyond Rs 1 Lakh Crore

The Finance Minister further went on to say that the Union Government is not discriminating the states based on the ruling party when it comes to settling the dues of states. She said that the dues would not be held back by the Union Government and the same will be released to the respective State Government as per the 14th Finance Commission’s recommendations. 

Talking about the liquidity and credit issues in the country, Nirmala Sitharaman said that the facility to avail credit by individuals was made possible through banks and non-banking financial companies in the festive seasons of Diwali and Navratri. 

With Budget just around three weeks away, it is interesting to see the events building up to it. The Sino-American trade war has now seemed to end. However, the US-Iran tensions have given many countries around the globe sleepless nights, and further escalation of matters between the two countries is definite to have adverse effects on gold and crude oil price.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in