Nirmala Sitharaman also pitched for rationalisation of GST rates once a year and not every three months as was the trend so far
Kolkata: Union finance minister Nirmala Sitharaman on February 9 said the Centre, in the Budget, has laid the foundation of increasing consumption while ensuring that the government’s investment is deployed to build infrastructure leading to a $5 trillion economy by 2024-25.
She also pitched for rationalisation of GST rates once a year and not every three months as was the trend so far.
“I think we have laid the foundation for increasing consumption, ensuring that capex (capital expenditure) and government’s investments will go towards spending on building of assets in infrastructure which should have cascading effects both in the short term and in the long term,” Sitharaman told reporters.
"And with that, the virtuous cycle of triggering the economy to perform and move forward will be happening, that is the basis on which majority of government expenditure is going towards infrastructure construction," she added.
She further stated, “In order to address rural distress, 16 focused action points have been announced in the Budget. So, I expect all this will lead to a five trillion-dollar economy.”
When questioned about what West Bengal has received from the Budget, she said, “I do not know how I answer this question of kisko kya mila (which state gets what). I am looking at the point of macroeconomic stability, building assets in the country, money directly going to hands of individuals because of reduced tax rates and so on.”
Announcements were made in the Budget about various projects which are happening in different states, the finance minister said.
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Last Updated 10, Feb 2020, 12:21 PM