Finance Minister Nirmala Sitharaman will present the Union Budget 2020 on February 1, at a time when India's economy is going through one of the worst periods of slowdown in decades.
Sitharaman's primary task entails reviving India's economy, which has witnessed a number of decade-lows in 2019 with the latest official GDP growth estimate slipping to its lowest in 11 years.
Unemployment, economic slowdown, Industrial woes, insufficient GST collections are a few challenges Sitharaman and her ministry faces as she gears up to present the budget on February 1. Several industry players from various sectors have made their demands clear in the wake of slower growth and demand, though it seems the government may not be able to fulfill all of them.
Personal income tax
A cut in personal income tax rates is one of the most popular demands floated by salaried individuals in India. Many feel a reduction in tax outgo is the fastest way to get the economy back on track. If people save more on taxes, there is a notion that they will spend more, resulting in an uptick in demand.
Real Estate, Telecom and NBFCs
In the economic survey, key plan related to revival of real estate industry was focused. Many experts have suggested sector-specific boosters are necessary to revive overall demand growth. Out of the sectors real estate, telecom, discoms and non-banking financial companies may be given boost.
Manufacturing and Infrastructure
In the economic survey, government has already unveiled plans to boost growth in manufacturing, infrastructure and construction sectors, industry watchers expect the government to ramp up its efforts in the upcoming budget.