“The Full Budget 2019-20 presented by Smt. Nirmala Sitharaman has adopted an innovative approach in the budget presentation highlighting the vision for the future rather than the conventional practice of presenting the sectoral allocation for every sector. The Finance Minister highlighted the rapid rate at which the Indian economy is growing and credited it to the people of the country – “when the country and her people’s hearts are filled with aasha, vishwas and aakansha that is, when hearts are filled with hope, trust and aspirations”, the target of 5 Trillion Dollar economy is eminently achievable. The interest subvention of 2% for MSME sector will be a welcome move and has highlighted that the MSME Sector has been duly considered in the Union Budget. The Government has pledged the creation of an online platform for timely payment of bills to MSME’s, easing the cash flow of the MSME sector. A number of measures have been proposed to enhance the sources of capital for infrastructure sourcing. Strategic disinvestment would also be continued and the private sector will be encouraged. Development of Rural economy has been given much importance. The Budget Proposal of the Finance Minster commenced with a wisdom line from the famous Tamil Literature of the Sangam Era highlighting a non-intrusive system of tax collection and governance. The reduction in rate of tax from 30% to 25% for the medium sized corporates having turnover upto Rs.400 Crores will be a boost to the corporate sector.
In short, this Full Budget 2019-20 can be said to be budget covering multi-various aspects from Agriculture to Space development programs aiming from land to sky ensuring all round growth and inclusive development.
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