Budget 2020 updates: Finance Minister Nirmala Sitharaman on Saturday presented her second union budget with a vision to revive the economy as it is going through a slowdown. The biggest take away from her budget speech is the introduction of the new income tax regime which will be a major relief for the middle class.
Apart from relief in income tax, the government will now sell its holding in LIC. The budget comes just a day after the Modi government 2.0 tabled economic survey 2019-2020 which predicted country's economy to grow at a rate of 6-6.5% in the financial year 20-21.
Speaking ahead of the Budget day, Sitharaman on Friday said, "It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence. She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact. Follow all the updates on Budget 2020 here.
