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The Union Budget of India for 2020–2021 will be presented by Finance Minister, Nirmala Sitharaman on 1 February 2020 as her second budget. This will be the second budget of Narendra Modi led NDA government’s second term. The Economic Survey for 2019-2020 is released on 31 January 2020, a day before the budget. 

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History

The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. India’s first Budget was presented on 18 February 1960. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on 26 November 1947. 

Background

The Union budget in 2020 will be presented in a backdrop of a slowing down of the Indian economy with estimated GDP growth for 2019-20 being at an 11-year low of 5%. Factors such as the IL&FS crisis contributed to the slowdown; as well as international financial markets issues such as the China – US trade war. In January 2020 Western Asset Management Company has reduced its government bond holdings following the atmosphere in the country due to the Citizenship (Amendment) Act, 2019 and the situation in Kashmir which are affecting the economic spirit. Investments in India will be shifted to other countries such as China and Malaysia. 

According to the Economic Times, in the last decade, BSE Sensex and Nifty have given positive returns only three times in the pre-Budget week while offering positive returns five times in the post-budget week. In 2016 the markets gained 7.2% in the post-Budget week. 

The Prime Minister of India invited people to share their ideas and suggestions related to the Union Budget on MyGov.in. 

Commentary

Rakesh Jhunjhunwala says he “is not looking forward to any big-bang announcement in the forthcoming Union Budget, but expects the government to do some actual work”. In January 2020 Nobel Laureates Abhijit Banerjee and Esther Duflo said: “The critical problem in the Indian economy is demand.” Abhijit Banerjee said “we should forget about Budget deficits and meeting targets. We should even forget about inflation targeting. Let the economy rip a bit.” 

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