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States » NorthPosted at: Feb 1 2020 8:45PM


Union budget is remarkable in length, but unremarkable in content: Manpreet Badal

Chandigarh, Feb 1 (UNI) Union budget-2020, was remarkable in its length, but unremarkable in its content,” said Punjab Finance and Planning Minister Manpreet Singh Badal.
Expressing concern at the “unreliable numbers”, Mr Badal said that the Union Finance Minister’s projection of nominal GDP growth rate of 10 per cent is ludicrous, when all the evidence is to the contrary. It is pertinent to mention that the International Monetary Fund, has estimated Indian real GDP growth rate for next fiscal to be around 4.8 per cent.
“An economy functions on four broad parameters--- private consumption, government spending, exports and corporate investment. The consumer spending is down, as is shown in the deceleration in automobile, FMCG, real estate and retail sectors. Exports have declined for five consecutive months now and government’s insular attitude would only exacerbate it. Corporate investment has not taken off, even after the finance minister announcing a steep decrease in corporate tax last year and government’s spending would be limited by fiscal deficit which as per finance minister’s own admission has ballooned to 3.8 per cent against a projected 3.2 per cent,” said Mr Badal, saying that the colossal mismanagement of the NDA government over last several years, has resulted in decline of all four drivers of economic growth.
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