Nirmala Sitharaman to present 1st budget of Modi Government 2.0

Finance Minister Nirmala Sitharaman will present the budget tomorrow at 11 a.m. Today, the Economic Survey 2018-19 was tabled in the House, in which information about the work done by the government in a year was given. Also, the action plan of the next financial year was also explained. Every sector has great expectations from this budget. Nirmala Sitharaman is the first woman finance minister of the country. However, former Prime Minister Indira Gandhi had also taken charge of the finance ministry. Nirmala Sitharaman was also the country’s first woman Defense Minister.

Presenting the Economic Survey in the House, the Finance Minister said that in the next financial year, the country’s growth rate will be around 7 per cent. This is to increase the speed to 8 percent, because by 2025, enough speed is necessary to make India an economy of 5 trillion dollars. On the cover page of the Economic Survey, investment and employment have been given place. With this, the Government’s intention is clear that there will be special focus on these two points.

Talking about economic challenges, the pace of growth has come down to 6.8 percent. In the fourth quarter of FY 2018-19, the growth rate has decreased to 5.8 per cent, the lowest in the last five years. The horrific report came out about employment in the past, according to which the unemployment rate is at the highest level in 45 years

According to economic experts, the demand will not increase unless development increases, the growth momentum can not be picked up. There is a need to increase the demand in rural areas. There is also a need for development in the agricultural sector. It is important that decisions should be taken to improve the farming and agriculture. There is a need to accelerate irrigation schemes due to uncertain monsoon. On the other hand, the Reserve Bank is constantly trying to overcome the liquidity shortfall. So far this year, the repo rate has been cut by 75 basis points.