Mission $5 Tn: Budget 2020

Just like every year, this time as well the government is crafting a Budget. This time around though, the aim is to achieve 5 trillion-dollar economy.

The current Finance Minister of India, Nirmala Sitharaman will be presenting the Union budget for the financial year 2020-21 in Parliament on February 1. The government has begun its work taking strides towards the $5 Tn economy; however, we yet don't know what exactly would be in the basket of the 2020 budget.

It would be particularly interesting to look at what the Govt. proposes given where the nation's economy stands right now. The lowest GDP growth in the last six years, the lowest consumer spending and many other parameters have made economists and industry experts wonder or about how the Govt. aims to achieve such a staggering goal and what the roadmap towards achieving this is.

The government could start by relaxing some of the injunctions, which were mandatory till now. It should also make a point to address the issue of delayed payments to MSMEs. The government should be aiming at becoming more citizen-friendly, by providing a boost in consumer confidence with slight amendments to their income tax in the coming budget. This, in turn, might help push the demand for goods and services, leading to consumer-spending more for buying and consumption. In order to revive the slumping GDP, the government needs to push a lot of infrastructures, but first, it requires to complete the projects which are already in the process. This will help be crucial for manufacturers to invest and manufacture more. This, in turn, will help 'Make in India initiative' to be a successful model for the economy. As India is an import driven market, it's time for the government to focus on exports to contribute to the economy which will give a great boost to our GDP.

To know more about this, we got a byte from the CEO and Head Coach of Letstrack. We asked him to shed some light on how the budget and plan might shape up like, for a more objective point of view:

"The government must help the startups to grow through the implementation of tax benefit to angle investors for investing in the startups and to reduce the GST for the entrepreneurs who are new in the markets. We need more policies favoring local businesses. The government needs to focus on development for technologies like AI, Data Analytics, Machine Learning etc. Adoption of technology is a must across both private and public sector companies and especially in sectors like Transportation. The government needs to emphasize more on the personal security of the individuals and their data. More budget needs to be allocated to the companies or manufacturers providing security products. The government in Budget 2020 should focus more on Smart Cities and Digital India initiative in order to shape the IT infrastructure and increase the adoption of technology. Lastly, we expect the policies to be implemented for higher use of technology in order to make systems efficient and transparent."