Union Finance Minister Nir-mala Sitharaman presented the Budget 2020-21 under challenging economic conditions. GDP growth rate has slumped to a 11-year low; unemployment is disturbingly high, tax revenues are far below targets and there is palpable slowdown in businesses activity. RBI has been providing the monetary stimulus through rate cuts; but five rate cuts in succession totaling 1.35 per cent have not produced the expected monetary transmission. With monetary policy becoming less effective, the FM was expected to provide the extra fiscal stimulus through the budget. Did the FM rise to the occasion?Budget 2020-21 is built on three major themes of Aspirational India, Economic Development and Caring India. The nominal GDP growth rate of 10 per cent for FY 2021 is achievable. Actual fiscal deficit, including off-budget borrowings, would not be 3.8 per cent and 3.5 per cent respectively for FY20 and FY21 as reported, but 4.5 per cent and 4.3 per cent respectively if we factor in the off-budget borrowings of PSU entities like the FCI. If we take the total deficit of the Centre, the states and the borrowings of the PSUs like FCI, then the total Public Sector Borrowing Requirements (PSBR) would be around 8.5 per cent of the GDP. This is more than the total household financial savings in the economy. Therefore, the fact is that there is not much room for fiscal stimulus.The FM has attempted to stimulate the rural economy through some major schemes like Sagar Mitra, Kisan Rail, Krishi Udaan, Solar pumps and Jal Jivan Yojana. Agriculture has been given an allocation of Rs. 2.83 lakh crore; Rs. 99,300 crore has been allotted for education and Rs. 69,000 crore for the health sector. Rs. 1.7 lakh crore has been provided for transport infrastructure. 100 new airports are to be built by 2024.From the market perspective, a positive is the abolition of DDT paid by companies. This is a progressive measure. However, dividends will be taxed at the hands of taxpayers at the applicable tax rate. The highlight of the budget is the proposed IPO and listing of LIC. The proposed sale of government stake in IDBI Bank takes the liberalization of financial system forward. The 100 per cent tax concession to Sovereign Wealth Funds for investing in infrastructure projects would provide a boost to infrastructure. Opening up of certain categories of government securities to NRI investors and hiking the FPI investment limit in corporate bonds from 9 per cent to 15 per cent will help deepen the bond market.The disinvestment target of Rs. 2.1 lakh crore appears ambitious, particularly in the context of the dismal performance of disinvestment in FY 2020. Therefore, the fiscal deficit target of 3.3 per cent for FY21 is unlikely to be achieved.Some categories of income tax payers will get marginal benefit if they opt for the new IT regime with lower taxes but no exemptions. Under the proposal, tax rates on different income slabs would be: 10 per cent on Rs. 5-7.5 lakh income; 15 per cent on Rs. 7.5-10 lakh; 20 per cent on Rs. 10-12.5 lakh; 25 per cent on Rs. 12.5- 15 lakh and 30 per cent on above Rs. 15 lakh. Though the new scheme is simple, the new IT regime co-existing with the old one will make the IT system unnecessarily complex.The budget alone cannot be expected to stimulate the economy. Earlier, the FM had initiated some major policy initiatives like the sharp cut in corporate tax and some sector-specific stimulus for sectors like automobiles, MSMEs and real estate. Also, an ambitious infrastructure programme &ndash; National Infrastructure Pipeline &ndash; which envisages an investment of Rs. 102 trillion over a five-year period, was announced. The cumulative impact of all these measures along with the monetary stimulus provided by the central bank will, hopefully, help revive the economy. The recovery will be a slow flat U-shaped recovery, rather than a sharp V-shaped one.

UNION BUDGET 2020: A MIXED BAG TO HELP REVIVE THE ECONOMY

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Destination Kerala

‘TAKE STEPS TO ATTRACT FDI INTO MARINE PRODUCTS SECTOR'

‘MAKEOVER OF 50 ADVENTURE TOURISM CENTRES SOON'

‘INDIA'S HIGHER EDUCATION ASSUMES PRACTICAL DIMENSION'

TAKE IPO ROUTE TO RAISE FUNDS, KRIS TELLS STARTUPS

KERALA'S TOURISM SHOWPIECE AKKULAM LAKE TO BE REVIVED

KERALA'S NOVEL EXPERIMENTS CONTINUE UNDER RT

ITB BERLIN A BIG DRAW EVEN AS DAMPERS GALORE

INFORMED FACILITATORS OF MATERNITY WELLNESS

GOVT. ENVISAGES ‘SPACE CITY' TAG FOR KERALA CAPITAL: CM

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