Cabinet approves Union Budget for 2020-21
New Delhi: The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years.
Before coming to Parliament for presenting her second budget, Finance Minister Nirmala Sitharaman and her team met President Ram Nath Kovind.
She was accompanied by Minister of State for Finance Anurag Thakur and top officials of her ministry including Finance Secretary Rajiv Kumar.
"As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget," tweeted the President of India's handle along with two photographs from the meeting.
Like last year, Sitharaman opted for a traditional red-coloured 'bahi-khata' to carry budget documents.
Dressed in a crisp yellow silk saree, she posed for cameramen at the Parliament House gate with the budget documents wrapped in a red silk cloth, adorned with a golden Indian emblem.
Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.
The real gross domestic product (GDP) growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.
Index of Industrial Production (IIP) growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.
Consumer Price Index (CPI) inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices.
Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019.
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PM Modi is controlled by Donald Trump, wants to do the same in TN: Rahul Gandhi
Ranipet (Tamil Nadu) (PTI): Congress leader Rahul Gandhi on Saturday alleged that Prime Minister Narendra Modi was being "controlled" by US President Donald Trump and that the PM wanted the AIADMK to capture power so that he could control Tamil Nadu Chief Minister.
Also, he claimed that the prime minister "handed out our energy security and gave away our data, besides selling our farmers and small and medium industries."
"You saw yesterday (in Parliament) the face of Prime Minister Narendra Modi completely lacking confidence," Rahul said on the delimitation bill.
"He (PM) could not even face the opposition. He was sitting sideways. And the reason is, he is controlled by the United States. He signed the India-US deal that sold our country out," Rahul said while addressing an election rally here.
He further said, "Today, if Donald Trump tells Modi to jump, Modi jumps. If Donald Trump tells Modi to lie down, Modi lies down. Why? Because Donald Trump controls Modi fully. How does he control him? He controls through the Epstein files. He controls him because he knows Modi's financial systems and understands Modi's link with Adani," the Congress leader alleged.
Just as he was being controlled by Trump, Modi wanted to do the same to the chief minister of Tamil Nadu. "That is why he wants to put AIADMK in power in TN," Rahul said.
The Union government had rejected references to PM Modi in the latest Jeffrey Epstein case files, describing it as “little more than trashy ruminations by a convicted criminal that deserves to be dismissed with the utmost contempt”.
