Union Budget Economy Revival – 2020
The media is stating that for a better economy, Nirmala Sitharaman should have inputs from the startups for economic revival. For commercial restoration, the decision has been taken and will be presenting on February 1st, 2020.
The main aim of the Union budget in 2020 is to have an economic revival with getting inputs from startups. Nirmala Sitharamam had a conversation with stakeholders of all the sectors on December 16th, 2019.
Stakeholders to be Involved
Finance minister, Nirmala Sitharaman held a pre-budget consultation with startups, tech, capital markets, financial sector, industries, social sector, digital, sanitation and water, trade unions, infrastructure, and economist for a fruitful discussion on the decision taken for economic revival to have development and growth in the economy. It is a step to boost consumption moreover to add more foreign investment and trade in the marketplace.
Expectations of Government from the Decision
A planned decision with all the sectors will help in improvising the current scenario of the economy. The government intends to have inputs from startups on a promissory note of having accessible business from them and financial issues to be taken care of and to increase the growth of startups.
At this time, the government wants to pay attention to the regulation of the digital economy, privacy alerts, consumer protections, and capital regulations.
As PM, Narendra Modi previously stated that startup businesses would help in boosting the economy and improve the Indian government to achieve the target of $5 in the economy of Tamil Nadu.
Strategies for Tamil Nadu’s Economy, Target to be achieved
Nirmala Sitharaman, Finance Minister, will present a blueprint to achieve the goal of the Tamil Nadu’s economy by 2024. This plan includes:
- reduction in corporate tax
- profitable investment for foreign nations
- amending policies for the Indian startup economy