16-31 JULY, 2019 I KAMAL SANDESH I 7

nion Finance Minister Smt. Nirmala

Sitharaman presented her maiden Union

Budget (Bahi-Khata) of Modi government 2.

on 05 July, 2019 before the Parliament for the financial

year 2019-20 and laid the foundation to build India a

$5 trillion economy in the next few years.

Amid an expectation of strong economy,

developed rural India and huge employment, a big

package for infrastructure will certainly prove to be

a shot in the arm. At the same time, the proposal to

reduce the fiscal deficit to 3.3 percent of GDP from

3.4 percent is a welcome move.

The Union Budget for financial year 2019-

was clearly a strategic budget with the emphasis

placed on maintaining the long-term goals of fiscal

consolidation and infrastructure creation.

The Budget also had plenty for the markets.

Moves such as government’s commitment to restrict

fiscal deficit to 3.3 percent of GDP, opting for partial

external borrowings, divesting stake in PSUs and

recapitalizing PSU banks are some of the major

steps for the market. The progressive and inclusive

intent of the government is quite heartening and the

roadmap turning India into a $5 trillion economy in

next few years looks promising.

u

et laid foundation to Build

illion economy

FM discards brieFcase,

carries ‘Bahi-Khata’

In a departure from the past, India’s first full-time

woman Finance Minister Smt. Nirmala Sitharaman

carried the Union Budget documents in a red

bag, reminiscence of the traditional ‘Bahi-Khata’.

Earlier, finance ministers in different governments

used to carry a briefcase to present budget, which

was considered as a tradition of colonial past.

During the Atal Behari Vajpayee Government,

the then Finance Minister broke the one colonial

tradition of budget presentation at 5 pm. Since

then all governments have been presenting the

budget at 11 am.

union BudGet 2019-