Finance Minister Nirmala SItharaman on Saturday said that the estimated nominal growth rate of GDP for the year 2020-21 on the trends available, was at 10%.
"We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21," the Finance Minister added.
Receipts for 2020-21 is estimated at 22.46 lakh crore rupees, and expenditure at 30.42 lakh crore rupees, she said.
While presenting the Union Budget, Finance Minister Nirmala Sitharaman also said that the Central government's debt had reduced to 48.7% of GDP in 2019 from 52.2%.
The govt had also clocked a GDP growth of 7.4% over 2014-19 & FDI increased from $119 bn in 2009-14 to $ 284 billion, she said.
"There are one million people out of poverty and we should be proud of it. We have moved on from over 4% growth in 1950s to 7.4% to 2014-19 period," the Finance Minister said.
"Motto of 'Sabka saath, sabka vikas and sabka vishwas' has implemented new programmes for the poor and disadvantaged under Prime Minister Modi," she added.
"We have clocked a GDP growth of 7.4% over 2014-19 and FDI increased from $119 billion in 2014-19 to $284 billion", she said.
Economic Development would entail reforms across the economy and more space for the private sector. She said the Budget is woven around 3 prominent themes -- aspirational India, economic development and a caring society.
(With inputs from agencies)
