‘Union Budget 2020 Gives Blueprint to Take Economy Forward,’ Says Sitharaman at FICCI Event

Finance Minister Nirmala Sitharaman said that the Central government is putting money where assets have to be created.

New Delhi: Two days after presenting the Union Budget 2020, Union Finance Minister Nirmala Sitharaman on Monday said the Central government has been very transparent while setting the new fiscal deficit target.

“There are a lot of speculations regarding the fiscal deficit. Earlier, there was a situation in the previous regime where fiscal deficit numbers were fudged. We are not going to fudge the data,” Sitharaman said.

She said that the Central government is putting the money for public asset creation, connectivity to particular districts, which do not have basic infrastructure.

“We expect the industry to move the economy forward. The Central government is there to support the industry. We are putting money where assets have to be created. We have given the roadmap. The Budget is not sector-specific. The attempt is to take a prudent route to achieve the targets set,” she added.

Finance Minister: We shall not repeat mistakes of the previous regime of splurging that happened. The money being spent now is for asset creation; such assets that can give greater connectivity to places from where produces reach markets. https://t.co/qIOukHjD4x

— ANI (@ANI) February 3, 2020

Talking about the fiscal deficit, Sitharaman added that many people have been speculating that the fiscal deficit would cross 4 per cent.

“We may have a situation wherein you want the government to spend on pump-priming the economy,” she added.

Replying to a query on why was the Sensex not happy on the Budget presentation day, Sitharaman said, “But I see them being happy today. Monday is the true working mood, and today’s mood is that they are happy. Aren’t they? Not exuberant but happy somewhat.”

Finance Minister Nirmala Sitharaman on being asked 'why was Sensex not happy on Budget day': But I see them being happy today. Monday is the true working mood, and today's mood is that they are happy. Aren't they? Not exuberant but happy somewhat. pic.twitter.com/U9v3X6VzcD

— ANI (@ANI) February 3, 2020

The statement from the Finance Minister comes as the Central government has pegged the fiscal deficit target at 3.5 per cent for the next financial year beginning April 1. However, it is less than the previous year in which it was pegged at 3.8 per cent.