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The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09.
Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget.
Finance Minister appeared uneasy and was seen wiping sweat from her forehead.
For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister.
India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth.
The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets.
Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies.
(With inputs from agencies)