Union Budget 2020 to be presented on February 1

WION Web Team New Delhi, India Jan 09, 2020, 10.27 AM(IST) Edited By: Sparshita Saxena

File photo. Photograph:( Reuters )

Story highlights

  • First phase of the budget session will be held from January 31 to February 11
  • second phase of the budget session will begin from March 2 and will go on till April 3

Union Budget 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported. 

As per reports, the first phase of the budget session will be held from January 31 to February 11.

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The second phase of the budget session will begin from March 2 and will go on till April 3.

Some of the measures included the introduction of 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes, among other features. 

Prime Minister Narendra Modi hailed the budget 2019 and said that it had "given hopes to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. 

Also read: Key takeaways announced by Nirmala Sitharaman in budget 2019

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi had said. 

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. 

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief.

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. 

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief. 

Meanwhile, as per a World Bank report, India's growth is projected at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year.