She said, "India's growth this year will be negative or near zero.
Next year India can be one of the fastest growing economies.
Festival season has commenced in India, as a result of which I expect the demand to go up and therefore, be sustainable also." She further said, "Foreign Direct Investment (FDI) inflow between April and August of 2020, grew by about 13% compared to non-COVID 2019's comparable period.
Globally, we are one of the lowest in terms of Corporate Taxation.
For any investment which comes into manufacturing and which commences production by 31st March 2023, they shall be paying only 15% Corporate Tax."
Like every year, 'Halwa Ceremony' was held at Finance Ministry ahead of upcoming Union Budget. Finance Minister Nirmala Sitharaman, Minister of State for Finance and Corporate Affairs, Anurag Thakur, were present during the ceremony. The halwa ceremony is a customary tradition which marks the process of printing documents of the Budget. Due to the COVID-19 pandemic, there will be no printing of the Budget. MPs will be able to access the budget documents through a mobile app.
Handicraft industries in Uttar Pradesh expecting supportive measures from Budget 2021. Brass artisans in Moradabad expect this year's budget will help boost their businesses. "We expect supportive measures from the union govt for brass artisans," said an artisan. "I urge govt to cut down electricity charges so that workers can make more profit," another artisan said. Earlier this week, FM Nirmala Sitharaman had held meeting with state finance ministers. The state ministers had suggested steps to revive growth and boost revenue collection in the backdrop of Covid-19 crisis. The Union Budget 2020-21 will be presented at 11 am on February 1.
Credit: HT Digital Content Duration: 02:01Published
Addressing at an event in the national capital on December 25, Union Finance Minister Nirmala Sitharaman spoke on farm laws. FM Sitharaman said, "Opposition parties in their manifestos for 2019 Lok Sabha elections called three Farm Laws important for providing relief to the farmers." "Since, the government that passed the laws is not theirs, but Prime Minister Narendra Modi Ji's, they can't accept it and are opposing it," she added.
Prime Minister Narendra Modi during a keynote address at ASSOCHAM Foundation Week 2020 on December 19 said that India received a record amount of FDI during COVID pandemic. PM Modi said, "The world has confidence in the Indian economy. During the coronavirus pandemic when the world is distraught over channelling investments, we have received a record amount of FDI. We have to increase our domestic investments in order to sustain this confidence."