The new government’s first Budget was announced on the heels of a strong electoral mandate and it did well to stick to the fiscal rectitude path underlined in the Interim Budget. In fact, it did better by targeting a fiscal deficit of 3.3 per cent of GDP for 2019-20, compared to the revised estimate of 3.4 per cent for 2018-19. It has announced initiatives which touch all segments of society – women, youth, farmers, entrepreneurs, students and industry. It benefits both rural and urban India – all within the limited fiscal space available to it. We can therefore say that the Budget has been popular without being populist.
Many of CII’s recommendations on growth, taxation and fiscal prudence have found a place in the budget. This report presents CII's analysis of Union Budget 2019 - 20.