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Home > Income Tax > Help Center > Indian Budget 2020 Last Updated: Dec 28th 2023
2020, a year of hope for Greater India in terms of economic revival, seeds for future glory, strategic direction, landslide reforms, and measures to avoid negative forces influencing countries economic prosperity and happiness.
2018, we guess Mr. Nara Chandra Babu Naidu, former CM of AP, 1st coined the word "Happiness Index" for his state of Andhra Pradesh, later being used every where. It’s indeed a greater indicator (some what non-material, but) to show case a societies real growth.
1991, Prime Minister Mr. P. V. Narasimha Rao has initiated a bold economic reforms, post that India was adjusted to the winds brought minor reforms to sustain the growth.
Unless the focus of 2020 budget is to privatize the massive non-functional PSUs, labor, rural agriculture reforms, it’s extreme challenge to even think about $5 trillion target.
Team EZTax.in expectations / recommendations on Indian Budget 2020 were primarily focused on Individuals, SMEs.
This document covers
It’s every one’s list to have "minimum govt maximum governance", current government can take a bold step towards automation, privatization of non-functional PSUs, centralizing government functions to reduce the Government expenses, and increase the Governance.
Transformation in Banking Sector as a whole, re-enforcing asset valuation, privatization of some of the banks, and redefining the role of banks as a strategic rather mere infrastructure would bring much capital for the government to invest in next generation infrastructure.
It’s equally vital to have small things like ‘paper reduction act‘ initiatives in all government offices, similar to what was in other developed nations, to automate, build accountability for an effective governance and building next best greater India.
Finally, we really think the government will take serious measures to shield away from external pressures in the name of standardisation to focus for real India and do a bold PSU privatization and reforms pending for 20+ years.
At the end we wish the budget for a healthy, happy, progressive India.
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.