Budget 2020: Fundamentals of economy are strong, Inflation has been well contained: FM

New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday assured the country that fundamentals of the economy are strong and Inflation has been well contained.

Presenting Budget 2020-21 in the Lok Sabha, Ms Sitharaman said, “Budget is to boost income and purchasing power of people. Several steps on formalisation of economy have been taken up.”

The Finance Minister remembered chief architect of GST reforms Late Arun Jaitley - the Finance Minister who led key economic reforms.

GST has integrated the country economically, she maintained.

“We are now fifth largest economy in the world,” she pointed out, adding that this government has brought paradigm shift in governance.

GST council has been proactive in resolving issues. GST is a historical structural reform, she stated.

“We have added 60 lakh new tax payers in the GST ambit,” she stressed, adding GST is a historical structural reform.

Ms Sitharaman said average household saves 4 per cent more due to GST 60 lakh new taxpayers added.

India has raised 271 million people out of poverty, she said amid thumping of desks where Prime Minister Narendra Modi listened in rapt attention. (UNI)