Finance Minister begins #Budget2020 by presenting the interim report of the Finance Commission. Frankly, that has far more long-term importance than the Budget. If FC has further attacked states’ powers and revenues, then we will face serious crisis of federalism.
FM's initial remarks are quite up-tempo and enthusiastic about the government's record. Out of step with the current economic landscape. #Budget2020
FM: 'Inspector-taxman Raj has vanished'. Umm what? We wish. #Budget2020
There we go, #Budget2020 talking up FDI again. India's FDI performance has been nothing to write home about when compared with peer countries like, say, Vietnam. And its sectoral composition has been poor -- very little into job-creating greenfield investment.
"I wish to recite a small verse in Kashmiri" says the FM. Nice thought, although most of the language's speakers won't be able to respond thanks to the internet blackout. #Budget2020
OK this is going to take forever at this rate. And probably one hour till any real relevant numbers. #Budget2020
OK, so a small push towards solar pump sets -- 3.5 million of them as a target. Excellent idea. (Also incentivising solar farms on barren land, but let's see how.) #Budget2020
I feel the literary digressions are too long, but perhaps that's just me. #Budget2020
I am deeply confused with this new "Krishi Rail" for refrigerated coaches. I thought CONCOR already had refrigerated wagons since 2012.... Or is it another repackaged scheme? #Budget2020
I now realise "thalinomics" was actually a hint to how much they would try to stuff into the #Budget2020 speech.
Lot of interesting little attempts to create new jobs in this section #Budget2020, a lot of them focusing on apprenticeships and internships -- such as unemployed graduates being placed in panchayats, etc
"Saraswati Sindhu Civilisation" now being discussed. At least we know we won't steal a quote for #Budget2020 speech from those poor chaps. But apparently we know the word "Sethi" was written on an IVC seal? Is that true? Or Whatsapp U?
The point of that little remark in the speech was to say India has a history of trade. But that important point could have been made with considerably more accuracy and less controversy.
Guys it's been one hour and ten minutes in this speech with about 15 minutes of real content.
Interesting: Rs 8,000 crore for a "quantum technology" mission over the next years. I have no idea how that will be spent but a lot of people have been asking for it recently.
OK what are people in Parliament heckling her for? Anyone got that?
OK we're back to the "Sindhu Saraswati Civilisation". Though a Indian maritime museum is a good idea, not sure it should be at Lothal. #Budget2020
There has been only one actionable point in the last 10 minutes of the #Budget2020 speech. This is very poorly drafted by the Finance Ministry.
"Tax harassment cannot be tolerated when we are talking about wealth creators". #Budget2020
The current CBIC citizens' charter is here. cbic.gov.in/htdocs-cbec/wh…
New statistical system using AI. As if it hasn't been all crazy extrapolation so far anyway. #Budget2020
An exchange traded fund for government debt. Great news for ordinary savers. Terrible news for anyone else hoping to get some of Indians' savings to invest. #Budget2020
Excellent -- the FM promises to properly list all the off-budget borrowing. Let's see if this is actually followed through on. #Budget2020
Nominal growth of 10 per cent next year sounds difficult, given that it is 7.5 per cent at the moment.
OK, here it comes. A 0.5 deviation from the fiscal deficit. For no reason except its own past mismanagement, let's be clear. #Budget2020
Question is why the markets are down. Did they expect more in terms of personal income tax cuts? Capital gains? DDT? #Budget2020
