At present, open market borrowings or state development loans are the chief source of funding the fiscal deficit of state governments.
As much as 60 per cent respondents feel that those within the income bracket of Rs 5-10 lakh and Rs 10-25 lakh will be impacted by the new tax regime.
Sounding an optimistic note, he said as the clean up happens, 'we should see the growth returning'.
For the first time, Sitharaman and her battery of secretaries are taking a multi-city tour to explain and clarify the contents of the budget.
Budget 2020 has actually written the first lines of the age-old I-T Act's obituary and exemptions are tipped for the full chop sooner or later.
The country's GDP growth is estimated to slow to an 11-year low of 5 per cent in the current financial year.
While the Centre claims that switching to the new tax regime will be of benefit to taxpayers, personal finance experts stand firm behind the existing one.
She said, "In order to address rural distress, 16 focused action points have been announced in the budget. So I expect all this will lead to a five trillion dollar economy."
The finance minister is in the city to discuss the government's vision on the budget with the stakeholders of various sectors.
Duties slapped on components will result in the manufacturing sector being hit with higher prices, said analysts
Congress leader P Chidambaram alleged the Modi government was like a helpless doctor who failed to diagnose the illness of a patient and treat him effectively.
The Finance Minister also said that the intent of Narendra Modi's government is to move towards simplification of the tax regime.
It can be noted that some constituencies have expressed disappointment with the budget for not having any big announcements, especially at a time when growth has slipped to a decadal low.
The move triggered apprehension that some projects may get shelved. Mamata’s 20 new rail connectivity projects have received a token allotment of Rs 1,000 annually
Tax benefits on ESOP and other measures restricted to only 200-odd firms registered with interministerial board.