08:59 GMT25 January 2020
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    New Delhi (Sputnik): India’s national yearly budget for the 2020-2021 fiscal year will be presented in Parliament by federal Finance Minister Nirmala Sitharaman on 1 February. The budgetary proposals for the next financial year will hold the key for the federal government’s efforts to lift up the sliding economic situation.

    In the run up to the finalisation of a budgetary roadmap, Prime Minister Narendra Modi has "invited the 130 crore Indians’ to present their suggestions for the upcoming budget.

    “I invite you all to share your ideas and suggestions for this year’s Budget on MyGov", Modi tweeted.

    ​India’s finance minister will also hold discussions, as in the previous years, with various stakeholders, like trade, industry, farm experts, and trade unions to elicit their suggestions for the budget.

    The government website MyGov Open Forum claims it is a one-stop platform to share views and ideas on issues of national importance. “The issues being discussed in this Forum require wider participation and discussion among members of MyGov. The topics transcend all the groups due to their scope and importance", it says.

    India's Gross Domestic Product (GDP) growth witnessed a 26-month low of 4.5 percent in the second quarter (July-September) of financial year 2019-20. It stood at five percent in the previous three months (April-June). This was a steep decline compared with the 7 percent growth recorded in the same period in 2018.

    The estimates paint a gloomy picture of manufacturing and construction, the two key sectors of the Indian economy. Manufacturing was estimated to grow 2 percent in 2019-20 against 6.9 percent in 2018-19. The construction industry in 2019-20 is expected to see 3.2 percent growth as compared with 8.7 percent in 2018-19.

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    Tags:
    fiscal year, budget, Narendra Modi, Prime Minister, India
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