Narendra Modi’s Government of India has announced the Budget through Finance Minister Nirmala Sitharaman on 1st February 2020. After that, Bombay Stock Exchanges Sensex has been reduced by 2.4 per cent as budget failed to deliver bold reforms which is hoped by many investors o announce.
On Aiming to reverse India’s most serious economic slowdown in decades, the Government has cut income taxes for the middle class, raised import tariffs.
Budget speech nearly lasted for three hours. Finance minister Nirmala Sitharaman said that New Delhi would target a fiscal deficit of 3.5 per cent of gross domestic product for the financial year that starts on April 1, abandoning its commitment to pare the fiscal deficit to 3 per cent next year.
India ready to make bond markets for greater foreign portfolio investment. Finance Minister also said that certain categories of government securities would be opened for non-resident investors, the limit for foreign direct investment in corporate bonds now at 9 per cent of outstanding stock would be increased to 15 per cent of outstanding stock of corporate bonds.