Nominal GDP growth for fiscal year 2011 estimated at 10%: Nirmala Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman said on Saturday that nominal GDP (gross domestic product) growth for 2020-21 is estimated at 10 percent.

Introducing the Budget for 2020-21, Sitharaman said that revenues for 2020-21 are set at Rs 22.46 lakh crore, while expenditures at Rs 30.42 lakh crore.

The revised estimated expense for fiscal year 20 was set at Rs 26.99 lakh crore and revenues at Rs 19.32 lakh crore, he said.

Net market loans would be Rs 4.99 lakh crore in fiscal year 2019-20 and are estimated at Rs 5.36 lakh crore in the next fiscal year.

Live plus However, he said that the government hoped that the buoyancy of taxes would take time and that the recent cut in corporate taxes would cause the loss of substantial income in the short term, the economy would reap huge profits in due time.

Sitharaman said that income tax rates will be significantly reduced for those who give up exemptions, exemptions.

To address the liquidity restrictions of NBFCs and housing finance corporations, the government will launch a partial credit guarantee scheme, Sitharaman added.

The finance minister said amendments will be made to allow NBFCs to extend bill financing to MSMEs.

Sitharaman dijo que el gobierno ha aceptado las recomendaciones del informe provisional de la 15ª Comisión de Finanzas y el informe final se presentará plus tarde.

All emblematic government schemes are provided in Budget, said the finance minister.

The government will sell part of its stake in LIC, he said, adding that an international bullion exchange will be established at IFSC GIFT City.