<p>With only three weeks remaining for the presentation of Union Budget, Prime Minister Narendra Modi on Wednesday sought suggestions from 130 crore Indians on the 2020-21 budget.<br /> <br />"The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development. I invite you all to share your ideas and suggestions for this year’s Budget on MyGov," Modi tweeted this morning.<br /> </p>.<p>The development comes hours after the official estimate put India’s growth rate for the current financial year (2019-20) at an 11-year low of 5% and said that expenditure should be the key determinant of the economy because investment and capital had almost come to a standstill.<br /> <br />The official data released on Tuesday showed investment in the economy is expected to fall to 1% this year, implying the government has to do the heavy lifting in terms of giving an expenditure push to the economy.<br /> <br />The threat of oil prices rising in the wake of US-Iran tension has posed a new risk to the economy.<br /> <br />The prime minister’s call for suggestion is also significant in view of India aspiring to be a $5 trillion economy by 2025. However, the current rate of slowdown does not point towards that.</p>.<p>India’s largest public-sector State Bank of India, in a research, suggested that to become a $5 trillion economy, India’s GDP in 2020 should have grown by Rs 225 lakh crore and not at Rs 204 lakh crore as projected in the just-released official estimate of the growth numbers for 2019-20.<br /> </p>
<p>With only three weeks remaining for the presentation of Union Budget, Prime Minister Narendra Modi on Wednesday sought suggestions from 130 crore Indians on the 2020-21 budget.<br /> <br />"The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development. I invite you all to share your ideas and suggestions for this year’s Budget on MyGov," Modi tweeted this morning.<br /> </p>.<p>The development comes hours after the official estimate put India’s growth rate for the current financial year (2019-20) at an 11-year low of 5% and said that expenditure should be the key determinant of the economy because investment and capital had almost come to a standstill.<br /> <br />The official data released on Tuesday showed investment in the economy is expected to fall to 1% this year, implying the government has to do the heavy lifting in terms of giving an expenditure push to the economy.<br /> <br />The threat of oil prices rising in the wake of US-Iran tension has posed a new risk to the economy.<br /> <br />The prime minister’s call for suggestion is also significant in view of India aspiring to be a $5 trillion economy by 2025. However, the current rate of slowdown does not point towards that.</p>.<p>India’s largest public-sector State Bank of India, in a research, suggested that to become a $5 trillion economy, India’s GDP in 2020 should have grown by Rs 225 lakh crore and not at Rs 204 lakh crore as projected in the just-released official estimate of the growth numbers for 2019-20.<br /> </p>
