India's government said it would inject nearly $40 billion into the sprawling farm sector and billions more into a water scheme to get broader economic growth back up from its lowest in a decade by ManojGulnar Aftabahmed00 MayankBhardwaj9 Budget2020
NEW DELHI - India’s government said on Saturday it would inject nearly $40 billion into the sprawling farm sector and billions more into a federal water scheme to get broader economic growth back up from its lowest in a decade.
For fiscal 2020/21 Sitharaman set the fiscal deficit at 3.5 percent as it boosts state funding to shore up a sagging economy that has put pressure on Prime Minister Narendra Modi, who is already facing a public backlash over a new citizenship law seen as socially divisive.` Sitharaman said 2.83 trillion rupees will be allocated for agriculture and allied activities including helping farmers set up solar power generation units as well as establish a national cold storage to transport perishables.She also said the government will spend $50.65 billion on a federal water scheme to address the challenges facing one of the world’s most water stressed nations.
In its annual economic report, released on Friday, the government predicted that growth would rebound to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth. Some economists said global trade tensions and the outbreak of coronavirus in China, which has killed more than 250 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains.
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