A balanced Interim Budget 2019 was presented, for the first time in the annals of Indian history, by a Chartered Accountant – the then interim Union Finance Minister CA. Piyush Goyal. With his deep insight of the state of affairs of the Indian economy, he presented his maiden Union Budget 2019-20, emphasizing that the country has witnessed its best phase of macro-economic stability during the last four years, with a high annual average GDP growth since 1991, the year when significant economic reforms were first initiated.
He iterated that generation of high growth rate, curtailing inflation and restoring fiscal balance, has taken India to the 6th position in world economy. This period also witnessed a rapid liberalisation of the FDI policy, a wave of next generation structural reforms, including the path breaking implementation of Goods and Services Tax (GST). With an objective to transform India into a $5-trillion economy by 2025 and a $10 trillion by 2030, the then Interim Finance Minister laid down India’s Vision 2030 during the Budget.
As a Trusted Partner in supporting Government Initiatives, ICAI and CA fraternity will surely contribute to the agenda of the Government towards achieving the moderate taxation-high compliance regime.