India's finance minister presents federal budget

Source:Xinhua Published: 2019/7/5 15:23:33

India's Finance Minister Nirmala Sitharaman Friday presented the country's General Budget 2019-20 in parliament, officials said.

"Finance Minister Nirmala Sitharaman is currently presenting the annual budget in parliament," a finance minister official said. "She is addressing the Lok Sabha, the lower House of parliament."

It is Sitharaman's maiden budget and first budget of the Narendra Modi government in the second tenure.

"Indian economy has reached 2.7 trillion dollars. It is well within our limit to reach 5 trillion dollar. Indian economy will be a 3 trillion dollar economy in the current financial year," Sitharaman said.

Officials said the finance minister along with junior minister and officials from finance ministry gave final touches to the general budget on Thursday evening.

Prime Minister Narendra Modi and other ministers are currently in the parliament listening to the finance minister's address.

Ahead of presenting the budget, as per tradition Sitharaman called on President Ramnath Kovind.

The federal budget -- annual financial statement of a government -- gives details about the revenue and expenditure, besides providing estimates about spending for the coming year.

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