Nothing very major in this Budget that would turn around economy: Industrialist Adi Godrej tells WION

Finance Minister Nirmala Sitharaman on Saturday presented the second Budget of the Modi-2.0 government and right after the markets slumped. 

Many experts and industrialists believe that the presented Budget is not in sync with the Economic Survey tabled a day before in the Parliament.

Indian industrialist and chairman of the Godrej Group spoke to WION and said that the Budget is not in sync with the Economic Survey of the government.

"Nothing very major in this Budget which would turn around the economy," Godrej told WION, adding that the "economy is in very bad shape, the growth rate is down to around 5 per cent and it needs to be quickly brought back to 6-7 per cent".  

Also read: Budget will bolster income; bring vitality in financial system - PM Modi

Godrej stated that income tax has not been reduced just the slabs have been changed provided people give up the existing exemptions. 

"I don't think the income rates have been reduced. Tax rates should have been reduced that would have provided more money in the hands of the consumers. Exemptions should not have been revoked," Godrej told WION. 

Also read: Budget 2020 - New tax slab proposed for common man

Meanwhile, the most interesting observation of the industrialists is that the Economic Survey cites the example of China to underline how India can become a trade superpower by way of exports and generate 70 million labour-intensive jobs for workers with primary education. 

However, the Budget has no roadmap or planning about the same to proceed for the new financial year.