Explanation:

Finance Minister Nirmala Sitharaman on Saturday said nominal GDP growth for 2020-21 is estimated at 10 per cent.

Presenting the Budget for 2020-21, Sitharaman said receipts for 2020-21 are pegged at Rs 22.46 lakh crore while expenditure at Rs 30.42 lakh crore.

The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.

The net market borrowings would be at Rs 4.99 lakh crore in FY 2019-20 and are estimated at Rs 5.36 lakh crore in the next fiscal.

She however, said the government expected tax buoyancy to take time and the recent cut in corporate tax to cause loss of substantial revenue in short run, economy to reap huge returns in due course.

Sitharaman said income tax rates will be significantly reduced for those who forego reliefs, exemptions.