Budget 2021: The Budget is widely expected to focus on increasing spending on creation of jobs and rural development, generous allocations for development schemes, handing more money to the common man and easing rules to attract foreign investments
Union Budget 2021 LATEST Updates: The Budget is widely expected to focus on increasing spending on creation of jobs and rural development, generous allocations for development schemes, handing more money to the common man and easing rules to attract foreign investments.
All eyes are on Finance Minister Nirmala Sitharaman, who will be presenting the Budget in Parliament at 11 am today (Monday). This will be the ninth consecutive annual budget presented before the country by the Narendra Modi government.
In the face of a slew of challenges ranging from a once-in-a-century pandemic, ensuing job losses, resentment among farmers and friction with neighbours, many expect Sitharaman to announce generous public spending but also make tough choices given a mountain of debt.
Earlier in January, Finance Minister Nirmala Sitharaman had said that the budget for the FY2021 beginning April will be “like never before”. In a significant break from tradition owing to the novel coronavirus , this year’s financial statement will be completely paperless.
Sitharaman has also launched the “Union Budget Mobile App” for hassle-free access of Budget-related documents by Members of Parliament (MPs) and the public.
Meanwhile, India’s gross domestic product (GDP) contracted by 23.9 percent in the first quarter of the financial year and as per the World Bank, the economy is estimated to contract by 9.6 percent in FY21, reflecting a sharp drop in household spending and private investment.
Since the last Budget, the size of the Indian economy has reduced from Rs 2.24 lakh crore nominal GDP considered in the FY2021 Budget to Rs 1.94 lakh crore.
However, the World Bank projected economic growth to recover to 5.4 percent this year.
It is important to note that the country’s economy found itself caught up in a recessionary phase owing to the pandemic and the subsequent nationwide lockdown.
With inputs from agencies
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