New Delhi : Union Finance Minister Nirmala Sitharaman is presenting the General Budget in the Lok Sabha. During this time, slogans are also constantly being raised by the MPs of the opposition. Nirmala Sitharaman said that last year was very difficult for the country, in such a situation, this budget is coming at a time when there is a lot of crisis. During the Corona period, Prime Minister Narendra Modi gave the gas and ration system to the poor.
She is going to use a ‘made in India’ tablet. This will be the first time that a finance minister will deliver a paperless Budget address. This Budget assumes greater significance as it comes amid the novel coronavirus pandemic, which has led to massive economic disruption in India and around the world.
While the country has witnessed strong economic recovery since lockdown restrictions were eased, there’s still a long way to go. All eyes are on this Budget, with hopes that it will help revitalise the economy.
Since the last Budget, the size of India’s economy has reduced from Rs 2.24 lakh crore nominal GDP to Rs 1.94 lakh crore. There has been lower-than-budgeted revenue growth and higher expenditure to tackle the negative impact of the pandemic. Given the job losses during the lockdown, the employment creation may be one of the key points of the Budget.
Experts have also suggested that the focus may largely be on healthcare, agriculture, rural economy, MSMEs, credit growth and sectors which were worst-hit due to the COVID-19-triggered lockdown restrictions. The fiscal consolidation path, the borrowing plan, the demand side measures, divestment plans, incentives for exports and India’s expenditure on vaccines could be other key points to watch out for.
Global economy, which was slowing down, was pushed into uncertainty due to COVID-19. The risk of not having a lockdown was far more, far too high, said FM Nirmala.
Union Budget 2021: Through the past year, the Finance Minister announced a Rs 30-lakh-crore plan, in ‘mini-budgets’ to beat Covid
– Performance-linked incentives
– Boost for domestic manufacturing
– Improved credit access for enterprises
– Moratorium on interest payments
– Thrust on affordable housing
– Booster shots for MNREGA
The total estimate of all relief measures announced by govt & RBI so far is Rs 27.1 lakh cr (13% of GDP), the Finance Minister says.
Nirmala Sitharaman recaps policies announced so far. “The government stretched its resources to provide for the most vulnerable,” she said.