Union Budget 2021: Sitharaman’s economic comment will come on Monday, will this budget be different from the ledger?
Finance Minister Nirmala Sitharaman is going to present the ‘separate budget’ (Union Budget 2021) of his promise on Monday. It is expected from this budget that the common man suffering from the epidemic will be given relief. At the same time, more attention is also being paid to pursue economic reforms through increased spending on healthcare infrastructure and defense. This is going to be the ninth budget of the Modi government, including an interim budget. This budget is presented at a time when the country is coming out of the Kovid-19 crisis. It is expected to broaden the rules for increasing employment generation and rural development, liberal allocation for development schemes, putting more money in the hands of average taxpayers and attracting foreign tax.
Sitharaman replaced the traditional leather briefcase in his first budget in 2019 and introduced budget documents in the form of ‘kahi-khate’ wrapped in red cloth. He said at the beginning of this month that the budget for the financial year starting April will be in this way, as never seen before. Economists and experts say that this budget will be the beginning of adding back to the economy devastated by the Corona epidemic. He also says that this budget should be different from merely presenting the books or accounts or old schemes in the new category. Experts want this budget to be in some way that shows the way to the future and brings back the fastest growing major economy in the world. A budget prepared thoughtfully proves to be a long-running horse in restoring confidence. This cannot be shifted from the mini budget presented in September 2019 or the reforms announcements made in installments in 2020.
Corporate tax rates were cut just two months after Sitharaman’s first budget was presented. At present, there is a general opinion of economists on a large scale that the country’s economy is going to decline by seven to eight percent in the financial year 2020-21. If this happens, it will be one of the worst performing among developing countries. The government has to play an important role in getting the economy out of the trough. Now that the epidemic is showing signs of being less contagious and a gradual progress is being made in the vaccination program, it is fostering hope for a better future. In such a situation, a policy catalyst will be needed for a sustainable economic revival. This budget becomes particularly relevant here.
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