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What to expect from the Union Budget 2021? January 20 2021Budget 2021, Nirmala Sitharaman, Union Budget

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The finance minister of India, Nirmala Sitharaman is all set to propose the budget 2021. All eyes are set on the budget 2021 as the economy slowly gains momentum amidst the Covid-19 pandemic. The budget is to be presented on 1st February, 2021. The Budget is being presented for the economy at a difficult juncture. As the Modi government seeks to give the Indian economy a further boost, Finance Minister has pledged a never-before-like Union budget.

India''s economy is expected to contract by 7.7 percent in 2020-21, according to the first advance projections. After reporting two consecutive quarters of contraction, India''s economy plunged into a technical recession. But in the second quarter of FY21, the contraction slowed down sharply, driven by pent-up demand and a festive drive.

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What to expect?

The budget is expected to be the key driver of growth. Experts expect that, on the basis of the low base effect and a steady recovery, the economy would rebound sharply in the next fiscal period as almost every sector has started its operation to its fullest. It has been made clear by the government that it would not shy away from spending to accelerate economic growth. A multiplier impact on the economy would be the drive for infrastructure.

The citizens and Industry leaders are having great expectations from the union budget which is expected to eventually lift the economic slowdown induced due to the pandemic and accelerate employment again.

As the government is still dealing with a challenging revenue situation, any more tax sops may be difficult. The Budget could concentrate on raising more non-tax revenue which could be on the agenda with a large-scale asset sales program.

Reports indicate that the Finance minister has properly dealt with the Halwa ceremony and that the 2021 Budget will be paperless. It is possible to distribute soft copies of the budget among Parliamentarians. The Covid-19 pandemic has made such adjustments inevitable.

1COMMENTS
  • Anshul25/01/2021 at 01:01 PMNice blog

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