As economy recovers from the disruptions caused by the COVID-19 pandemic Finance Minister Nirmala Sitharaman is set to present Union Budget 2021-22 today. She is likely to use a 'made in India' tablet computer to present a paperless Budget address.
While the country has witnesses a shift in its working since lockdown restrictions were eased, there is still a long road to achieve the best. The budget is expected to 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. Higher public spending, and focus on infrastructure and manufacturing sectors are the three key priority areas which FM Sitharaman needs to address in the Budget.
As anticipated by the experts the focus of this year’s’ budget is likely to be on healthcare, agriculture, rural economy, MSMEs, credit growth and sectors which were worst-hit due to the COVID-19- 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 look out for