FM Nirmala Sitharaman To Present Budget Today; Countdown BeginsPage Visited: 9
ed 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. 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, leading figures of India Inc. said as part of the CII-Moneycontrol CEO Budget Survey. 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. Speaking to Moneycontrol after presenting Economic Survey 2020-21, Chief Economic Advisor Krishnamurthy Subramanian hinted that the Budget may focus on the demand side to boost discretionary spending.