Given the circumstances of a difficult economic year during a still ongoing global pandemic, India’s Prime Minister Narendra Modi’s government could have chosen any number of routes while presenting the budget for the 2020-21 financial year.
Modi could have paused the economic reforms in face of the trumped-up protests against the reformist farm laws. Modi government could have legitimately raised taxes to finance its way out of the expenses required to confront a global pandemic.
The path of recklessly printing currency as a way out of a tight fiscal situation could have been another model chosen. New capital expenditure could have been halted given the drain in resources due to a contracting economic year arising out of the lockdowns due to the pandemic.
February 1, 2021 Share
Indian Finance Minister Nirmala Seetharaman presented the Union Budget 2021-22 in the Indian Parliament today (February 1). The budget comes in the aftermath of the economic effects the nations faced as a result of the COVID-10 crisis. The Finance Ministers said that Budget proposals will further strengthen the promise of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others. These are in lines with the Atmannirbhar Bharat vision of Prime Minister Modi.
The Budget proposals for 2021-22 rest on 6 pillars.
Health and Wellbeing