India will look beyond fiscal deficits to get the economy back on its feet. That’s the message conveyed by Finance Minister Nirmala Sitharaman in the annual budget for 2021-22, presented on Monday (February 1, 2021).
India’s spending plan aims to jumpstart the economy that has been going through a protracted slump in 2020-21 fiscal year with the GDP growth projected to contract by 7.8 per cent. That’s hardly surprising since all other major economies have taken the fiscal boost route to revive the flagging economic growth.
Under the current environment, government spending is a significant component to boost production, consumption and job creation. Of course, it has long-term consequences in terms of potential debt overhang, a surge in inflation, huge interest in government borrowings and currency instability and potential payment crisis in the future.
Vaccine a responsibility: Together we triumph
Staff Report/Dubai
Photo: Shihab
How do we fight the pandemic? How do we make everyone’s life safe and secure? Why should we take the jab? Listen to what our vaccine ambassadors have to say
Why sit on the sidelines when one of the world’s fastest vaccination campaigns is gathering pace in the UAE? With more than two million people already vaccinated, and close to 100,000 jabs given daily, the country plans to protect 50 per cent of its population by March. Herd immunity is close at hand and it is our responsibility to keep ourselves and others safe by taking the jab, just like the men and women featured on this page who have got their shot in the arm. Experts say the vaccination drive will put the UAE on an early road to recovery from the pandemic that has devastated millions of lives and livelihoods. The Great Disruption of the modern era must end, and science has provided us with a solution in record time. The speed of this in