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Some missing 'pillars' in the Budget - The Hindu BusinessLine


Some missing ‘pillars’ in the Budget
Reviving jobs, economy   -  /iStockphoto×
More funds could have been allocated to MGNREGA and PM Garib Kalyan Yojana to spur short-term demand
Budget 2021-22, presented in the backdrop of Covid-19, has three major challenges: Containment of the pandemic; massive job losses due to the lockdown; and unprecedented contraction of GDP.
The deceleration in growth in eight quarters prior to Covid-19 has further added pressure on growth revival. The massive job losses have hit consumption, resulting in demand deficiency and GDP contraction.
The ‘Atmanirbhar’ Budget is based on six pillars: (1) Health and Well-being, (2) Physical and Financial Capital, and Infrastructure, (3) Inclusive Development for Aspirational India, (4) Reinvigorating Human Capital, (5) Innovation and R&D and (6) Minimum Government and Maximum Governance to revive growth. However, “pillar-wise” resource Budget allocation is not clearly indicat ....

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