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Did you know that the finance minister s Budget speech has no legal sanctity in India? Yes, there is no provision for the Budget speech under the Constitution of India or any law. It is in addition to what is provided under various laws. Technically, once the FM has presented the three key documents, the Budget exercise is over, says our in-house policy expert A K Bhattacharya, as he explains the important areas that we should focus on while listening to the finance minister s speech. Given that Finance Minister Nirmala Sitharaman has already said that this will be extraordinary Budget to deal with the extraordinary circumstances, all eyes will be on how she allocates the resources to the most pressing needs of the present time. ....
The Budget is going paperless. The move was expected, as printing documents during Covid pandemic is problematic. So, how should people access the documents? In the sixth episode of ‘Beyond Budget Headlines with AKB’, Business Standard’s special video series in the run-up to Budget 2021, we also discuss the speculation and consequences of raising the tax exemption limit and the possibilities of implementing a Covid cess or surcharge. The move of raising exemption limit could see income tax rates increasing for those earning above Rs 5 lakh, says our in-house policy expert A K Bhattacharya, as he terms it a dangerous proposal. ....
Finance Minister Nirmala Sitharaman has been saying that Budget 2021 will not be like any other before. What might that mean? Coming against the backdrop of a pandemic that has, arguably, wrecked the economy like never before, it could mean she has more big-ticket relief measures up her sleeve. But it could also mean, says Business Standard s in-house policy expert A K Bhattacharya, that she is preparing the nation for something unpleasant – something like a one-time Covid tax to raise additional funds to push through more spending and help expedite economic recovery. Watch this third episode of our special pre-Budget video series, Beyond Budget Headlines with AKB, to also learn which big schemes could get more funding and which the axe, and if setting up multiple bad banks would be a good idea. ....
Many think that the Narendra Modi government has spent a lot this year, especially to mitigate issues faced by people in the wake of the coronavirus pandemic. It’s true that the government has announced stimulus packages to the tune of Rs 30 trillion. But if one were to make a comparison, the government expenditure this year (till October-end) was roughly the same as last year. Given that expenditure this year was budgeted to be 13 per cent more than last year, the finance minister would be expected to spend more in order to expedite economic recovery. But where should she spend? Infrastructure, many say. Yes, of course the government should spend more on infrastructure, but will that yield immediate benefits? A priority for the government at present should be investing in small-gestation projects for immediate rewards, says ....
Many think that the Narendra Modi government has spent a lot this year, especially to mitigate issues faced by people in the wake of the coronavirus pandemic. But has it? It’s true that the government has announced stimulus packages to the tune of Rs 30 trillion. But if one were to make a like-to-like comparison, the govt expenditure this year (till October-end) was at roughly the same level as that seen in the same period last year. Given that expenditure was budgeted to be 13 per cent more this year, it is imperative that the finance minister spend more to expedite economic recovery. But where should she spend? Infrastructure, many say. Yes, of course the government should spend on infrastructure, but will that yield immediate benefits? ....