Budget of 2021 is so unexpected as people are curious about whether the budget will be an ordinary one like the budgets over the last year or will it be different. Many are thinking whether this will revive the plunged economy or not.
There are a lot many questions to be answered from this budget like Finance Minister Nirmala Sitharaman is at the edge of answering the target to achieve the trillion-dollar economy as people are waiting to know the country’s expenditure plan for the new fiscal year. There are a lot of expectations from the Union Finance Ministry from all the classes of people like Youth as they lost jobs, dissatisfaction among farmers and all others who suffered in last year because of the pandemic which affected the economy at its worst.
Ms Nirmala Sitharaman will present her ninth budget in Prime Minister Narendra Modi’s cabinet. The budget will be presented today at 11 am. The finance ministry has cautioned for an unexpected budget while Prime Minister Narendra Modi modified the expectations by saying that the budget will extend the measures announced by the finance ministry to overcome the pandemic in 4-5 mini budgets last year.
It will be the first budget to be a paperless budget as Ms Sirtharaman was seen carrying a tablet covered with red sleeve in the morning with a national emblem carved on it.
Many experts have a faith that Ms Sitharaman will unveil plans to revive the economy which contracted by 7.7 percent due to the pandemic and other measures to meet a rise of up to 11 percent as projected by the economic survey in the new fiscal year.
Spending more on healthcare, leaving more in the hands of average people for paying taxes as the government plans to increase the health and corporate tax to develop infrastructure and to fix the shortcomings exposed by the pandemic are some plans expected to be in the agenda.
Apart from them the finance minister is also thinking of reviving the banking sector which is facing many problems like the burden of toxic assets and infrastructure development.
On the other hand government is also thinking of reducing tax in some of the worst hit sectors by the pandemic such as tourism and autos, real estate, aviation and small businesses to revive the economy.
While having the above expectations many are expecting a fiscal deficit of over the 7 percent which is in the current financial year.