The Union Finance Minister Nirmala Sitharaman will be presenting the budget for the financial year 2021-2022 at 11 am on 1st February. Union Budget 2021 will be Finance Minister’s 3rd budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi.
India is one of those countries that are having a major hit due to the lockdown caused by the coronavirus pandemic. The economic growth has contracted by a huge 23.9% year-on-year (YoY) in the June 2020 quarter, the first GDP contraction in over 40 years.
The Union Budget 2021 is expected to provide a boost to the economy, the government’s prime focus in this budget will be on healthcare, agriculture, rural economy & infrastructure. With the rising issues of unemployment, the shutdown of industries to problems farmers are going through, the whole world will be watching what steps the Modi government will take to tackle situations especially caused during the pandemic.
#WATCH Delhi: Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament. #Budget2021 pic.twitter.com/7j3ippMsPm
— ANI (@ANI) February 1, 2021
PM Narendra Modi’s Cabinet Meeting:
Ahead of the budget presentation by the Finance Minister Nirmala Sitharaman, all of the major leaders will reach the Parliament and will join the Union Cabinet’s meeting led by Prime Minister Narendra Modi.
A new National Bank to Finance Infrastructure Projects:
Finance Minister Nirmala Sitharaman will make an announcement regarding the new national bank to finance infrastructure projects. The FM has prepared a draft of the bill called- the National Bank for financing infrastructure & Development bill. This bill might have an authorized budget of INR 1lakh crore & INR 20,000 crore as an initial paid-up capital.
How Indian Economy is performing?
Indian economy started to stumble in Fiscal Year 2018 ahead of the Coronavirus pandemic, during this period the growth declined to 7.04% from 8.26%. In the Fiscal Year 2019, the GDP growth declined to 6.15% and further continued dropping to 4.2% in the fiscal year 2020.
#Budget2021 must:
-Support MSMEs, farmers and workers to generate employment.
-Increase Healthcare expenditure to save lives.
-Increase Defence expenditure to safeguard borders.
— Rahul Gandhi (@RahulGandhi) February 1, 2021
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