Budget 2021: Ideas to put Indian economy back on track
The Union Budget of 2021 is unlike any other in recent history. Finance Minister Nirmala Sitharaman will present the Narendra Modi government’s eighth budget amid the Covid-19 pandemic and the unprecedented economic crisis triggered by it. The economic growth is at the worst level since independence. But there is a lot to hope for the country with around 66 crore citizens below the age of 25. A young population also means that employment generation is the highest priority for the government.
An appropriate growth trajectory has to be achieved to generate employment for its young population. It is important that the young population is engaged physically in production of goods and services, and not just supported on unemployment benefits, as unutilized minds and bodies can lead to unsocial behaviour. To revive the economy, certain sectoral stimulus needs to be injected with laser beam accuracy. The Budget 2021 is the vehicle to deliver the stimulus and ensure optimal utilisation of available resources, both capital and labor. Here are some suggestions how the finance minister could do it.