Budget 2021: Strategic imperatives for defending a $5 trillion economy
Finance minister Nirmala Sitharaman will present the Union Budget 2021-22 in a few days. The Budget 2021 comes in the backdrop of the global economic crisis triggered by the Covid-19 pandemic, the most severe one in almost 100 years. The entire world is looking forward to the defence outlay set aside in the Budget by the Narendra Modi government.
While India is one of the hardest hit by the current crisis, most post-Covid forecasts expect the country’s economy to bounce back faster than the rest of the world to reach the $5 trillion mark in less than 5 years. The service and manufacturing sectors are expected to see the fastest growth on the back of the Make in India campaign launched by the Narendra Modi government.
The country is expected to witness an influx of global firms to set up manufacturing bases. India is turning into a favourite destination of global businesses – both in manufacturing and services. Stable governance, pivotal geographical location, and safe sea lines make India a coveted destination for global firms. That is the reason behind the optimistic projections for the Indian economy that is likely to achieve $5 trillion target by 2027.