Budget 2021: The road to economic recovery, prosperity
Budget 2021 has challenges aplenty as it comes in the wake of the Covid-19 pandemic that has ravaged all sectors of Indian economy barring agriculture. For the Narendra Modi government and its finance minister Nirmala Sitharaman, the most severe economic crisis since Independence presents an opportunity to reboot the economy. The coronavirus outbreak has also forced businesses to change the way they work. The economic survey 2020-21 tabled in Parliament on Friday has pointed to a V-shaped economic recovery with 11% growth in the financial year beginning April, offering a glimpse of the huge opportunity awaiting Indian entrepreneurs.
The massive vaccination drive rolled out by the government is a major factor behind this optimism. But the growth rate predicted by the Economic Survey hinges on high public investment and tax benefits to industries in Budget 2021. This is necessary for the industries and consumers affected badly by the Covid-19 pandemic and the steps taken to curb its spread. Hence, the budget’s focus should be on supporting the economic recovery, with an emphasis on relief to the common man.