"Budget 2021: Getting India back on the growth track"
The government of India is planning to bring an good foundation to revive the economy of India in 2021. 2020 has tested India economy in my ways like the pandemic lockdown.,a cash strapped government struggled to offer relief the urban people. Many teenagers have lost their jobs from metro cities. And also during this there was a threat of war between India and China.navigation
India's next budget to focus on boosting growth, says finance minister Nirmala Sitaraman
With the world's second highest cases of coronavirus despite a severe lockdown of its 1.3 billion people early on in the pandemic, India's economy is expected to contract nearly 10% in the 2020/21 financial year.
But a recovery is taking hold now, Sitaraman told the Reuters Global Investment Outlook Summit, 2021.
"I would think 2021-22 will be very big, good traction year for achieving a really good rate of growth that itself is going to be a launching pad for 4-5 years of growing at a good speed, provided we do enough on the budget and spend on infrastructure," she said.
Unlike other countries such as the United States, Japan and the United Kingdom which poured billions of dollars in relief measures, the Indian government has been more measured in its approach because of limited resources and to curb its budget deficit from ballooning.
Sitaraman suggested the government could ease up on spending in the months ahead to boost the growth rate.
"I have to be conscious that if I don't spend now, then the stimulus is meaningless, if I don't spend now the revival is going to get deferred and we can't afford that."