WHY WAS ANNUAL BUDGET 2021 UNIQUE?

The Finance Minister of India Nirmala Sitharaman will present the annual budget 2021 in Parliament on February 1, 2021. The cabinet committee on parliamentary affairs (CCPA) suggested that the budget session be held from January 29 to February 15. The Economic Survey 2020-21 was tabled in Parliament on January 29. From March 8 to April 8. The second part of the budget session would be held. This time the economy is witnessing a V-shaped recovery. After being hit hard by the lockdowns due to the COVID-19 pandemic.

With the task of managing the government’s Finance along with the time when the country, is facing a big lifetime health crisis. Especially this time economy is facing high contraction after 1952. Moreover, the Gross Domestic Product (GDP) contracted by 23.9 in the first quarter of the financial year. It’s also predicted that the economy will contract by 9.6% in 2020-21. Be a budget like never before by stating the is what the finance minister raised hopes in the budget event. The Union budget for FY22 will be a continuation of the string of economic packages announced by the government in the last few months says, Prime Minister Narendra Modi.

WHAT IS A UNION BUDGET?

The union budget is released every year by the finance minister of the country. It is the financial statement released for detail in the expenditure and revenue for the following fiscal. Moreover, information detail the present economy of the country. The budget proposals are implemented from April 1 every year. Thus, marking the beginning of the financial year.

HOW THE ANNUAL BUDGET 2021 WILL BE UNIQUE?

For the first time in the history of independent India, budget papers will not be printed. Thus, making the annual budget 2021 unique, as it will be paperless. This paperless budget idea was implemented due to the covid-19 pandemic. With the paperless budget, the possibility of social interaction will be minimized. As well all the social distancing norms will be executed. Hence, keeping an individual’s health as a priority.

Basically, the main area of focus by the government will be the flagship Atmanirbhar Bharat Abhiyan. Along with it focusing on the ‘Make in India’ program. Especially for boosting economic demand and stimulating growth. It is likely expected that the other areas of focus would be infrastructure, healthcare, agriculture, rural economy. Moreover, the areas affected due to the covid-19 pandemic. The budget can be considered market-friendly if the government doesn’t introduce other taxes. Moreover, if the taxes are not raised high.

Also read : UNION BUDGET 2022 expectations amid Omicron havoc across the nation