As India battles the novel coronavirus pandemic, Union Finance Minister Nirmala Sitharaman will present the Union Budget for 2021-22 at 11 a.m. in the Lok Sabha on Monday.
The ninth budget, including an interim one, under the regime of Prime Minister Narendra Modi-led government is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
According to economists and experts, the budget to be presented for the next fiscal must be a roadmap to get the world's fastest-growing major economy back on track, adding it must go beyond being just a 'bahi khata' or a ledger of accounts.
The lockdown imposed to curb the spread of coronavirus in March last year brought economic activities to a grinding halt, thereby causing a sharp contraction in the GDP in two successive quarters of fiscal year 2021, pushing the economy into a recessionary phase.
The ruling dispensation had in response announced a number of policy measures under “Aatmanirbhar Bharat” package to support the economy.
Prime Minister Narendra Modi has said “for the first time in the history of India it has happened that our Finance Minister had to present four-five mini budgets as separate packages in 2020”.
“That is, the series of mini budgets continued in a way in 2020. And I am confident that this budget will also be seen as a part of the series of those four-five budgets,” he added in his statement at the start of the Budget Session.
Ahead of the presentation of the Budget, the Union Finance Ministry on Twitter said the GST revenues during January 2021 are the highest since introduction of the GST.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">✅GST Revenue collection for January 2021 almost touches ₹1.20 lakh crore<br>✅Revenues for month of January 2021 are 8% higher than GST revenues in same month last year<br>✅GST revenues during January 2021 are the highest since introduction of GST<br>Read more➡️ <a href="https://news.abplive.com/news/budget-2021-to-be-tabled-tomorrow-here-s-when-how-where-to-watch-the-session-1441402">https://t.co/kKpPlK0i4X</a> <a >pic.twitter.com/TG0hQW9oGp</a></p>— Ministry of Finance (@FinMinIndia) <a >January 31, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
READ: Budget 2021 To Be Tabled Tomorrow: Here's When, How & Where To Watch The Session
The Union Budget will for the first time this year will only be available in the digital format and can also be accessed through mobile app UNION BUDGET both on android and iOS platforms.
The Economic Survey for 2020-21 pegged the real GDP to be at 11 percent in the next fiscal.