All eyes are set on Union Budget Session 2021-22 as Finance Minister Nirmala Sitaraman will present the Union Budget 2021-22 on the 1st of February. Experts are expecting that the budget will be on and around the Aatmanirbhar Bharat scheme announced by Modi govt during the lockdown. Many believe the government may focus on boosting public health sector as the pandemic made every country realise how crucial are issues of healthcare and wellness.
A market analyst said that the government would focus on achieving self-reliant India and more funds would be allocated in energizing the economy. But at the same time questioned from where the funds will be arranged. The analyst further added that it is still unclear whether the Covid cess may be collected from ultra-rich or from other people. Madan Sabnavis, Chief Economist at CARE Rating Ltd believes that the expectations from the government in this Union Budget are that some relief will be given on the tax front, and there will a significant increase in expenditure part, especially on capital expenditure.
Considering how 2020 and the pandemic went for all, it’s important that we have a well-balanced budget to give a boost to most of the sectors. Since work from home became the new normal it’s a mixed bag out there for various sectors. While some sectors are recovering post the lockdown there are quite many who would need the Union Govt’s budget relaxation to bounce back after the pandemic.