Budget 2021 LIVE Updates | Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said “Growth will be the central theme around which budget initiatives will revolve. COVID-19 has severely disrupted India’s growth trajectory and getting growth back on track in FY21-22 will be the Finance Minister’s foremost priority.”
“Infrastructure investment is key for growth and we are likely to see higher allocations as well as the formation of a Development Finance Institution for infrastructure financing. Given India’s experience during the pandemic, expect a greater thrust towards investments in healthcare infrastructure and insurance incentives are expected as well. Housing and real estate are likely to receive a boost as it aids core economic growth. With the Government needing to raise resources, an aggressive divestment programme is also expected to be announced,” Ekambaram said.
Budget 2021 LIVE Updates | “In FY2022, sharp fiscal tightening should be avoided by both the Centre and the state governments, as it would temper the much-awaited economic recovery. In any case, revenue normalisation would ease the fiscal strain in the coming year,” Aditi Nayar, Principal Economist, ICRA said on January 21.
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Budget 2021 LIVE Updates | Economic Survey bats for increase in public spending on healthcare to reduce out-of-pocket expenditure
The Economic Survey 2020-21 has batted for a long-term outlook on the healthcare sector, stating that an increase in public spending to 2.5-3 percent can reduce out-of-pocket expenditure (OOPE) to 30 percent from the current level of 65 percent.
OOPEs are those payments borne directly by a patient where insurance does not cover the full cost of the health good or service. It noted that the richer states are spending a lower proportion of their GSDP on healthcare at present.
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Budget 2021 LIVE Updates | Ahead of the Budget, the Economic Survey 2020-21 said India’s real gross domestic product (GDP) is expected to grow by 11 percent in FY22, making it one of the world’s fastest growing economies in the aftermath of the COVID-19 pandemic.
The survey also batted for a counter-cyclical fiscal policy, recommended a massive increase in healthcare spending in light of the COVID-19 pandemic and regulator for the sector, and criticised credit rating agencies, saying their assessment of India does not match its fundamentals.
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Good morning! Hello and welcome to Moneycontrol’s LIVE blog on the Union Budget 2021. Stay tuned for the latest news and developments on the same.