Budget 2021 LIVE Updates | Economic Survey says agriculture sector the silver lining during COVID-19, may grow 3.4% this crop year
Agriculture emerged as the bright spot, while contact-based services, manufacturing and construction were hit the hardest by the coronavirus pandemic, the government’s annual pre-budget Economic Survey tabled in Parliament on January 29 has said.
The growth in agriculture comes amid the Economic Survey estimating India’s gross domestic GDP to contract by 7.7 percent during FY21.
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Budget 2021 LIVE Updates | Cryptocurrency, infrastructure bank bills among 20 scheduled for Budget Session
Some of the new bills that will be tabled during the Budget session include the Pension Fund Regulatory and Development Authority (Amendment) Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, Mines and Minerals (Development and Regulation) Amendment Bill, Electricity (Amendment) Bill, Cryptocurrency and Regulation of Official Digital Currency Bill.
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Budget 2021 LIVE Updates | What is counter-cyclical fiscal policy that Economic Survey 2021 refers to
One of the vital themes of the Economic Survey 2020-21 presented was a big push in public spending in the budget. The government should not worry about debt or be fiscally conservative at a time of global slowdown, the survey advocated. It did so by making a case for a so-called counter-cyclical fiscal policy.
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Market Falls 5% On Profit Booking Ahead Of Budget 2021
On the sectoral front, Nifty IT, Auto and Energy lost more than 6 percent each and Infra sector lost 5 percent.
Budget 2021 LIVE Updates | Economic Survey 2021 spares no punches on Raghuram Rajan’s policies as RBI governor for India’s bad loan woes
What is at the root of India’s bad loan problem? The Economic Survey 2020-21 responds to this in a no-holds-barred manner. Shorn of jargon, it pins the blame on “accounting sleight of hand” that the Reserve Bank of India (RBI) allowed around 2013-16, broadly coinciding with the time Raghuram Rajan was the central bank governor.
“Early resolutions of banking crises limit the damage from the same to the economy. Yet, the RBI dragged its feet in biting the bullet while attempting to persuade banks to recognise that the distinction between NPAs and restructured assets is nothing but accounting sleight of hand. The consequent result was a further exacerbation of the situation,” the survey said.
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Budget 2021 LIVE Updates | PM Modi to chair all-party meeting on Saturday, to put forth govt’s legislative agenda for Budget Session
Prime Minister Narendra Modi will chair an all-party meeting on Saturday to put forth the government”s legislative agenda for the Budget Session of Parliament.
This time the customary all-party meeting is being held after the beginning of the session. The Budget Session began on Friday with President Ram Nath Kovind addressing the joint sitting of the two Houses of Parliament. Usually such all-party meetings are held ahead of parliamentary sessions to ensure smooth functioning of both the Houses.
During the virtual meeting, opposition parties are likely to demand a debate on the farmers” agitation underway at various border points of Delhi. (Inputs from PTI)
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.
From Job Creation To Fostering Aatmanirbharta — Harsh Goenka Lists How Budget 2021 Can ‘reboot Economy’
The Chairman of RPG Enterprises, lists five critical constituents that Finance Minister Nirmala Sitharaman will need to address for Budget 2021 to chart a new path.
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.
