Union Finance Minister, in her third Union Budget session, proposed that the economic growth of the nation can rest on 6 pillars, including health and well-being as well as physical and financial capital.
As India emerges from the Covid-19 crisis, the ninth budget under the Modi government, including an interim one, 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.
In order to revive the coronavirus pandemic-hit Indian economy, the FM sorted laid down six pillars namely -
1. Health and well-being
2. Physical and financial capital and infrastructure
3. Inclusive development
4. Human capital
5. Innovation and Research & Development (R&D)
6. Minimum government and maximum governance
The lockdown imposed to curb the spread of coronavirus in March 2020, brought economic activities to a grinding halt, causing a sharp contraction in the GDP in two successive quarters of FY21, pushing the economy into a recessionary phase.
In response, the government announced a number of policy measures under Aatmanirbhar Bharat package 1.0, 2.0 and 3.0 to support the economy. The package was a combination of grant, equity and liquidity measures by the central government, state governments and the Reserve Bank of India (RBI).
This Union Budget is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours.
(With inputs from PTI)