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Friday, March 05, 2021

Union Budget 2021: ‘Against all odds a surprise package’

Budget 2021 showcased several big-ticket measures by the government to bring our economy back on track.

Written by Harsh Goenka | New Delhi |
February 3, 2021 3:05:15 am
A sharp increase in capital expenditure at Rs 5.54 lakh crore to improve infrastructure in critical areas such as roads, power, railways, ports and water will form the backbone of activities which will also generate jobs and demand.

The first Budget of the decade demonstrates the government’s commitment to excel against all odds, very reminiscent of the way our young team emerged victorious down under when the odds were heavily stacked against them!

Congratulations to the Finance Minister and her team for presenting a feature rich Budget that promises economic development, ease of doing business , better public infrastructure in health, education and sanitation and a stronger financial services sector, among many other proposals.

A sharp increase in capital expenditure at Rs 5.54 lakh crore to improve infrastructure in critical areas such as roads, power, railways, ports and water will form the backbone of activities which will also generate jobs and demand. The setting up of a development finance institution and the introduction of an asset reconstruction company in addition to divesting its holdings in PSUs is a significant progressive step. A 135 per cent increase in outlay for the healthcare sector and a continued push in agriculture are the other highlights.

One of the most pivotal announcements was the move to increase FDI in insurance to 74 per cent. This epitomises a new confident India that has matured and is ready to open up one of the last few remaining areas to foreign controlled investment. The tax holiday on start-ups, exemption of capital gains on start-ups and incorporation of one person companies are all expected to lend a boost to atmanirbar bharat, while supporting a sector that has been facing significant challenges due to the pandemic. Additionally, the government’s plan to create mega textile parks will further bolster the Make In India mission, and help bring down unemployment rates.

Budget 2021 showcased several big-ticket measures by the government to bring our economy back on track.

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