Union Budget, 2021-22: Positive and Digital Plus

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Union Budget, 2021-22: Positive and Digital Plus   Feb 01, 2021

Press Release 

Union Budget, 2021-22: Positive and Digital Plus
Hon’ble FM Shri Nirmala Sitharaman presented the Union Budget for 2021-22 today. 
 
Bombay Chamber lauds the FM on a pragmatic Budget, given that the FM has found resources for capital expenditures, even in a situation where the revenue stream improves but still remains restrictive. Given the pandemic aftermath, it was imperative that government leads from the front and plays a bigger role in propelling the economy ahead. The government has not shied away from borrowing big and spending big. Further, there were fears that the FM might opt for an increase in taxes at the individual level. While the FM has targeted some revenues by imposing a cess on petrol and diesel to fund agricultural infrastructure, there has been no additional taxes on individuals. Gross fiscal deficit as a proportion of GDP is placed at 9.5% for FY21 and is expected to do down to 6.8% in FY22. FM has heeded the clarion call in the Economic Survey to disregard naysayers and global rating agencies and go big on spending even at the risk of higher fiscal deficits. This shows the confidence Government has in rebound of the Indian economy and it is now up to the private sector to take the gauntlet and go for aggressive growth.
 
Overall, the Bombay Chamber of Commerce believes that the Union Budget will enable India to achieve its long-term growth potential, while alleviating and addressing the short-term risks. Importantly, the chamber had submitted in its recommendations to the FM under its Pre-Budget Memorandum for FY22 the ideas of an accelerated disinvestment programme, a Bad Bank structure and the institution of a DFI. The FM has struck a crucial balance between needs of capital investment for infrastructure and social issues such as inclusive development, with a focus on education, needs of migrant workers, skilling needs and financial inclusion.

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