Finance Minister Nirmala Sitharaman will table the Union Budget 2021-22 in the parliament on February 1 i.e, on Monday. This year's budget is expected to be different as the Indian economy was severely hit due to the coronavirus pandemic.
This will be Sitharaman's third budget as the finance minister. Sitharaman tabled her maiden budget in July 2019, after the Modi government's victory for the second time. She became the second woman to present the Budget in the parliament after former Prime Minister Indira Gandhi.
The budget session of the Parliament commenced on January 29, when the economic survey 2020-2021 will also be tabled.
The Modi government scrapped the colonial-era tradition of presenting the budget at the end of February. With the advancement of budget, ministries are now allocated their budgeted funds from the start of the financial year beginning April.
When and where to watch Budget 2021-2022 LIVE
India TV will show the Budget 2021-2022 LIVE as the finance minister will table it. The budget presentation will also be streamed LIVE on India TV YouTube channel, Twitter and Facebook handle.
The forthcoming Union Budget should focus more on putting the economy back on track and not too much on arresting fiscal deficit, which is seen at 6.2 per cent in 2021-22, down from 7 per cent this year, according to a report.
The Union Budget 2020-21 had estimated fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of GDP but India Ratings sees it printing in at Rs 13.44 lakh crore or 7 per cent if the government cleared its payables and roll over some portion of expenditure to 2021-22.
However, the 2021-22 budget is likely to project a fiscal deficit of 6.2 per cent but that will be achievable if nominal growth comes in around 14 per cent and real growth prints in at 9.5-10 per cent, India Ratings Chief Economist Devendra Pant said in the report.
The report pegged growth at 9.6 per cent for 2021-22 and (-)7.8 per cent for the current financial year 2020-21.
The government adopted a lose fiscal policy due to the coronavirus pandemic and announced a number of policy measures under Atmanirbhar Bharat packages to support the economy.
(With PTI inputs)