The much-awaited Indian annual budget has eventually come to public knowledge. This financial plan for next year is particularly important considering how the nation has faced several setbacks majorly because of the Covid-19 pandemic.
A Nation Still Ravaged by the Pandemic
As with many other nations in the world (including key players like the United States), India is still yet to recover from the adverse effects of the Covid-19 pandemic. This is because various sectors of its economy have experienced a decline.
For instance, the GDP of the nation has been shrunk beyond expectation, unemployment rates have reached an all-time high, the banking system is apparently in a crisis, amongst other complications has to deal with.
However, there is a glimmer of hope as key areas such as the agricultural sector did pretty well in the past year. The entire nation and policymakers are hopeful that other facets of the economy will move in this direction soonest.
Expected big Spending Despite the Troubles
Despite the various crises ravaging the nation, the minister of finance did explain that the new budget is intended to push growth by spending big. Nirmala Sitharaman did explain that areas such as the healthcare system will benefit largely from this budget.
This is not surprising given how India is embarking on the largest vaccination program. This is so that the nation can get the complications attached to the Covid-19 pandemic behind it and seek better ways to improve the declining economy.
While this sort of budget is good news for the many hoping to get the best from their nation, the concern is how the budget will be financed. This is especially given that revenues from taxes are at an all-time low. As a result, the financial pressure of this budget will certainly do a lot of harm to the nation’s fiscal standing.