This time under the leadership of Finance Minister Nirmala Sitharaman, the Modi government is going to present a different budget. The 2021 22 budget of India will be presented by the Modi government. This budget may surprise you. The Narendra Modi government has already said that something different will be done in this budget. And different funds will be released according to each sector.
The country’s Finance Minister Nirmala Sitharaman is repeatedly saying on different forums that in this budget we are going to give a lot of emphasis on infrastructure. In such a situation, experts are expressing the possibility that the Narendra Modi government can boost government spending in infrastructure. However, for infrastructure, the Narendra Modi government can also take steps to promote privatization. However, it is not going to be easy for the Narendra Modi government to take this step amid protests over privatization.
How will the budget of this time be different
Now it will be seen here how the budget will be different this time? The Narendra Modi government can take a number of steps to make the budget different.
The government had earlier targeted to bring the fiscal deficit to 3.1% by 2022 23. Now this target can be avoided for next 5 years. At the same time, the Finance Commission had recommended that a separate physical skilled account be created. The Finance Commission had set a deadline of 2026 to create a separate physical skilled account. The Narendra Modi government can take its government expenditure beyond Rs 700,000 crore. Earlier, in the last financial year, the Narendra Modi government spent about 4.13 lakh crores.
This expenditure was increased to Rs 35200 crores through self-sufficient package.
Budget can be focused on ending unemployment
This time the budget of the Narendra Modi government can be focused on ending unemployment. According to recently released government data, the unemployment rate in India has reached around 28%. Which has broken all the records till now. In such a situation, the goal of the Narendra Modi government will be to reduce unemployment in the budget. For this, the government can also start self-sustaining projects. The goal of the Narendra Modi government will be self-sufficient India in this budget. This includes reducing imports and increasing exports.
Foreign companies can be given additional tax exemption on investing in the country by moving the self-sufficient scheme. Also, separate subsidies can also be given to foreign companies. Recently there was news that Tesla is coming to India. However, it is not yet decided whether Elon Musk-led Tesla will make a Tesla car in India. But there are reports that Tesla may launch its Model 3 car in India in the first quarter of 2021.
There may be special announcement regarding private sector
Prime Minister Narendra Modi has already said that this time budget will carry forward the dream of self-reliant India. Prime Minister Narendra Modi has said that we have to take the private sector along to become a self-reliant India. Prime Minister Narendra Modi has said that we do not just want to be self-sufficient but also want to emerge as an exporting country. For this, we have to take the private sector along.
In such a situation, experts are hoping that in this budget, those areas can be opened to the private sector, which still has a government monopoly. This includes areas such as space, nuclear and coal. The same government can announce in this budget the exit of those areas, which till now only the government is running. Which includes petroleum companies. However, it has already been said that the government is going to privatize BPCL. But the government can also privatize other petroleum companies in this budget.
However, it is not going to be easy for the government to take personal steps. Because already farmers are continuously protesting about agrarian reform laws. Now if the government promotes privatization more then people can oppose it. In such a situation, it will be interesting to see what the government is able to decide in the budget of this time.
Apart from all this, the Narendra Modi government can make some announcements in this budget that can make this budget different from all previous budgets.