Union Budget 2021 A Perspective – Part-1

Unfairness The Economic Survey 2021-22 projected a V-shaped recovery in growth of 11 percent for the economy. Further, the Survey states that though the economy is expected to contract by 7.7% in 2020-21, the growth projection comes in the backdrop of International Monetary Fund’s recent forecast that India would be the fastest growing major economy in the world of 11.5 percent in 2021-22 and 6.8 percent in 2022-23. Prima-facie, the Budget lacks a stable fiscal policy-One would not deny that a stable fiscal policy is to a nation what a stable family life is to an individual!

- Adv Sherry Samuel Oommen

All eyes were on the Hon’ble Finance Minister on how she would deliver the nec-essary thrust considering that most sectors of the economy are still reeling under the economic damage caused by the pandemic. It is indeed trite that the pandemic has resulted in an unfathomable disruption of the economy that has affected different stakeholders in varied proportions. The Dickensian nightmare that most sectors are facing, which one cannot deny, for some reason has had no bearing on the way stock markets have been performing. In this article, I wish to pen some of my views on the Union Budget 2021.

The Economic Survey 2021-22 projected a V-shaped recovery in growth of 11 percent for the economy. Further, the Survey states that though the economy is expected to contract by 7.7% in 2020-21, the growth projection comes in the backdrop of International Monetary Fund’s recent forecast that India would be the fastest growing major economy in the world of 11.5 percent in 2021-22 and 6.8 percent in 2022-23. Prima-facie, the Budget lacks a stable fiscal policy – One would not deny that a stable fiscal policy is to a nation what a stable family life is to an individual!