REACTION TO UNION BUDGET 2021
The Hon’ble Finance Minister Smt. Nirmala Sitharaman has presented a very progressive budget.
The identification of six pillars to strengthen the vision of Atmanirbharta shows the government’s foresight as we steadily move into the post-COVID era. The proposals and allocations on each of these identified pillars, namely health & wellbeing; capital & infrastructure; inclusive development; reinvigorating human capital; innovation and R&D; and minimum government & maximum governance, clearly paves the way for holistic development.
It is a wise decision by the FM to rightly spend on the infrastructure which helps to speed up the economic recovery due to COVID impact. It will help to create employment which increases the consumer spend. Given the massive setback brought forth by COVID-19 in 2020, the substantially increased allocation to healthcare in this budget was expected and is very much welcome. The overall outlay of around INR 2.25 lakh crore is a 137 percent increase in allocation when compared to the previous budget. Also the budgeting of INR 35,000-cr towards vaccination expenditure is laudable.
On the labour front, the Finance Minister’s announcements that minimum wages will now apply to all categories of workers and that women will be allowed to work in all categories with adequate protection, are sure to give a shot in the arm towards bringing about a culture of equality across workplaces.On a positive note, the budget also indicates that Corporates now need to get more aggressive towards their business goals and create more employment…it’s quite the need of the hour today.
On a scale of 10, I would give this budget 8.5.
NAGARAJ KRISHNAN
Managing Director,
Aparajitha Corporate Services Private Limited
