Budget 2021: In the middle of difficulties lies opportunity highlights Aera Consultancy

On 1st February 2021, the Finance Minister, Nirmala Sitaram presented to the Indian Parliament the Budget for the year 2021. The Budget focused on the country’s economic recovery from COVID- 19 pandemic, through the extension of the scheme given to pandemic affected business as well as the extension of the government schemes.

Other key issues presented relate to framework for privatisation, disinvestment and asset monetisation of Private sector units (PSU), Privatisation for two PSU Banks, sustainable development, the environment, technological innovation, signal to the Global players that India is open, bring frictionless and transparency in the system.

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As suggested by FM earlier that it is going to be a mega visionary budget. It was expected that this finance bill would have an 2030 vision! A lot was anticipated based on FM earlier communication and a lot was indexed needed to be done in order to provide the much needed stimulus to the struggling Economy due to unprecedented pandemic and for vision $ 5 trillions economy. This Finance Bill has fulfilled the expectation and answered various nation building questions. Time will only tell whether this Bill achieves what it sets out to do as Execution will hold the key for success.

Surprisingly, there is nothing negative in the Budget as per various news and expectations before the Budget. One of the key elements in Union Budget 2021 is the intent to kick-start major structural and fundamental reforms for the long term opportunities for India. With a target to double farm income by 2022, the government has announced multiple measures or action points to strengthen the agricultural ecosystem in the country. With huge Government capital expenditure in 2021-22, the govt has committed to provide relief from the pandemic.

The budget has primarily attempted to strengthen the long term fundamentals of the economy by taking steps toward agricultural, Health , Education, MSME and tax reforms. Significant measures in form Government capital expenditure has been announced to boost the near term growth momentum in the economy, as expected by participants this Budget is a “Transformation, structural nature, grabbing the opportunity and great for national building plan”.

Bruce Lee once quoted "To hell with circumstances; I create opportunities." India’s Honourable FM has proven the above quote of Bruce Lee as true.