India’s economy is in turmoil with the Covid-19 pandemic. Under these circumstances, finance minister Nirmala Sitharaman today introduced the Union Budget in Parliament for the new financial year starting April 1.
The 2012-21 deficit target is projected to be 6.8 per cent. The fiscal deficit target is projected to be 4.5 per cent by 2025-26. The FM has said that the Centre has decided to bring in Rs 12 lakh crore in debt in 2022. But the lack of clarity on income taxes has left middle-class employees frustrated with their high hopes for the 2021-22 budget. The Centre has disappointed the average wage earner.
However, some economists and oppositions say that the budget was prepared in view of the upcoming assembly elections in Kerala, Assam, West Bengal and Tamil Nadu. In this context, the central government has given priority to the four states in the budget. The Center has decided to give a big boost to infrastructure projects.
Finance Minister Nirmala Sitharaman announced in her budget speech that funds would be allocated for the development of 5 special national highways in Assam, Kerala and Bengal. In Bengal, 675 km of national highways will be developed at a cost of Rs 25,000 crore. According to Sitharaman, Rs 19,000 crore will be spent on developing national highways in Assam and Rs 65,000 crore in Kerala.