Union Budget 2021: The Congress leader further said that he has listed his wish lists in his various writings that he wanted the Centre to focus on and announce in the Budget 2021.
Former Finance Minister P Chidambaram
Indian Union Budget 2021: Ahead of the budget presentation, former Finance Minister P Chidambaram today said that there are two areas where the government has to increase its spending and that they are “non-negotiables”. In a tweet, he said: “Watch out for increase in healthcare expenditure and increase in defence expenditure. These are two non-negotiables.”
The Congress leader further said that he has listed his wish lists in his various writings that he wanted the Centre to focus on and announce in the Budget 2021. He also said that his party had highlighted ten policy prescriptions to revive the economy and that it would see if those found any place in the budget. Chidambaram said that he and his colleagues will address a press conference at 4.30 PM.
Impart a large fiscal stimulus to the economy, even if it is belated. Such a stimulus alone will put money in the hands of the people and stimulate demand.
Make direct cash transfers to 20-30 percent of the families at the bottom of the economy at least for a period of six months.
Formulate and implement a rescue plan for MSMEs to revive closed units, recover the jobs that were lost and create new jobs for those who have moderate education and skills.
Reduce tax rates, especially GST and other indirect tax rates (e.g., on petrol and diesel).
Increase government capital expenditure.
Recapitalize public sector banks immediately and encourage them to lend without fear of investigative agencies probing every loan.
Abandon protectionist policies, re-engage with the world, enter into bilateral trade agreements with as many countries as possible, and remove the bias against imports.
Formulate sector-specific revival packages for Telecommunication, Power, Mining, Construction, Aviation and Tourism and Hospitality. Review and rescind amendments to tax laws that have been widely viewed as tax terrorism.
Initiate a comprehensive and time-bound review of the regulations made by RBI, SEBI, TRAI, CERC and other regulatory agencies that have been widely regarded as over-regulation.