The decision to abruptly replace two quasi-judicial authorities (the Income-Tax Settlement Commission and the Authority for Advance Rulings) with administrative Boards negatively impacts the investment climate and dents the image of the country and does not help in the ease of doing business
Moody's said the government's fiscal deficit for 2020-21 and 2021-22 should be lower than projected, supported by stronger revenue generation in ongoing March quarter and higher nominal GDP growth in the next fiscal year.
Sitharaman underlined that trhe nation's growing and aspiring needs and demands across the various sectors cannot be served just by the state government and central governments put together. According to the Finance Minister, the coronavirus vaccine was a big example of government-private partnership.
Union Budget 2021 India: The Budget has laid emphasis on increasing capital expenditure, raising allocation for healthcare capacity building and development of agriculture infrastructure, among others, which are expected to have a multiplier effect on the economy.
He also said the country's economy is expected to grow at 15.5 per cent in nominal terms in 2021-22 and contract 1-2 per cent depending on what the inflation actually might be for the year ending March 2021.
Union Budget 2021 India: "We are also looking at medium to long-term sustainable growth which will keep India in that kind of growth trajectory which will maintain us as one of the fastest growing economies in the world," she said.
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
Union Budget 2021: Direct Tax proposals have been unveiled by the government with an objective to move ahead with digitalisation, promote growth and simplify tax administration in a post Covid-19 pandemic era.