Budget 2021: Government fully prepared to facilitate economic reset, says Finance Minister Nirmala Sitharaman

"Faith is the bird that feels the light and sings when the dawn is still dark."

Quoting poet and philosopher Rabindranath Tagore, Union Finance Minister Nirmala Sitharaman on Monday presented India’s first-ever paperless Budget 2021, considered one of the most crucial ones in modern India’s history as the country attempts to recover from the after-effects of the COVID-19 pandemic.

"Only three times, the Budget has followed a contraction in Indian economy. This time, it's because of a global pandemic like in other countries. I want to confidently state that the government is fully prepared to support and facilitate the economic reset," FM said as she presented a Budget that was based on six pillars.

FM said the Union Budget 2021-2022 proposals are based on six key pillars, which are:

1. Health and wellbeing
2. Infrastructure
3. Inclusive development
4. Development of human capital
5. R&D
6. Minimum government, maximum governance

Indian economic reset

The Finance Minister emphasised efforts made to bolster the economy, highlighting the Aatmanirbhar Bharat package and other post-Covid-19 economic relief packages for all sections of society were like “five mini Budgets" in themselves while adding that this budget is now an extension to the same effort.

"This moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope."

This morning, Finance Minister Nirmala Sitharaman made her way to the Parliament, a 'Made in India' tablet wrapped in a velvety red cloth in tow — a contrast to the traditional 'bahi khata' (ledger wrapped in a red cloth) that she'd been carrying in the past two years.

India Inc and Indian startups were hoping for bold reforms across sectors to pave the way for an economic recovery. Also, it was expected that the budget would take some concrete steps in line with the target to achieve a growth rate of 6.5 percent in 2022-23 and 7 percent in 2023-24.

A much-needed catalyst for this growth is expected to be provided by the Indian startup community. While the Rs 1,000 crore seed fund and the support offered during the pandemic has been lauded by the startup community, the ecosystem leaders, entrepreneurs, and other stakeholders have also stressed on the need of infrastructural and operational reforms in India.

(With inputs from Sohini Mitter)

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For YourStory's multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page or budget.yourstory.com