3 min read.Updated: 02 Feb 2021, 01:04 AM ISTSunil Kumar Sinha
The budget has fulfilled the need for a govt-run asset reconstruction company
Against the backdrop of a pandemic-battered economy, the Economic Survey 2020-21 called for a counter-cyclical fiscal policy and advocated that the fiscal policy at least in the near term will have to remain at the centre stage to support growth. And once growth picks up in a sustainable manner, fiscal consolidation can return as a key agenda. The Union Budget for FY22 presented by the finance minister did live up to this suggestion, and the fiscal deficit of FY22 is budgeted at 6.8% of gross domestic product (GDP). Even for FY21, the fiscal deficit is pegged at 9.5% of GDP as against the budgeted 3.5%.
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