3 min read.Updated: 02 Feb 2021, 05:26 AM ISTKumar Mangalam Birla
This budget, with its bold strokes, will help economy to capitalize on green shoots
When faced with a once-in-a-century economic shock in 2020, policymakers across the world had to reassess their thinking on deficits and government debt. Some advanced economies pushed up their deficits to 15%-plus of GDP. A few developing economies also followed suit. This was deemed necessary to lift the economies out of the abyss and to break out of a potentially vicious circle of low growth, low tax collections and rising debt-GDP levels. For India, the 2021 Union budget has probably been that moment of spelling out a new thinking on fiscal policy.
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