Budget 2021: Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the budget 2021-22 is expected to be prudent and focused on growth. Das was directly involved in the process of drafting 10 more budgets for the country before serving as RBI governor. This includes the budget after the global financial crisis. Looking at the unprecedented epidemic and its impact on the economy, he said that the government has retained the financial prudence to cope with the crisis.
The government’s actions so far are prudent: Das
After the announcement of the policy, Das said in a conversation with the media that in general, when we are emerging from a big loss, which has caused an epidemic on the Indian economy, it is necessary to focus the budget on growth. Its seven also keep in mind that all the financial steps that the government has announced in this year also feel that they are all very well investigated and taken with a goal and they were thought very prudently is. He further said that at the beginning of the epidemic, there was a concern that the government’s fiscal deficit would increase greatly but it has not gone out of control.
Das said that he feels that the government’s response so far is very thoughtful and prudent. Therefore, they expect the next year’s budget to be very prudent, but it will have to be a budget focused on development. This is something that is sure to happen. There is no need to use brains in this. It is sure to be a good helping budget.
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Faster recovery in economy than anticipated: Das
Presenting the fifth monetary policy review, Das said that the economy is growing faster than expected and the growth rate is expected to be positive in the second part of the current financial year. RBI estimates that the country’s real GDP growth rate will be -7.5 percent in the financial year 2020-21. It is expected to be +0.1 per cent in the third quarter of FY 2020-21, +0.7 per cent in the fourth quarter. At the same time, in the first half of the financial year 2021-22, the growth rate has been estimated to be from 21.9 percent to 6.5 percent.
Source: www.financialexpress.com