Union Budget 2021 proposals rested on following six pillars:
|Health and wellbeing||Physical and financial capital infrastructure||Inclusive development for aspirational India||Reinvigorating human capital||Innovation research and development||Minimum government and maximum governance|
Reforms, disinvestment, status quo on tax rates and long-term infrastructure development have been the focus of this year’s Budget. As expected, the government stepped up expenditure on various large-scale projects to provide impetus to the economy and largely relied on asset monetisation and borrowings to fund the same.
Administrative reforms, such as faceless assessment at the Tax Tribunal level, reduction in the time period for re-opening of tax assessments and further impetus to the digital transactions are all moves in the right direction, aimed at helping gain further on ease of doing business.
Grant Thornton Bharat presents a comprehensive analysis of the Budget announcements.