The Chain Of Events Up To The Union Budget 2021-22 Speech, In Brief
This past year was difficult for the country. We were already witnessing an economic slowdown and then came COVID-19, which changed the very way of living. Loss of jobs, businesses shutting down, entire economies in disarray – added to the global economic meltdown and we had a concoction set for catastrophe. But it wasn’t without hope. 2021 brought some light at the end of the tunnel. Cases started to decrease, businesses started reopening, and this was because there was finally a vaccine to counter the pandemic.
Once things were in place for normal 2.0, people gradually shifted their focus on the elephant in the room – which was economic recovery and reeling back from the pandemic’s impact. And that was the hope from Nirmala Sitharaman as well, the usually composed but generally unassertive Finance Minister who was supposed to present the Union Budget 2021-22 in the Lok Sabha, with the Budget this year being one-of-its-kind in many ways – if being paperless was considered a milestone in some regard.
The Union Budget 2021-22 Speech: The Six Pillars
Nirmala Sitharaman based this year’s budget on six essential pillars, and they were projected to target holistic economic growth, encourage asset monetization, continue the Government’s relentless focus on infrastructure development, and somewhere make room for individual stakeholders via job creation.
Taxes were of course a topic of interest, but some might have felt a little disappointed as the Union Budget 2021-22 didn’t change or alter any existing tax structures. Some might even call it a good thing, since too many changes are a recipe for chaos. And chaos wasn’t what we expected, and that’s exactly what happened. A relatively understated Union Budget speech was delivered, which focused on 6 major aspects or “pillars”, namely:
- Healthcare and well-being
- Physical/Financial capital and infrastructure
- Inclusive development for aspirational India
- Reinvigorating human
- Innovation and R&D
- Minimum government, maximum governance
Contained within these 6 pillars were provisions, proposals, and policies laid out for various key sectors, details of which we’ve highlighted and elaborated in a comprehensive presentation for you.
To read all the key sector and industry proposals from Nirmala Sitharaman’s Union Budget 2021 speech, download our presentation for FREE from the link below:
Sector focus was deemed as a priority for the Budget this year to orchestrate an economic recovery. However – some sectors like aviation and hospitality didn’t& see any additional provisions laid out for them or any relief measures given their way, which may have left a bitter taste among the said sectors’ stakeholders. Regardless, there was plenty look forward to as instead of launching a catalogue of new schemes, the Budget centered around making India a self-reliant economy and delivering on the promises which were made the Government in the Budget’s delivered over the past years.