Faced with the real choice between saving lives and the economy, Budget 2021 has ended its task. Finance Minister Nirmala Sitharaman has promised a once-in-a-century budget, one that brings the Indian economy back on track. Coronovirus has brought new concerns and a need for solutions, especially in healthcare.
While the outbreak jolted the stock market in the first quarter of the year, incentives under Atmanbir India ensured that the indices did not disappoint. The biggest swing will now depend on how effectively the vaccine is administered to 1.3 billion people. Sitharaman is expected to cry on 1 February for self-sufficiency. Prime Minister Narendra Modi has planned to make it the originator of India’s Big Reset for virus-affected areas such as tourism, transport, startup and reboot consumption.
Experts feel that one way to increase consumption is more money in the hands of the taxpayer. But this year will be different for those tracking income tax slabs. India, in all likelihood, is expected to come out of the jungle when it reveals its growth numbers for the October-December quarter on 26 February. Budget 2021 is expected to be the originator of this comeback story.
Health spending is largely seen as a cost. It is the same for governments and individuals. Finance ministries think of health as a social sector expense. Individuals avoid paying for health until it becomes absolutely necessary and unavoidable.
It would be wise for both governments and individuals to consider health as an investment rather than an investment. Personal health investment in self-care and preventive health yields is needed ‘and returns by reducing spending on remedial care. Government investment in health has a strong multiplier effect in the entire economy besides increasing the well-being of the population
The 2021 budget presents an opportunity for a departure from chronic, low public spending on health. Policy makers should take the Kovid-19 epidemic as a signal to move health expenditure to a higher class. Beyond the urgent need for Kovid-19 vaccination, it is also a turning point where there is a need to re-examine the role and impact of public health funding
India’s travel and tourism industry believes that Budget 2021 cannot bring relief for the battered region.
It is most affected and has the ability to recover quickly as small businesses in this segment. Therefore, it is important for small businesses to get all kinds of motivation and support.
While the Union Budget has not postponed the hospitality sector reforms, after a year of losses traditionally due to the COVID-19 epidemic, as people ban home and flights in many countries including India and travel and tourism. The industry will see Nirmala Sitharaman until demand improves.
According to the Hotel Association of India (HAI), about 70% of the direct jobs in the hotel sector are at risk, while 40% of all hotels in India are on the verge of permanent closure.
And they have brought their own laundry list of budgetary provisions, better regulations and expectations of policy decisions.