Union Finance Minister Nirmala Sitharaman will present Union Budget 2021 on February 1 at 11 am. Notably, the Budget session of Parliament will begin from January 29 and will conclude on February 15.
Before the start of the Budget session on January 29, President Ram Nath Kovind will address both houses of the Parliament. It is to be noted that the second part of the Budget session will be held from March 8 to April 8 after a brief break.
There is no denying the fact that Sitharaman is facing an uphill task this year as she will present Union Budget 2021 after a contraction of the Indian economy. The Centre wants to boost economic growth at all costs as COVID-19 pandemic has fuelled the economic crisis.
Experts have appealed to Prime Minister Narendra Modi to focus on spending on key sectors and also take steps to boost demand.
For her part, Union Finance Minister Sitharaman has said that Union Budget 2021 will be like “never before”, which sends a clear message that the Centre may make some big announcements in this year's budget.
It is quite likely that the central government can increase the current annual installment of Rs 6000 under the Kisan Samman Nidhi scheme. In this budget, the farmers have demanded more from the government, stating that this amount is insufficient for agriculture and should be increased.
Meanwhile, an important change in Union Budget 2021 will be that it will be a completely paperless exercise due to coronavirus outbreak. This is a significant decision as it is the first time that the Union Budget papers will not be printed.
