»FM Says Budget 2021 Fourth Ever to Follow GDP Contraction. Here s What Happened the First 3 Times
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FM Says Budget 2021 Fourth Ever to Follow GDP Contraction. Here s What Happened the First 3 Times
FM Nirmala Sitharaman presents Budget 2021
This year s Budget comes in the backdrop of the largest GDP contraction India has suffered post-Independence.
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Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2021 in Parliament on Monday, said that in the history of independent India, only three times has the Union Budget followed a GDP contraction. In the backdrop of the largest contraction India has suffered post-Independence, this year s Budget becomes the fourth such.
Rural India’s lifeline missing from Budget 2021 speech
Updated:
Updated:
February 02, 2021 00:13 IST
Allocations for MGNREGA scheme stood at ₹73,000 crore in 2021-22, higher than the budget estimates for the previous year, but lower than the revised estimates.
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Hard at work: Workers engaged in desilting a dry pond under the MGNREGA scheme in Haryana. | Photo Credit:
V. V. KRISHNAN
Allocations for MGNREGA scheme stood at ₹73,000 crore in 2021-22, higher than the budget estimates for the previous year, but lower than the revised estimates.
The scheme that has been described as the lifeline of rural India during the COVID-19 pandemic and lockdown was completely missing from the Finance Minister’s Budget speech on Monday.
Congress takes BJP government to task on Assam issues
The present BJP-led coalition government in Assam has failed in several sectors.
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GUWAHATI: The present BJP-led coalition government in Assam has failed in several sectors. There is a complete mismanagement in the State. Assam now ranks at the second or third position from below in various parameters of performances set by the Centre. This was stated by Prof. Gourav Vallabh, AICC spokesperson while addressing the media in Rajiv Bhawan here on Saturday.
Buttressing his claims, the Congress leader alleged, What has happened to the BJP s vision document. It was full of promises; but the leaders failed to fulfil them. Their leaders have resorted to lies and deceit to whitewash their actions of misgovernance and paint a fair picture of their inactions.
MGNREGA: Budget 2021 should maintain the pace
January 31, 2021
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The scheme provided momentum to the economy during Covid-19 and experts think the Budget allocation to the scheme can be increased in FY22
For the past three years, many adivasis from remote Peth taluka of Nashik district in Maharashtra have not migrated to cities in search of work and livelihood. They grow rice enough to sell at the local market, thanks to the construction of farm ponds, stone and mud bunds and other agriculture-related works carried out under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
Besides addressing the problem of migration from villages, the scheme has helped provide employment to migrant labourers dislocated this fiscal year due to the Covid-19 pandemic. As compared to the last financial year, the Centre has increased funding under MGNREGA scheme by ₹19,091 crore due to Covid-19 outbreak. Experts think that the Budget allocation to the scheme should be increased to
Representative Image: Young unemployed graduates at a job fair in Gujarat in 2019. | Danish Siddiqui/ Reuters
For nearly two months, the central government and its agencies have claimed that India’s economy is on the path to a clear “V-shaped recovery” – improving sharply after the collapse caused by the Covid-19 lockdown in March 2020. On the eve of Republic Day, President Ram Nath Kovind also commended the economy for recovering quickly after lockdown restrictions were lifted in phases.
But does this revival – often a reference to rising gross domestic product or GDP – translate into a recovery of the millions of jobs lost during the early months of the pandemic? Are the unemployed of 2020 back into the workforce? Statistics indicate otherwise. For a country whose economy has been on a downward slope since demonetisation in 2016, India’s management of the pandemic proved to be the final nail in the coffin.