Budget bets big on growth: FM squeezes subsidies, raises capex again Braving the inevitable questions that will be asked by the bond markets and by rating agencies, the government has bet boldly on a growth revival providing India with favourable debt dynamics going forward. The deficit itself has been financed not just through an unprecedented expansion of market borrowing — which will be at Rs 9.6 trillion next year — but also through dipping heavily into the pool of small savings to the tune of almost Rs 48,000 crore over 2020-21 and about Rs 40,000 crore in 2021-22. Read more Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts