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While the pandemic context cannot be ignored, it would be a mistake to view this year's budget solely through a COVID-19 lens.

Centre must increase fiscal deficit to stop people being pushed into poverty: Kaushik Basu In India, 85 million people will be pushed into poverty as a result of the Covid19 pandemic January 25, 2021 / 03:56 PM IST India will become the nation with the largest number of poor people, says Former Chief Economist of the World Bank Kaushik Basu, citing a study by Brookings Institution. Sharing his thoughts on Twitter, the former India chief economic advisor urged the government to focus the upcoming Budget on the poor. He said that all the non-essential expenditure should be cut and the fisc...

Union Budget 2021: States ask FM Sitharaman to put FRBM Act on hold to spur growth All states asked for the Centre's interposition in clearing outstanding dues arising out of lower devolution of the states and GST in FY 2020-21 BusinessToday.In | January 19, 2021 | Updated 17:17 IST The states made the proposals, amongst several other such suggestions, during customary pre-budget discussions with Finance Minister Nirmala Sitharaman on January 18 The states have suggested the Centre to consider using the escape clause in the amended Fiscal Responsibility and Budget Management (FRBM) Act to mo...

The fiscal deficit -- difference between Centre's expenditure and revenue - is expected to be in the range of 7-8 percent of GDP in 2020-21. From that, it may gradually come down to 4 percent of GDP by 2025-26. This means that the long-standing medium- term target of 3 percent of GDP, as mandated by the FRBM Act, no longer holds.