oppn parties Budget 2021: Kickstarting The Economy

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  • Allahabad HC said that the UP Police is acting as law unto themselves as they detained a person unlawfully even before his arrest
  • Kolkata witnesses traffic snarls on the first day of the Durga Puja festival as revellers start pnadal-hopping
  • Neha Bora was subsequently released and Dipke is to appear before a magistrate today at noon
  • Delhi Police detained Cockroach Janta Party founder Abhijeet Dipke, Neha Bora of AISA, student leaders and supporters ahead of a rally in Connaught Place demanding Chief Election Commissioner Gyanesh Kumar's resignation. The protest followed the detention and jailing of two CJP leaders earlier in the week over demonstrations at Jantar Mantar
  • The Reserve Bank of India is considering further monetary tightening to counter capital outflows and increase the cost of betting against the rupee, according to bankers and analysts cited by Reuters. The measures follow recent rate increases and steps to drain liquidity as pressure on the currency and inflation concerns persist
  • India directed oil marketing companies to stop diverting sugar-based feedstocks for ethanol production in the 2026–27 supply year, according to a new tender issued on Friday. The companies have invited bids for 11 billion litres of ethanol made from alternatives including corn and broken rice, amid concerns about domestic sugar supplies and prices
  • Finance Minister Nirmala Sitharaman said India's trade imbalance with China was growing sharply and attributed the problem partly to restrictions on Indian goods and services entering the Chinese market. China subsequently said it was ready to work with India to address mutual economic and trade concerns; India's trade deficit with China reached $69 billion in the first half of FY2026–27, up 27% year-on-year
  • Indian equity benchmarks extended their recovery on Friday, with the Sensex rising 413.66 points to close at 74,729.27 and the Nifty 50 gaining 148.80 points to settle at 23,146.15. Information technology shares, including Tech Mahindra, Infosys and TCS, helped lift the indices
  • India defeated Zimbabwe by four wickets in the opening women's T20 International in Raipur, taking a 1–0 lead in the three-match series. Deepti Sharma and Niki Prasad combined in an 82-run stand after India's top order collapsed, helping the hosts chase down Zimbabwe's total of 114 for five
  • Indian wrestler Komal won bronze in the women's 59 kg category at the Under-23 World Wrestling Championships in Las Vegas, defeating Kazakhstan's Viktoriia Khusainova 7–2. Fellow Indian Amruta Pujari advanced to the women's 72 kg final after recording two pinfall victories
  • Indian shuttler Jagsher Singh Khangurra secured a bronze medal at the BWF World Junior Badminton Championships in Cairo
  • The Supreme Court of India upheld the Bombay High Court's decision quashing the 2020 write-off of ₹8,415 crore in additional tier-1 bonds issued by Yes Bank (Yes Bank). The court ruled that the bank's administrator lacked the authority to extinguish the bonds under the final reconstruction scheme, strengthening bondholders' claims
  • The Supreme Court issued notices to the Election Commission of India, Delhi Police and opposition leaders, including Rahul Gandhi and Akhilesh Yadav, in separate petitions concerning electoral-roll revision and protests held in Delhi on October 10–12. The court also directed the preservation of CCTV footage linked to allegations of police excesses
  • The Supreme Court ruled that a person converting from Hinduism to Islam cannot automatically claim backward-class reservation benefits in the new religious community solely on the basis of their previous caste status. The judgment upheld the Madras High Court's decision striking down a 2024 Tamil Nadu government order that permitted such certification for specified communities
  • The Election Commission of India ordered a Special Summary Revision of electoral rolls in 14 states and three Union Territories, using January 1, 2027, as the qualifying date for voter eligibility. The draft rolls are scheduled for publication on November 12, claims and objections will be accepted until December 11, and the final rolls are due on January 4, 2027
Delhi HC refuses to ban CJP's Tiranga rally at Central Park in Connaught Place today /////// Police says will control and regulate it /////// NDMC closes the park for the public on Friday and Saturday
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Budget 2021: Kickstarting The Economy

By Sunil Garodia
First publised on 2021-02-02 02:19:11

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Author of Cyber Scams in India, Digital Arrest, The Money Trap and The Human Hack

For someone who has consistently criticized the government for not taking the initiative to invest to revive the economy, this correspondent finds that Budget 2021, with its "spend-spend" mantra, is an ideal Budget for these troubled times, provided the government manages to raise the resources and actually spends as proposed. 

Basically, one has to recognize that giving freebies in this age is not kosher. The need to put money in the hands of the people can be done in other ways too. Investment by the government to kick start the economy is one of the best ways. When the core sector starts getting orders production picks up and all sectors benefit. Jobs are generated and money starts flowing in the hands of people.

This Budget is going to do precisely that. By not imposing additional taxes (apart from cess on some sectors), the finance minister has ensured that money is not squeezed out of the people. By not imposing a "Covid tax" on the rich, the finance minister has ensured that wealth creation is not penalized. By holding the hands of startups for one more year, the finance minister has ensured that enterprise, innovation and entrepreneurial drive will be supported. By allocating Rs 20000 for bad loans of PSB and announcing the formation of a "bad" bank, the finance minister has signaled that the problem of bad loans will be addressed this year.

By investing in infrastructure, the finance minister has ensured that growth prospects are enhanced. By investing in healthcare, she has ensured that India takes care of its citizens better and becomes more capable of combating any future pandemics. By investing in defence, she has ensured that the country's security concerns are addressed, especially as China seems bent on acting aggressively. Finally, by investing heavily in agriculture, she has shown that this government is not unmindful of the problems faced by farmers. All these investments will have a direct and positive bearing in reviving the economy and creating jobs.

But the government will have to act fast on the divestment promises. Last year, not even a fraction of the divestment target was met. The ambitious figure set for the next year can be met only if the government does things in a better way. If divestment targets are not met, funds will become scarce and promises made in the Budget might not be kept in full. If the government is able to generate the funds and invest in full as proposed, the economy will revive faster than most people think. 

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