Union Budget 2020-21 was intensely awaited by the whole nation with high hopes if it could show any direction to what it is needed most now-arresting slowdown and reviving economic growth. Taking cue from common man’s expectations, Union FM in her 160 minutes long budget speech had tried to reiterate that the budget has been based on the three themes of aspirational India, economic development for all and a caring society and is intended for boosting income and improving purchasing power of people. Reading the reactions that had arrived so far till Saturday evening, it can be said that it’s a mixed one with hope and scepticism almost in equal measures. Just like any other annual budget where the main question hovers around how all the proposals are going to take shape in real terms which means where from all the money is going to arrive, similar sort of reactions are here this time too and  more because of the undeniable fact that the economy at the moment is ailing and faltering unprecedentedly. Even if there are quite a few salutary intentions through a host of measures, it’s  because of the lack of confidence that has spread over all the immediate as well as remotely-linked stakeholders in the economic ecosystem, doubts will linger, raising the pertinent question once more- how much of the goals will be attained?
The key takeaway from the budget will be the intention to give thrust to infrastructure and agriculture. As if to bring ongoing criticisms regarding rural distress down and a reminder that commitment to doubling farmers’ income by 2022 is still alive, a 16-point action plan has been announced with an allocation of Rs 2.83 lakh crore for all agri related activities including the marine fishery sector. To take care of transport infrastructure, 1.7 lakh crore has been provided with promise for 100 more airports by 2024 along with the Krishi Udan scheme to assist farmers in transporting agricultural products to improve their ‘value realization’. It now needs to be seen how much of this overall transport allocation are actually received by the Northeast, since, the urgency of this need is more as compared to the rest of country. Chasing a disinvestment target that is almost double the existing one has also been termed to be over-ambitious even if that includes selling part of government’s stake in the behemoth known as LIC. Similar sentiments can be observed when it comes to the effort to revive consumption through income tax sops and restructuring of slabs. Increased allocation in education, affordable housing, enhanced  insurance coverage from Rs 1 lakh to Rs 5 lakh  for bank deposits have also been announced to soothe nerves of the middle class. Although there were repeated appeals from the newspaper industry to cut the 10 % import duty on newsprint, only half the demand has been met through a 5 % cut. Coming to employment generation, although there is an assurance that over 2.6 lakh jobs in government departments will be created within 2021, it’s not sure how far the overall budget will positively impact to contain the escalating unemployment crisis.
It will be near impossible to come to any conclusion about the efficacies of this budget, since it will take at least two quarters of the coming fiscal year to arrive at a measurement. And at the moment, it’s only a feeling of hope that is laced with layers of scepticism.

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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