SIX PILLARS OF BUDGET 2021: KEY TAKEAWAYS
Honorable Finance Minister Ms. Nirmala Sitharaman has presented the budget 2021 at a time when India along with the entire world is witnessing one of the biggest health crisis of the centuries. Undoubtedly, this deadly Covid-19 virus led staggering negative growth of Indian economy, historical slowdown in major sectors and overall destabilized economic stability. In budget 2021, an attempt has been made to bring back the lost glory of the Indian economy.
Finance Minister has set six pillars namely:
Health and Well-being, Infrastructure, Inclusive development, Development of human capital, Research and Development and Minimum government and Maximum governance to stimulate the growth of the Indian Economy.
India’s position on these pillars, as reflected by various indicators; has been pathetic. As per the latest available data, India stands at 144th position in happiness index, 62nd position in inclusive development index, 116th in human capital index, 131st in human development index, 129th in inequality index, which is definitely quite alarming and has drawn attention of policymakers. Through the current budget, the efforts which have been made should definitely be applauded, but that is really not enough.
To attain the objectives of self-reliant India, the expenditure on education should have been increased which has not been done. As we all are aware that education is most important weapon to achieve satisfactory progress among all the key parameters of six pillars, hence reducing fund for this sector is really a matter of disappointment but making policies beyond the GDP as reflected in the six pillars is a farsighted move and must be appreciated.