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FM proposes to turbo-charge economy via mega spending push
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SME Times News Bureau | 01 Feb, 2021
Finance Minister Nirmala Sitharaman on Monday proposed to unleash a
massive fiscal expansion in 2021-22 to revive India's pandemic-battered
economy.
Accordingly, she proposed to increase the capital
expenditure by 34 per cent in Budget 2021-22 in comparison to the
previous fiscal BE (Budget Estimate). She presented the Budget in
Parliament at 11 a.m.
The proposal will increase the capital outlay to Rs 5.54 lakh crore from Rs 4.12 lakh crore spending target in BE FY21.
Further,
she proposed to institute 'Land Bank' monetisation company along with
an asset management and reconstruction company or a 'Bad Bank' and a
Development Financial Institution (DFI) which will fund infra projects.
Besides, agriculture, health and education sectors received a massive spending push.
On the other hand, to shore-up the Centre's revenues, she proposed for an asset monetisation pipeline.
Furthermore,
she proposed to provide Rs 20,000 crore for public sector bank
re-capitalisation and make conducive environment for ushering in
investments into FinTech, insurance and Start-ups.
In addition, the Centre plans to divest two public sector banks, as well as a general insurance company.
According to Sitharaman, the budget post the onset of Covid-19 pandemic has ample opportunities for growth and economic reset.
She
said that in the post-Covid world, India is well positioned to benefit
from the new realignments in the economic and political spheres.
This is Sitharaman's third and most significant Finance Bill to the Parliament.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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