Finance minister Nirmala Sitharaman Photograph:( WION )
The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, India's finance minister
India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore for the forthcoming census which will be the first digital census in the country.
Sitharaman also proposed a portal to collect information for gig-workers, building and construction workers among others.
The finance minister said the government is committed to bringing down fiscal deficit below 4.5 per cent of GDP by 2025-26. Sitharaman said the fiscal deficit has been pegged at 9.5 per cent of GDP during the current fiscal ending March 31 and 6.8 per cent in the next fiscal.
The government will borrow about Rs 12 lakh core in FY22, the finance minister said while presenting the Union Budget with expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending.
The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, the finance minister announced.
The states to get 41 per cent share of taxes as per 15th Finance Commission recommendation, the finance minister informed with the government having accepted the recommendation.
Sitharaman said that COVID-19 relief led to a rise in expenditure to Rs 34.50 lakh crore in the current fiscal as against Rs 30.42 lakh crore budgeted a year back.
"The pandemic resulted in weak revenue inflow and higher expenditure incurred to provide support for the economy and people," Sitharaman said.
The government also proposed the introduction of National Nursing and Midwifery Commission Bill and the setting up of Central university to be set up in Leh.
Sitharaman said the allocation for rural infrastructure development has been increased to Rs 40,000 crore in next fiscal from Rs 30,000 crore in FY21.