<p><em>By Jyoti Vaswani</em></p>.<p>The Union Budget 20-21 demonstrates the Finance Minister’s aim of maintaining a steady policy path with emphasis on welfare construct and has taken more imperative steps in the right direction. The budget has sought to entrench the primary engine of growth viz. consumption in the form of personal tax cuts. Counter cyclical fiscal measures to provide stimulus to the economy would have been desirable. However, the FM has chosen to be prudent. Despite being placed with a restrained fiscal scenario, the government has kept the fiscal deficit target under control, even as the capital expenditure target has been raised, thus boding well for reviving the economy.</p>.<p><em>(The author is Chief Investment Officer at Future Generali India Life Insurance)</em></p>
<p><em>By Jyoti Vaswani</em></p>.<p>The Union Budget 20-21 demonstrates the Finance Minister’s aim of maintaining a steady policy path with emphasis on welfare construct and has taken more imperative steps in the right direction. The budget has sought to entrench the primary engine of growth viz. consumption in the form of personal tax cuts. Counter cyclical fiscal measures to provide stimulus to the economy would have been desirable. However, the FM has chosen to be prudent. Despite being placed with a restrained fiscal scenario, the government has kept the fiscal deficit target under control, even as the capital expenditure target has been raised, thus boding well for reviving the economy.</p>.<p><em>(The author is Chief Investment Officer at Future Generali India Life Insurance)</em></p>