Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!

India's next budget to focus on boosting growth, says Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman suggested the government could ease up on spending in the months ahead to boost the growth rate

December 03, 2020 / 09:04 PM IST
Finance Minister Nirmala Sitharaman (File image: Reuters)

Finance Minister Nirmala Sitharaman (File image: Reuters)

India’s economy will return to growth in 2021-22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years, Finance Minister Nirmala Sitharaman told Reuters on December 3.

With the world’s second highest cases of coronavirus despite a severe lockdown of its 1.3 billion people early on in the pandemic, India’s economy is expected to contract nearly 10 percent in the 2020-21 financial year.

But a recovery is taking hold now, the finance minister told the Reuters Global Investment Outlook Summit, 2021.

“I would think 2021-22 will be very big, good traction year for achieving a really good rate of growth that itself is going to be a launching pad for 4-5 years of growing at a good speed, provided we do enough on the budget and spend on infrastructure,” she said.

Unlike other countries such as the US, Japan and the UK which poured billions of dollars in relief measures, the Indian government has been more measured in its approach because of limited resources and to curb its budget deficit from ballooning.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Sitharaman suggested the government could ease up on spending in the months ahead to boost the growth rate.

“I have to be conscious that if I don’t spend now, then the stimulus is meaningless, if I don’t spend now the revival is going to get deferred and we can’t afford that.”
Reuters

stay updated

Get Daily News on your Browser
Sections