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Indian Budget 2021

Union Budget of India 2021-22 will be presented on 1st of February 2021. The budget is presented on the 1st of February every year after 2016. Until 2016, it was presented on the last working day of February. It is presented by the Finance Minister of India. Nirmala Sitaraman is the present Finance Minister of India.
The budget speech by the Finance Minister includes only important parts which the Finance Minister wants to convey the public on behalf of the government. It is generally not so technical so that even common people understand it. The actual budget document is a detailed document which is available for public information on the official website https://www.indiabudget.gov.in/

Indian Budget 2021 is going to be the first post-COVID-19 budget. Both people and the government have incurred huge losses due to COVID-19. On the one hand, the public is looking at the government for some relief and the government has the challenge to balance her burgeoning deficits. Ongoing farmer's protest has likely to have some bearing on policymakers.

You might be waiting to listen Nirmala Sitaraman delivering Budget Speech. Some will praise her, some will criticise her or some may have a balanced view of her Finance Ministership. However, in reality, there are many players who play a great role in the background and remain unnoticed. It is almost impossible to know who influenced how much. Powerful interest groups and public sentiments dominate the economic rationality of the government, especially in developing countries.

Powerful interest groups are the wild beasts who do not want to miss a chance to bite the flesh of his prey. The government cannot ignore them because these are people who fund the government and losing their favour may change the power equation. Opposition parties always seek their favour because it is very difficult to demolish the ruling government with their favour. However, it is difficult to guess who they are and how they influence the policymaking. They may be powerful but they are not everything. If they had been everything then it would be impossible to change a government. They may even be ineffective, in case, other forces are stronger than their power to influence the policymaking.
Do you think powerful interest groups influence government policies in India and will also influence Indian Budget 2021?

Public sentiment is another very powerful force which has bearing on the numbers of budget allotment. For example, if the ongoing farmer's protest wins the public sentiment and the government do not care about that, you know what can happen in the next election. No government wants to lose an election. But is it easy to catch public sentiment? The government cannot ignore this too because it will give a chance to opposition to take over the public sentiment. Sometimes, a government is trapped into a negative public sentiment even if she has followed all economic rationality for the well-being of people of the country. But it is rarely too strong to demolish the government and she may ignore them if other factors favour her
Let us know what you think about the present public sentiment in India.

Let us see how far this friction go, who dominates and how much. We are looking forward to discussing this issue with you. We know you have your own insight which may not match us. You may also find that something is missing here.
We invite you to participate in this discussion in the comment box.

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Also Read: Indian Budget 2021: Expectations and Economic Rationality

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