Will budget sops help India reach $5t economy goal?

Will budget sops help India reach $5t economy goal?

The Indian government's aim to make the nation a $5 trillion economy did encounter loads of challenges in 2020, despite multiple stimulus and sops to pare the impact of the novel coronavirus disease (Covid-19) outbreak to propel the economy towards growth.

Non-resident Indians (NRIs) globally have moved back home for multiple reasons and are now trying to find some foot in their bid to rehabilitate themselves. The trend did impact the real estate sector positively. Timely government intervention to keep lending rates at lowest, coupled with reduction in stamp duty, encouraged many developers to offer flexible payment plans.

Dr Azad Moopen, founder chairman and managing director (CMD), Aster DM Healthcare, said: “Large numbers of NRIs have been rendered jobless and returned to India due to the pandemic. There is a requirement for a scheme for rehabilitation of the returning NRIs by providing them with jobs and seed capital for starting businesses. Initiatives to provide skill development for them must begin.”

India's economy is expected to contract 7.7 per cent in the current financial year ending on March 31, the worst performance in four decades, which is likely to prompt the finance