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2:52 AM
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India's much-awaited annual budget - in a year when the country faces its deepest recession - comes amid huge expectations.
Covid-19 has ravaged the country, shrunk its GDP, sent unemployment soaring and added to the distress of a banking sector that was already in crisis. But Finance Minister Nirmala Sitharaman's budget aims to spend big to push growth. Outlays in key areas such as healthcare and infrastructure have been ratcheted up to spur economic activity. Given that there is no increase in direct taxes, this exacerbates India's delicate fiscal position. pg
India's fiscal deficit - the gap between its revenue and expenditure - for the current financial year is set to rise to 9.5%, the highest since the country opened its markets to the world in 1991.
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