Focusing on targeted spending

24 JAN,2021 | MEDC


 

The forthcoming Union Budget is being eagerly watched, and focusing on targeted spending is going to be a key factor in the revival of our economy. Until the government spends strategically, money will not percolate into the hands of people, and domestic consumption (which accounts for around 60% of India’s GDP) will remain muted. The government has to set the ball rolling through targeted spending in the economy. Special areas of focus need to be infrastructure, healthcare, and education, since they have the biggest and most far-reaching multiplier effects in the economy. Strategic infrastructure development will help to narrow the digital divide, which is threatening to make our online systems (in both education and healthcare)meaningless to the masses. Some kind of income support should also be there for those at the bottom of the pyramid, who bore the brunt of the pandemic. The aim of targeted spending should be to promote inclusive growth throughout the system. That is the only way to ensure our sustainable economic revival from the ravages of the pandemic.

*Photo Credit: Google

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