India unveils budget aimed at boosting pandemic-hit economy
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NEW DELHI - Indian Finance Minister Nirmala Sitharaman on Monday unveiled the budget for fiscal 2021-22, that aims to shore up an economy badly-hit by the novel coronavirus pandemic.
The economy is projected to contract 7.7% in the current fiscal year, although the government forecasts growth of 11% for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments.
These are the initial highlights from Sitharaman's fiscal 2021-22 budget speech:
HEALTHCARE
* India to allocate 2.2 trillion rupees ($30.20 billion) for healthcare in 2021/22
* Sitharaman says expect two or more COVID-19 vaccines soon
* India to launch new federal health scheme with outlay of around 641 billion rupees ($8.80 billion) over the next six years
* To allocate 350 billion rupees ($4.81 billion) for COVID-19 vaccines, and allocate more funds if needed.
POLICY
* India to launch new vehicle scrapping policy
* India to monetise infrastructure assets
* To allocate 2.87 trillion rupees ($39.40 billion) for clean water supplies over the next five years
(Compiled by Alasdair Pal; Editing by Euan Rocha)
