The annual Union Budget is always a big event as the financial roadmap for our country is decided then. Running a nation is a big responsibility and initiating changes to achieve what the Ministers think is the need of the hour is usually a tightrope walk.
How has this year’s Union Budget been received?
Before we talk about any organisation or any individual, let us go to the impartial and decisive barometer of all things – the stock markets of India i.e. the National Stock Exchange (NSE) and the BSE (formerly known as Bombay Stock Exchange).
The stock markets are euphoric on the Union Budget. Across the board, stocks of all companies of all market capitalisations and in every sector just murdered the bears and green was seen everywhere as the bulls took the stock prices higher and higher.
In Nifty 50, by the closing price, 45 stocks were gainers and 5 stocks were losers. The Nifty 50 gained 4.74% and the BSE Sensex gained 5%. Thus, the verdict of the financiers, and investors – both foreign and domestic is crystal clear. The Union Budget of 2021 is great and positive.
Now, let’s focus on the opposition party. The members of the Congress categorised this year’s Budget as being incognizant of the realities of the nation which has been, for the most part, pounded flat by the pandemic COVID-19. Rahul Gandhi, leader of the Congress party, highlighted a need to generate employment for farmers and workers. In addition, he wants increased expenditure in healthcare and on defence.
The Defence Minister, Rajnath Singh, is happy that the budget will strengthen the Indian economy and further the prestigious goal of AtmaNirbhar Bharat (self-sufficient India).
Member of NFSSM Alliance and Executive Director of the Center for Water and Sanitation, Meera Mehta, hails the Union Budget as the next logical step in affording every Indian sanitation, clean drinking water, and universal health. Meera said, “The launch of the Jal Jeevan Mission (waste water management) with Rs. 2.87 lakh crore will catalyse the movement towards achieving SDG 6 by 2030.”
However, Derek O'Brien of TMC had a diametrically opposite review of the Union Budget. He terms this year’s Budget as “100% visionless” and claims the only goal seems to “sell India”. He said, "Railways: sold, Airports: sold, Ports: sold, Insurance: sold PSUs: 23 sold!" It is pertinent to add here that the selling which Derek O'Brien is referring to is divestment, which means the that government sells the shares it owns of the company to new owners like foreign investors or domestic like you and I. With more private ownership, the companies will be watched more closely by those new owners. Derek O'Brien further claimed that the middle class has got “nothing”
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Adar Poonawalla, CEO of Serum Institute of India has welcomed the Union Budget as Adar sees more participation from manufacturers and thus employment generation. He highlights that any form of investment in the health of its people pays the nation many times over and over a long time-frame as “a healthy individual can perform and disruptions to the economy can be reduced.”
Shashi Tharoor, senior Congress leader, gives the budget thumbs down. He tweets his assessment giving an analogy with a garage mechanic, “I couldn't fix your brakes, so I made your horn louder”
Aam Aadmi Party too joins Derek O'Brien in putting down privatisation of utilities like railways, airports, and others. In the national language of India, Hindi, the party tweeted using their official Twitter handle claiming, in a comic way, that the party will never allow the soil of the nation to be sold.
This has been the highlights of the reactions to the Union Budget 2021 from noteworthy individuals, organisations, and thestock markets.