ndian commuters crowd the Chhatrapati Shivaji train Terminus in Mumbai, India, Monday, Feb 1, 2021. India’s government on Monday announced it will boost healthcare spend amid the coronavirus pandemic and said it was committed to the development of the financial institutions and shoring up of infrastructure to get the pandemic-ravaged nation back as the world's fastest-growing major economy. - AP
NEW DELHI, Feb 1 (Reuters): India proposed doubling healthcare spending in an annual budget unveiled on Monday and lifted caps on foreigners investing in its vast insurance market to help revive an economy that suffered its deepest recorded slump as a result of the pandemic.
Delivering her budget statement to parliament, Finance Minister Nirmala Sitharaman projected a fiscal deficit of 6.8% of gross domestic product for 2021/22, higher than the 5.5% forecast by a recent Reuters poll of economists. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.
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