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LIVE: India took various steps to offset Covid impact, FM tells World Bank

The finance ministry on Friday kicked off the exercise to prepare the annual Budget for 2021-22 amid the urgency to push economic growth hit by the Covid-19 pandemic. Stay tuned for LIVE updates:

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BS Web Team  | New Delhi 

EVENT HIGHLIGHTS

Budget, Nirmala Sitharaman, FM, bAHI Khata, finance ministry
Finance Minister Nirmala Sitharaman with MOS Finance Anurag Thakur leaving for Rashtrapati Bhawan along with full Budget Team to present Union Budget 2020-21 in New Delhi on Saturday/PHOTO-DALIP KUMAR

The finance ministry on Friday kicked off the exercise to prepare the annual Budget for 2021-22 amid the urgency to push economic growth hit by the Covid-19 pandemic.

The upcoming Budget will be crucial for the country as it will have to deal with impact of pandemic which has affected all segments of the economy, including revenue collection, disinvestment, expenditure, exports and food prices.

The economy is projected to contract by a massive 10.3 per cent this year, according to an IMF forecast. Even the Reserve Bank of India expects the economy to shrink by 9.5 per cent in the current financial year.

Eighteen months after it was grounded, Jet Airways is all set for a comeback. Lenders to Jet have begun voting to choose its new owner. So far, two banks have voted on the resolution plans and the process is expected to continue till the end of the day.

Kerala Finance Minister Thomas Isaac said some states were likely to approach the Supreme Court against the Centre's two borrowing options for GST compensation, and Kerala would take a final decision on the matter today at a meeting chaired by Chief Minister Pinarayi Vijayan.
 
Sabarimala Lord Ayyappa temple will open for a 5-day puja from today.

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