India will shift its focus to Finance Minister Nirmala Sitharaman on Monday when she presents her third Union Budget in Parliament. The presence of coronavirus in our day to day life and its onslaught on the Indian economy brought the country to its knees. And when she presents the budget, all will be hoping to see how she brings the pandemic-ravaged nation back on its track.

The Finance Minister is expected to stimulate economic growth, create more jobs, ensure welfare support for the poor and the underprivileged among other things. Her plan will likely be dependent on generous public spending to boost economic activity and putting more money in the hands of the taxpayers.

“Expectations are high, going into this budget,” Bloomberg quoted Samiran Chakraborty, an economist with Citigroup Inc., as saying. This puts more focus on Sitharaman as she has promised a budget like “no other”.

In the first quarter, India’s economy shrunk by a record 24% and although growth was visible in the following quarters, the Centre has given an estimation of a -7.7% GDP growth for the full fiscal year of 2020-21. Analysts point towards a record decline in total revenue by over Rs 2.7 lakh crore. And total expenditure is expected to rise by nearly Rs 3 lakh crore. And due to this, the fiscal deficit is expected to nearly double from the target initially set for FY21.

The Centre has to look at creating millions of jobs for the ones who lost them due to the pandemic.

According to ministry statistics, India’s GDP is expected to contract 7.7% in the year ending March. The finance ministry estimates GDP will likely expand 11% next fiscal year.

“A 4% tax on the nation’s 954 richest families could raise the equivalent of 1% of India’s GDP,” Oxfam said in a report.

The pandemic has exposed the feeble health care system and given us a reason why we should have a strong health care system and the Finance Ministry, as compared to other years, will splurge more to combat the pandemic and keep the infrastructure in place.

India’s economy is likely to grow by 11% in the fiscal year beginning April 1 as a vaccine drive and rebound in consumer demand help it emerge from the carnage inflicted by a strict coronavirus lockdown.

The “V-shaped recovery is supported by COVID vaccination drive,” the survey said.

Chief Economic Adviser Krishnamurthy Venkata Subramanian, who led the team which authored the pre-budget document, said India’s strict lockdown prevented 37 lakh cases and one lakh deaths.

“The fundamentals of the economy remained strong as gradual scaling back of lockdowns, along with the astute support of Aatmanirbhar Bharat Mission (stimulus) has placed the economy firmly on the path of recovery,” the survey said.

India is expected to witness a current account surplus during the current financial year after a gap of 17 years. In presenting the annual budget on Monday, Finance Minister Nirmala Sitharaman has to juggle between limited resources and a pressing need for social and infrastructure spending.