Spotlight on India and Singapore’s Budget

Every February sees the budget announcement of two of Asia’s economic powerhouses – India and Singapore. Despite being vastly different in terms of size of population and land mass, as well as economic development and focus, the continued impact of COVID-19 has resulted in similar policy approaches from both countries. The focus of these budgets is on providing cash support to citizens, countering rising unemployment numbers and shoring up domestic industries whilst trying to mitigate the growing fiscal deficit with GST measures. Details can be found in the respective TNS reports.

• Singapore Extends Incentives for Qualifying Expenses and Extends GST to Imported Low-Value Goods in 2021 Budget
• Union Budget 2021 – Summary