Disappointed by Budget 2020 for its lack of direct support for businesses, which has suffered tremendously from the effects of the COVID-19 pandemic, the private sector collectively forecast with hope that Budget 2021 would include similar fiscal measures like the billions given to households. and public sector employees last year. Unfortunately, this was not the case. Finance Minister Ashni Singh made no such announcements of relief measures to help businesses recover from the worst crisis our private sector has ever experienced.
The Minister, in his budget speech, claimed that “COVID-19 is far from over and that much uncertainty remains.” And that’s exactly what scares businesses. They see no immediate end of the pandemic season. Accordingly, they seemed hopeful that the government would have done more to cushion the far-reaching effects of the pandemic. Such support would have been particularly important for the micro, small and medium-sized businesses most vulnerable to economic shocks as widespread as those triggered by the pandemic that could potentially have the greatest adverse impact in terms of employment and stability on the domestic front.