The National Budget 2020/2021 of the Republic of Mauritius was presented on the 04th of June 2020 and is entitled “Our New Normal: The Economy of Life”.
The Honorable, Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development of Mauritius, stated that this year’s budget, as anticipated, is remarkably unique and revolves widely around recovery measures to counter the disrupting and devastating impact of the Covid-19 global pandemic on our island. The Mauritian economy is indeed faced with considerable rising challenges and uncertainties linked to the spread of the virus which threw the whole country into an unprecedented instability as highlighted by the Prime Minister.
The Government has taken a firm stand to overcome the effects of Covid-19 and instil a series of measures to provide a second breath to the population, specially to the more vulnerable of the society. This budget has been crafted in a flavour accented on social and progressist ideologies. The emphasis has been laid throughout on the importance given to our local product under the label “Made in Mauritius, local manufacturing and local production that the Government is aiming to expand so as to attain self-sufficiency and boost small enterprises, most of which were heavily impacted by the Covid-19 crisis.
It has also been announced that support shall be given to our economy namely by embracing digitalization, salvaging businesses by the granting of loans with rock-bottom interest rates, protection of the vulnerable, redefinition of the income tax framework, rules and exemptions, putting forward incentives to attract investors and protection of the elderly by the consolidation of pension schemes.
Once again, the budget 2020-2021 reflects a boost of our economy in furtherance to the Covid-19 pandemic and bring an inspiration to young investors and has been made in the direction of the Mauritian citizen.
The 2020/2021 Budget has aimed to cater for the challenges faced by all stakeholders of the economy by:
- Shaping the new Mauritius with modern infrastructure;
- Consolidating our traditional and emerging productive sectors and anchoring our economy firmly to the digital revolution;
- Developing a class of innovative entrepreneurs including in the blue economy;
- Embracing fintech and making of Mauritius a hub for Africa;
- Further opening-up our economy and country to the rest of the world;
- Investing in our youth so they are better prepared for the future;
- Achieving gender equality;
- Putting behind us the problem of absolute poverty;
- Building a more inclusive and equitable society; and
- Adapting our policies and strategies on sustainable development so as to build Better resilience to the new challenges that climatic change is thrusting upon our population.
We invite you to read more about the Budgetary measures in our Budget Special: CLICK HERE