The Russian government has sent for consideration to the State Duma a draft law "On the federal budget for 2021 and for the planning period of 2022 and 2023."

The corresponding decree on Wednesday, September 30, was signed by the Prime Minister of the country Mikhail Mishustin.

"The document will preserve its social orientation and orientation towards the progressive growth of the economy," the statement on the website of the Cabinet of Ministers said.

According to the project, the revenues of the Russian budget will grow steadily and in 2021 will amount to 18.77 trillion rubles, in 2022 - 20.64 trillion, and in 2023 - 22.26 trillion rubles.

Budget expenditures will also increase throughout the three-year period.

It is expected that in 2021 the spending of the state treasury will amount to 21.52 trillion, in 2022 - 21.88 trillion, and in 2023 it will reach 23.67 trillion rubles.

Thus, over the next three years, treasury expenses will exceed revenues.

As follows from the document, in 2021 the budget deficit will amount to 2.75 trillion, in 2022 - 1.25 trillion, and in 2023 - 1.41 trillion rubles.

“The budget deficit is associated with the fall in oil prices.

At the same time, the volume of extraction of raw materials next year will be lower than expected earlier, which will also lead to the loss of part of the income.

In addition, in the context of a pandemic, the state has actively increased spending to support the economy, which is absolutely justified.

However, the situation with the budget deficit is not critical, "Vasily Karpunin, head of the information and analytical content department at BCS Broker, told RT.

The main source of financing the budget deficit will be government borrowing.

Already in 2021, in pure form, they can amount to about 2.7 trillion rubles, in 2022 - 2 trillion, and in 2023 - 2.4 trillion, writes TASS.

As a result, next year Russia's national debt may grow to 20% of GDP, but its level remains safe for the economy.

The head of the Ministry of Finance Anton Siluanov announced this earlier.

In addition, in early September, the government announced the draft tax laws, which will also provide the necessary budget revenues.

In particular, the authorities plan from January 1, 2021 to increase the mineral extraction tax (MET) by 3.5 times for metallurgists and fertilizer producers, revise the benefits in the oil and gas sector, and also index the rates of excise taxes on tobacco products.

Additional revenues to the budget should be brought by the renewal of agreements on the avoidance of double taxation with a number of countries, as well as an increase in the personal income tax rate (personal income tax) from 13 to 15% for citizens who earn more than 5 million rubles a year.

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As noted in the Cabinet of Ministers, the government proceeded from two key priorities when forming the draft budget.

We are talking about the unconditional fulfillment of the state's social obligations to citizens and the implementation of national development goals.

Recall that in July Vladimir Putin signed a decree "On the national development goals of the Russian Federation for the period up to 2030".

Within the framework of the document, the President instructed to increase life expectancy in Russia to 78 years within ten years, reduce the poverty level by half, achieve GDP growth rates above the world average and ensure a steady increase in household income.

The approved draft budget for the implementation of national projects in 2021 provides 2.25 trillion rubles, in 2022 - 2.62 trillion, and in 2023 - 2.79 trillion.

“National projects were initially viewed as the main driver of economic growth.

That is why the budget for next year implies a noticeable increase in the costs associated with them.

Apparently, under the current conditions, the government intends to accelerate the implementation of national projects, "said Alexander Abramov, head of the laboratory at the Institute of Applied Economic Research of the RANEPA, in an interview with RT.

"The basis of economic growth"

As follows from the government's message, the draft budget was drawn up on the basis of a forecast of socio-economic development.

It provides for a slow recovery of the global economy due to the continued restrictions associated with the spread of COVID-19.

According to the forecast, in 2021 Russia's GDP will grow by 3.3%, in 2022 - by 3.4%, and in 2023 - by 3%.

It is assumed, however, that inflation will not exceed 4% over the entire three-year period. 

The projected volume of Russian GDP will be 115.53 trillion rubles in 2021, 124.22 trillion in 2022 and 132.82 trillion in 2023.

“The social orientation of the budget implies the systematic work of the government to increase the income of citizens, since this is the basis of economic growth.

Subject to the growth of incomes of Russians, one should expect a faster recovery of domestic consumption and the entire economy of the country, ”said Artyom Deev, head of the analytical department at AMarkets, in a conversation with RT.

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On September 25, the Russian government approved a nationwide economic recovery plan.

The document contains about 500 events, and the cost of its implementation in two years will be about 5 trillion rubles.

The economic recovery process will take place in two stages.

The first stage will run from the IV quarter of 2020 until the end of 2021.

“It is necessary to solve three main tasks: to move to a steady growth in real incomes of the population and the economy as a whole, to restore the most affected sectors, including small and medium-sized businesses, and to normalize the unemployment rate - to reach a level below 5% of the number of employees,” said the first Deputy Prime Minister Andrei Belousov.

The second stage covers the period 2022-2024.

During this period of time, the key task of the authorities will be the implementation of the five national development goals and the achievement of the corresponding 25 targets.

"The main characteristics of this stage are GDP growth above 3% per year, real disposable income of the population - about 2.5%, investments in fixed assets - more than 5% annually, non-oil and gas exports - by 3-4%," Belousov explained.