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India's Union Budget 2020-21 will be presented on February 1.

According to the Economic Survey, The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter.

For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next.

GDP growth is seen expanding by 11 per cent in the 2021-22 fiscal (April 2021 to March 2022).

The budget is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report.

Earlier last week on January 26, many of the farm law protestors, driving tractors, had stormed the Red Fort, with some of them hoisting religious flags on its domes and on the flagstaff at the ramparts.

Prime Minister Narendra Modi said on Sunday that the country was saddened by the "insult" to the Tricolour on Republic Day, referring to the religious flag incident at Red Fort during the farmers' tractor parade.

In his monthly 'Mann ki Baat' broadcast, Modi maintained that his government is committed to "modernising" farming and has been taking many steps.