Nirmala Sitharaman, Union Finance Minister of India has presented the Union Budget for the year 2021-22 today aiming to help the class hit badly by the coronavirus pandemic economically. During the third round of Budget presentation at Lok Sabha, Nirmala said that their government is devoted to the welfare of the country’s farmers and the Minimum Support Price (MSP) jurisdiction has endured a change.
Even though the government is claiming a colossal rise of over 137% in health allowance in Budget 2021, P. Chidambaram, one of the Congress leaders pixilated out at the Centre stating that the number was just a “sorcerer’s trick.” He also said that the govt. had only slightly enhanced health funding, which when adjusted to increment becomes zilch.
Budget Highlights
Below are some highlights as stated by the Finance Minister Nirmala Sitharaman and other officials –
- Finance Minister says we are open to discuss the stated three farm reform bills — one by one.
- Defence Budget comprises three constituent as revenue, pension & capital. The Budget allocation previously in 2020-21 was ₹1, 13,734 crores. It has now extended to ₹1, 35,060 crores that seem to an increase of 20%.
- Finance Minister mentions accounting of government expenditure and revenue statements are now more transparent and open.
- Our monetary discrepancy, which begun with 3.5% in Feb 2020, has augmented to 9.5% of GDP, so we have just spent and spent. We have also given a clear slither path for arrears management.
- I tend to the requirements of the healthcare sector, capacities for enhanced health management that had to be introduced in light of what the country had experienced last year, says Nirmala Sitharaman.
- The consumer will not pay more in any category, with respect to agriculture infra cess: FM.
- If there are two essential Budget traits, it is that we pick to spend the bigger amount on our infrastructure, which includes crossroads, power generation, bridges, ports, & others.
- This Budget comes when all of us decided to give momentum to the nation’s economy & that impulsion would be qualitatively spent & gives required demand push if we pick to spend a big on infrastructure.
- This Budget will surely uplift the economy: says FM Nirmala.
- Darshan Bora said, “For imported spirits and wines with alcoholic strength less than 80%, Basic Customs Duty has been reduced from 150% to 50% while Agriculture Infrastructure and Development Cess (AIDC) is being imposed @ 100% on the same value. The net effective rate of import duties remains at 150% and there will be no adverse impact on the industry “.
- Krishna Kumar Karwa, M.D., Emkay Global Financial Services said, “Hats off to the Finance Minister for being to her promise of a budget that will be reminisced for 100 years. A budget without alterations in Direct taxes will certainly be remembered for years to come. The equity market will be stirred with no dabbling in capital gains taxes or STT or any Covid tax”.
- Defence Budget has raised to ₹4, 78,195 crores from ₹4, 71,378 crores.
- The government has proposed a farm tariff of ₹2.5/litre on petrol, ₹4 on diesel. Govt has cut-down the basic expurgate duty and special additional excise duty. There will be no direct impact on consumers.
