Union Budget 2021: In this era of the Corona crisis, on 1 February, the Modi government presented the general Budget, emphasizing self-reliant India. Nirmala Sitharaman presented and read the budget in the Lok Sabha via a tablet. In this era of crisis, people expected that the Modi government will make some big announcement, which will give relief to the employed people, but nothing special was seen in the budget. In this budget, some people are seen to be benefiting, while some people are seeing empty hands. In a way, if there is some happiness in this budget, then some gum has also been found. So let us know who has got relief in this budget of Modi government and which shock.
Relief announcement of Union Budget 2021
Announcement of 35000 crores for the corona vaccine
The best thing in the Modi government’s budget is that the government does not want to leave any stone unturned in the war against Corona. The government not only announced a huge package for the Corona vaccine but also said that two more vaccines will soon be available in the country. Presenting the general budget for 2021-22, Nirmala Sitharaman said, “I have made a provision of Rs 35,000 crore for Kovid-19 vaccines for 2021-22. I commit to give more money when needed. He said that India has already approved the use of two vaccines of Kovid-19 and that two more vaccines could soon be included in the vaccination campaign in the country.
The government has made a big effort to attract foreign companies to India by increasing the FDI limit in the insurance sector from 49 to 74 percent in the insurance sector. The government has proposed to increase the FDI limit in the insurance sector to 74 percent. The move is aimed at attracting foreign companies for investment. Finance Minister Nirmala Sitharaman said that it was proposed to amend the Insurance Act-1938 to increase the FDI limit in the insurance sector from 49 percent to 74 percent and to allow foreign participation and control with safeguards. General budget 2021 Introducing -22, Sitharaman said that under the new structure, most directors and board and management level officers would be resident Indians. At least 50 percent of the directors will be independent directors. In addition, a certain percentage of the profits will be kept as a general reserve fund.
Gold and silver will be cheaper, leather products will also be cheaper
The government made a big announcement in Union Budget 2021 about gold and silver in the budget. The government has reduced the customs duty from gold and silver. This means that gold and silver will now be cheaper. Finance Minister Nirmala Sitharaman announced a huge cut in import duty on gold and silver in her budget proposals. Finance Minister Sitharaman has cut import duty on gold and silver by 5 percent. Currently, 12.5 percent import duty has to be paid on gold. In this way, only 7.5% import duty will be paid on gold. Not only this, select leather has been removed from custom duty. This will make leather products cheaper.
For the first time, the digital census in the country will be the first digital census in the country. Finance Minister Nirmala Sitharaman said on Monday that the government has allocated Rs 3,726 crore for the upcoming census and for the first time there will be a digital census in the country. While presenting the general budget for 2021-22, the Finance Minister said that the government is also working on a national language translation initiative.
People above 75 years of age will not have to pay tax.
Modi government has given a big relief to people aged 75 years or above. People of this age limit will no longer need to pay income tax. Finance Minister Sitharaman also announced in his budget speech for FY 2021-22 that only senior citizens above 75 years of age with pension and interest income would not be required to file income tax returns. Banks paying interest will deduct tax on their behalf. In addition, Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases from six years to three years. Also, in such serious cases related to tax fraud where the hidden income is 50 lakh rupees or more, the period will be 10 years.
Shocking announcements of Union Budget 2021
Cess on diesel-petrol increased
Finance Minister Nirmala Sitharaman announced to impose an agricultural cess of Rs 2.50 on petrol and Rs 4 on diesel. However, it is being said that this will not affect the consumers and this cess will have to be given to the companies. But it is feared that consumers may have to pay the price of arbitrary companies later.
No relief to taxpayers
In the Corona era, taxpayers were expected to get some exemption, but they remained empty-handed. There is nothing for them in this budget. There was neither any additional tax exemption nor any change in the tax slab for the middle class and jobbers. Taxpayers with lower salaries, middle class, and small businessmen had the highest expectations about tax, but their hopes were lost. Finance Minister Nirmala Sitharaman did not make any changes in the tax slab this time. In this way, middle-class people have to follow the tax rules as before. People over the age of just 75 are relieved.
Mobile phones will be expensive
This budget of the government has shocked those who want to buy mobiles. Finance Minister Nirmala Sitharaman announced an increase in customs duty on mobile devices. He said that the customs duty on mobile devices will now be up to 2.5 percent. According to the figures, in the last 4 years, the government has increased import duty on these mobile products by about 10% on average. Mobile is the need of every human in today’s time, in such a situation, if your product becomes expensive then it will affect the common people.
No concrete strategy for employment
Modi government has made big announcements in its budget for the construction of infrastructure and highways. Highways will be constructed from Bengal to Assam. While many people will get employment from this work, the budget neither talks explicitly and directly about employment generation nor has any concrete roadmap been shown about it. There was no clarity about how many new employment opportunities will be created in the country this year.
Shocking the expectations of farmers Keeping in mind the farmer movement, it was expected that in this budget special attention could be given to farming and farming and the money received in PM Kisan Samman Nidhi Scheme could be increased, but this did not happen. Under the PM Kisan Yojana, we get Rs 6,000 every year now and there were expectations that it could increase by Rs 3,000. But this did not happen. So far, 11 crores 52 lakh farmers are availing of the benefits of this scheme. Many experts were of the view that the Modi government could take this decision in view of the farmer movement, but nothing like this appeared in the speeches of Finance Minister Nirmala Sitharaman.