The budget this year holds more significance than ever as it aims to revive the economy hit by covid crisis. While most of the businesses have resumed their operations as the country see declining trends of covid-19 cases, it would still need a never before budget to ensue job losses suffered in the wake of once-in-a-century pandemic. All eyes would be on Finance Minister Nirmala Sitharaman as she will announce country’s expenditure plan fort he next financial year om February 1, that is, today.
As the country awaits the Union budget 2021, here are five points to know:
*It will be ninth budget presented by country’s first female Finance Minister Nirmala Sitharaman. The budget will be presented at in Lok Sabha at 11 am. After announcing a slew of incentives to common man, Ms Sitharaman now looks forward to introduce more stimulus packages with India’s first paperless budget to reinforce the economy.
*While the finance minister has promised an unprecedented budget, PM’s temperament may have signaled that the country might see repetition “4-5 mini budgets in 2020”.
*With the recent times witnessing never seen before turns of events on the medical front, it is expected that the new budget would demand people to invest more on healthcare. The government could also increase the health tax from the current 1 per cent of income.
*It is also expected that the budget would put our economy from survival to revival mode as it aims to achieve its $5 trillion target by 2024. Corporates expect the finance minister to introduce some tax relief measures for sector that was hard hit by pandemic such as real estate, aviation, tourism and autos. Meanwhile, small businesses also look forward to some relief on the tax front.
*Among everything, it would be noteworthy how much Finance ministry plans to spend on country’s coronavirus vaccination drive for a population of 136.64 crores. The vaccination programme is absolutely free in the country.
