Today (1st February) is the much-awaited day in India’s economy. The Finance Minister of India Nirmala Sitharaman is going to unveil the Union Budget of 2021. The citizens have their eyes glued to see some major changes in the policies and are also expecting changes in tax rates.
As it was said earlier, this year’s budget will be like ‘never before’. However, a few citizens believe that it will be a series of ‘mini budgets’ presented over the last year. The latter will be to resuscitate a sputtering economy.
It is the trillion-dollar question for the day, as every citizen of India is turning to Finance Minister Nirmala Sitharaman as she will unveil the country’s expenditure plan for the year. With India facing so many losses during last year because of the health crisis that hit the country, it will be interesting to see how the new budget will help the economy to come out of the pit.
The Union Budget will go paperless this year for the very first time. In 2019, Sitharaman ditched the legacy of Budget Briefcase and instead went for a Bahi-Khata to carry Union Budget Papers.
The citizens are expecting Nirmala Sitharaman to announce generous public spending pertaining to the job losses, resentment among farmers, and other factors. It will be a tough decision to make owing to a mountain of debt.
Today at 11 am, the Finance Minister will present the ninth budge of Prime Minister Narendra Modi’s government in Lok Sabha. Nirmala Sitharaman has promised a budget like ‘never before’. The sources suggest that the plan for this year’s budget is to extend the measures announced.
Some economy experts suggest that FM Nirmala Sitharaman might introduce plans to shift the economy from survival mode to revival mode. It will be a plan to meet the 11 percent growth rate in the next Financial Year which will start in April 2021. For the unversed, there has been a forecast of 7.7 percent contraction in the current financial year.
Corporate sectors and industries are expecting some tax relief measures for the sectors hit because of the health crisis. These sectors include real estate, tourism, aviation, and autos.
The citizens are also expecting changes in the income tax slab rates to save up their taxes.