Finance Minister Nirmala Sitharaman presented her third Union Budget in Parliament, which rests on six pillars – health and well-being, physical, financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and minimum government and maximum governance. The finance minister has announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala.
As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as economic activity came to a standstill due to lockdown. However, the economy is now in a recovery mode. The Economic Survey 2020 pegged India's real GDP growth at 11 per cent in FY22.
In Budget 2021, the government has focused on measures to boost growth, generate employment and attract investment. No change in direct taxes, capital gains taxes or STT, or any form of Covid tax cheered stock markets that witnessed heavy selling last week amid fears of the same. Besides, the government's focus on disinvestment, increased FDI exposure for the insurance sector, and a cleanup plan for stressed assets were among a few of the other confidence-boosting measures.
In this Podcast, we talked about the key announcements of Budget 20021 in detail - how the Budget will impact finances of senior citizens, non resident Indians, salaried people and the changes in taxation on Ulips and ease of ITR