• Business News
  • Budget 2023
  • Insurance
  • Saving
  • Share Market 5Paisa
  • Loan
  • Mutual Funds
  • Investment
    • हिन्दी
    • తెలుగు
    • मराठी
    • বাংলা
    • ગુજરાતી
    • ಕನ್ನಡ
  • Close
  • Daily Show
    • 2+2=5
    • Take it Easy
    • Red Alert
    • Formula Guru
    • Money Gyan
    • Money Central
    • Money time
    • Jhatpat
  • Weekly Show
    • Money Comics
    • Economicom
    • Realty Check
    • Smile and pay
    • Money Tales
    • Spend Wise
    • Companynama
  • Budget 2023
  • Insurance
  • Savings
  • Share Market 5Paisa
  • Loan
  • Crypto coindcx
  • Investment
  • Mutual Funds
  • Real Estate
  • Tax
  • Exclusive
  • ASSOCIATE PARTNERS
  • jewellery partner
  • ASSOCIATE PARTNERS
  • jewellery partner
  • Home » News » Opinion » Budget 2021 is a big step towards Aatmanirbhar Bharat

Budget 2021 is a big step towards Aatmanirbhar Bharat

The first paperless budget presented by the Union Finance Minister, Nirmala Sitharaman is a step towards making India, truly self-reliant.

  • Vineet Agarwal
  • Updated On - February 3, 2021 / 04:19 PM IST
Budget 2021 is a big step towards Aatmanirbhar Bharat

The first paperless budget presented by the Union Finance Minister, Nirmala Sitharaman is a step towards making India, truly self-reliant. Aimed to boost the economy in the aftermath of a global pandemic, this year’s budget was mostly good news for Indians.

With no tax hikes, extended tax holidays, focus on infrastructural development and job creation, the budget managed to bring much-needed cheer to this glum economy.

The financial budget of 2021-2022 announced by the union finance minister Nirmala Sitharaman put a spring back into the footsteps of the Indian economy.

The budget clearly showed the government prioritised growth over the deficit. As an amount of Rs 5.5 lakh crore are earmarked as capital expenditure on infrastructural development. This was a hike of 34.5% over last year’s budgetary allocation of Rs 4.12 crore.

Much emphasis was also laid to set up a robust healthcare infrastructure for the country. The finance minister has also upped the budget by 137% to around Rs 2.23 lakh crore.

To attract foreign investors, the government also upped the FDI (foreign direct investment) limit in the insurance sector to 74% from 49%. With this move, the government hoped to lure more investors in the highly competitive insurance segment. Privatisation of ports would also bring in much transparency and create additional jobs.

Setting up of seven textile parks over the period of next three years under the Mega Investment Textiles Parks (MITRA) scheme would provide a much-needed boost to the domestic textile industry. India is the second-largest textile manufacturer globally after China. This move is expected to double India’s industry size to around $300 billion over the period of the next 5 years.

In order to promote start-ups in India, the budget proposed an extension of tax holiday up to a year i.e. March 31, 2022. Moreover, the funding in start-ups would also get capital gain exemption till next year.

Though the common man feared tax hike to fund the weak economy, there were hardly any shockers. In fact, to commemorate the 75th year of India’s independence, senior citizens above 75 years were given an exemption from filing ITR (income tax returns).

Moreover, it was also said that the advanced tax liability on dividend income will be levied only after the dividend payment.

To provide impetus to the affordable housing segment (AHS), the budget extended tax deduction for interest on Rs 1.5 lakh loan paid to buy such a house to March 31, 2022. Moreover, such projects would get tax exemption till March next year. Even the affordable rental housing project for migrant workers would enjoy this tax holiday.

Though there were hardly any changes to the existing tax structure, a 2.5% agricultural cess was proposed on selected products. And, the import duty on gold and silver was reduced to 7.5% from the current 12.5%.

The finance minister also spoke of promoting shipping and recycling. It proposed to bring ships from Europe and Japan and double the current recycling capacity of 4.5 million LDT (light displacement ton) by 2024. This ambitious project was expected to generate 1.5 lakh jobs for the youth.

Overall, the budget has outlined the way government will steer the economy in the coming days and we sure are not disappointed.

(The writer is President, ASSOCHAM. Views expressed are personal)

Download Money9 App for the latest updates on Personal Finance.

follow us

  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Youtube
  • Instagram

also read

  • Is the government asking us to save or not to save, that’s the question! | Union Budget 2023 |  Money9 English

    Is the government asking us to save or not to save, that’s the question! | Union Budget 2023 | Money9 English

  • Dear Finance Minister, getting a job or an admission in a good college is difficult, please help

    Dear Finance Minister, getting a job or an admission in a good college is difficult, please help

Read more news on

  • Budget 2021

Latest Video

SEE MORE
Is the government asking us to save or not to save, that's the question! | Union Budget 2023 |  Money9 English

Is the government asking us to save or not to save, that’s the question! | Union Budget 2023 | Money9 English

Updated: February 2, 2023
Dear Finance Minister, getting a job or an admission in a good college is difficult, please help

Dear Finance Minister, getting a job or an admission in a good college is difficult, please help

Updated: January 31, 2023
Dear Finance Minister, will savings schemes get a makeover this Budget 2023?

Dear Finance Minister, will savings schemes get a makeover this Budget 2023?

Updated: January 30, 2023
A pensioner airs his grievances in front of Finance Minister ahead of upcoming Union Budget 2023

A pensioner airs his grievances in front of Finance Minister ahead of upcoming Union Budget 2023

Updated: January 27, 2023
A contractual government employee writes open letter to Finance Minister giving suggestions on Budget 2023

A contractual government employee writes open letter to Finance Minister giving suggestions on Budget 2023

Updated: January 25, 2023
A disappointed homebuyer writes open letter to Finance Minister failure giving suggestions for Budget 2023

A disappointed homebuyer writes open letter to Finance Minister failure giving suggestions for Budget 2023

Updated: January 25, 2023
A gig worker writes open letter to Finance Minister ahead of Union Budget 2023

A gig worker writes open letter to Finance Minister ahead of Union Budget 2023

Updated: January 24, 2023
Small exporter writes open letter to Finance Minister giving suggestions on upcoming Union Budget 2023

Small exporter writes open letter to Finance Minister giving suggestions on upcoming Union Budget 2023

Updated: January 23, 2023
Open in App

Related

  • IDBI Bank strategic sale: These 7 firms are in the race to be transaction advisor

    IDBI Bank strategic sale: These 7 firms are in the race to be transaction advisor

  • As Ashwini Vaishnaw takes charge, revisit his first big interview

    As Ashwini Vaishnaw takes charge, revisit his first big interview

  • Changes in I-T rules that you need to know

    Changes in I-T rules that you need to know

  • Here’s how you can position your portfolio and make gains amid rising interest rise

    Here’s how you can position your portfolio and make gains amid rising interest rise

  • Tax-free EPF contribution: FM Nirmala Sitharaman says move open to review

    Tax-free EPF contribution: FM Nirmala Sitharaman says move open to review

  • FM Nirmala Sitharaman says government is facilitator, private sector is driver of growth

    FM Nirmala Sitharaman says government is facilitator, private sector is driver of growth

More

  • What is BIN in banking?
    Wisdom

    What is BIN in banking?

  • Dear Finance Minister, will savings schemes get a makeover this Budget 2023?
    Budget

    Manoj Kumar's Letter

  • Watch the ultimate showdown of Money9 English Stocks VS FDs
    Savings

    Watch the ultimate showdown of Money9 English Stocks VS FDs

  • E-pharmacy market in the country is expected to increase at 40-45 % CAGR
    Spending

    Medicines Now Knocking At Your Door

  • How much rent has increased of residential properties after Covid-19 pandemic?
    Property

    'New' Inflation To Burn A Hole In Pocket

  • TV9 Sites

  • TV9 Hindi
  • TV9Telugu.com
  • TV9 Marathi
  • TV9 Gujarati
  • TV9 Kannada
  • TV9 Bangla
  • News9 Live
  • Know this india
  • Money9 Sites

  • Money9 Hindi
  • Money9 English
  • Money9 Marathi
  • Money9 Telugu
  • Money9 Gujarati
  • Money9 Kannada
  • Money9 Bangla
  • Topics

  • Insurance
  • Savings
  • Loan
  • Stocks
  • Mutual Funds
  • Real Estate
  • Tax
  • Crypto
  • Exclusive
  • Daily Shows

  • 2+2=5
  • Take it Easy
  • Red Alert
  • Formula Guru
  • Money Gyan
  • Money Central
  • Jhatpat
  • Money time
  • Weekly Shows

  • Money Comics
  • Economicom
  • Realty Check
  • Smile and pay
  • Money Tales
  • Companynama
  • Spend Wise
  • Follow us

  • FaceBook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Download App

  • Andorid
  • ios
  • Contact Us
  • About Us
  • Advertise With Us
  • Privacy & Cookies Notice
  • Complaint Redressal
  • Copyright © 2022 Money9. All rights reserved.