As we all know, Finance Minister Nirmala Sitharaman delivered the budget for the financial year 2021-22 in Parliament on February 1, 2021, and in the midst of the Covid 19 outbreak, Budget 2021 made it plain that the country will only go forward on a “solid foundation.”
Because of the manner, the government has set the fiscal deficit objective, it is apparent that the finance minister did not impose any additional taxes in the budget 2021 that would harm investors, businesspeople, or taxpayers. This is why the stock market did not see any volatility once the budget was released this year. However, the Modi government did not provide any assistance to the pockets of taxpayers.
Indian Budget 2021 Pros & Cons:
Let us now discuss how good and bad the Union Budget 2021 is to the average Indian citizen.
- A 135% rise in health-care spending:
Nirmala Sitharaman, the finance minister, proposed increasing the country’s healthcare spending to Rs 22000 crore.
So that the public health system can function properly and the entire vaccination of the country’s 1.3 billion people can be completed easily following the Kovid 19 pandemic!
- The government has granted Prime Minister Kisan Yojana half of the country’s agriculture budget:
As you are aware, some farmer’s organizations in the country have been agitating since the arrival of the Agricultural Policy 2020, and this 3 new pursuing to retract the laws, the Modi government has given 5.63 percent to the Ministry of Agriculture and Farmers Welfare, with about Rs. 1,31,531 crores are more apportioned for this parliamentary debate.
- Senior folks are excused from paying taxes:
This year, the finance minister has exempted income tax returns for older individuals above the age of 75.
Senior citizens over the age of 75 will no longer be burdened, and those over the age of 75 with pension income will no longer be needed to file tax returns.
Hence, The Union Budget 2021 has had a significant and insignificant impact on the ordinary people of India, although there have been some significant improvements in the Budget 2021 to help the common people of India develop their small companies and startups.