Finance Minister Nirmala Sitharaman is going to presenting the budget for the financial year 2021-22. This time the Finance Minister is presenting a completely paperless digital budget.
The budget is presented through the 2021 tablet. The budget is full of expectations. From farmers, workers to general taxpayers and small and big businessmen, everyone’s eyes are on the budget. The lower class is badly affected by the Covid-19 pandemic, is expecting relief for itself from the government. The budget 2021 will outline what kind of decisions the Modi government is going to take to speed up the economy slowly recovering from the devastation of the Corona epidemic.
An important challenge before the Modi government is to keep the fiscal deficit under control. It is estimated that the fiscal deficit in FY 2021 can be around 8 percent of GDP. The government may try to keep it up to 6 percent.
In this budget, the limit of 80C can be increased to two and a half lakh rupees. The government can also announce Corona Surcharge in the budget. Surcharge can be made on earning more than 50 lakhs. Apart from this, big announcement is also possible in defense and agriculture sector. When the country is trying to get out of Kovid crisis, it is widely expected to increase the expenditure on employment generation and rural development, liberal allocation for development schemes. The rules are expected to be simplified to put more money in the hands of average taxpayers in the budget and attract foreign tax.
Overall this will be the ninth budget of the Modi government. Arun Jaitley presented the budget 5 times in the Modi government. Piyush Goyal also read the interim budget once in an election year.
While this will be the third time when Nirmala Sitharaman will present the country’s budget. From the government to the general public, there is a lot of hope from this budget.
