The Key Highlights Of Union Budget 2021 You Ought To Know | Money In Minutes

1. THE KEY HIGHLIGHTS OF UNION BUDGET 2021 YOU OUGHT TO KNOW The economic, political and financial relationships changed considerably in the last year due to the pandemic COVID-19 and a new era of promise and hope was started this year. The very fact is validated with our Finance Minister Ms. Nirmala Sitharaman presenting the first ever digital Union Budget for FY 2021-22. The prime focus of this year's budget was definitely on healthcare and building of infrastructure. If you missed listening to the Madam Finance Minister, here are the key highlights you ought not to miss. Read through: ● This year's budget rests on 6 pillars- health and well being, inclusive development for aspirational India, physical and financial capital and infra, innovation and R&D, human capital, and Minimum and Maximum Governance. As already mentioned the focus is on development of the health care sector, the Government has announced a scheme which is sponsored by the Central Government named,'Prime Minister Atmanirbhar Swasthya Bharat Yojana' which will help in boosting the infrastructure of healthcare sector. The scheme has been launched with an outlay of Rs.64,180 crores. The senior citizens who are above the age of 75 years and having pension and interest income have been provided with an exemption from filing tax returns. However, there were not too many announcements as far as technology interventions are concerned. But to harness the power of technology a 'National Digital Educational Architecture; will be formulated for supporting technology linked teaching and learning activities. A sum of Rs. 1,500 crores will be spent for the purpose of promoting financial initiatives related to digital payment modes. A tax holiday till next year may be claimed by startups. Also, the capital gains exemption is also extended for another year. This reduces the demand of getting the sanction of ​loan in 5 minutes by the budding entrepreneurs who are always in need of funds at a higher rate of interest. Mission Poshan 2.0 has been launched where nutritional outcomes of 112 districts are monitored and strengthened. A sum of Rs. 1.97 crores will be spent under Product Linked Incentive scheme (PLI) in 13 sectors in a span of 5 years for creating and nurturing global champions under the manufacturing sector. This helps the manufacturing firms to become an integral part of the global supply chain, possess the core competencies of manufacturing the product and a cutting edge technology to take things forward. The road to disinvestment has been laid down with 2 public sector banks and a state owned insurance company being lined up for disinvestment proceedings. The FDI in the insurance sector has been hiked to 74% from the meager 49%. ● ● ● ● ● ● ●

2. ● There is no income tax relief for the common man. However, there is no increase in the standard deduction and that of tax slabs. This very fact creates demand for ​instant cash loan direct lenders​​who are being approached for short term immediate financial needs. Jal Jeevan Mission has an outlay of Rs. 2.87 lakh crore will be implemented to cover houses in the next 5 years. The scheme aims at providing universal water supply to nearly 2.86 crores households. Custom duties are being rationalised in the purchase of gold and silver. This will reduce the price of gold and silver, thus augmenting the demand for the same. In addition to the National Health Mission, a total of Rs. 64,180 crore will be invested for the purpose of primary, secondary and tertiary healthcare over a time frame of 6 years. The tax audit limit has been increased from Rs. 5 crores to Rs. 10 crores for individuals who are undertaking 95% of their transactions through digital mode. This will incentivise the digital transactions and also reduce the burden of compliance on individuals. The road and highway infrastructure will be improved with the construction of national highway corridors and economic corridors. As many as 8 flagship corridors are expected to begin construction in 2021-22. The Government has decided for the formation of an asset reconstruction company to take care of the bad loan of the banks in order to give them the needed flexibility required to finance the recovery of the economy. ● ● ● ● ● ● The current year's budget is being tagged as a proactive one and not a reactive budget which will set our country on the path of growth characterized by self confidence in one and all. Original Source: https://blog.moneyinminutes.in/the-key-highlights-of-union-budget-2021-you-ought-to-know/