"It's an all round development budget which is active and not a reactive budget " Says Modi

Prime Minister describes the central government budget as an all round development and it covers all covid-related reforms to Atmanirbhar resolves. He congratulated Finance Ministry team and said it's an active budget and not a reactive budget. 

Union Budget-2021

Finance Minister Nirmala Sitharaman has presented her Third Union Budget 2021-22 in the Parliament under the National Democratic Alliance (NDA) government. This is the first paperless budget presented in the parliament and it was made available in a digital format and assumes greater significance as it comes in the amid of Covid-19 Pandemic.

In this budget there are significant changes in the Taxation Process. FM has announced the scrapping of Income tax for Senior Citizens. She has proposed new rules for removal of double taxation for NRIs. She has also mentioned the reduction time limit for Tax assessments.

Startups will get an extension on their tax holiday for one more year.The advance tax liability on dividend income shall arise after declaration of payment of dividend.India's Fiscal deficit is set to jump to 9.5%of GDP in 2020-21 as per revised estimates. This is sharply higher than 3.5% of GDP which was projected in Budget Estimates.

In healthcare FM has announced a total spend of Rs 2 Lakh Crore on healthcare with 35,000 crore on Covid-19 vaccine development activity FM has announced a push to Textile Industry by hiking a custom duty on Cotton and raw silk, A New Cess on Agriculture development  Rs 2.5 per litre on Petrol and Rs 4 per litre on Diesel.     

The Central Government is focusing on sea-weed farming facility in Tamilnadu and New vehicle scrapping policy which provides great boost to automobile sector. FM has also announced that more than 1 crore families will now benefit under Central Governments Ujjwala Scheme.  The Upcoming poll states will see significant spending on Roadway expansion.