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The nation always waits for the budget presented. Considering the last and final budget presented by the finance minister, anticipation for better benefits for both the business houses and employees. The budget presented by the honourable Finance Minister has taken a different approach this time- being very short and sweet this year. Union budget is usually a massive paper-bound document, but for the first time- it was presented with a digital one.
Highlights
The current budget went all in with a capital expenditure worth Rs 10 lakh crore, which is said to be the highest to date. It is said to be 33 percent higher than that last year’s estimate. At present, it accounts for close to 4.5 percent of the country’s GDP estimate. The state government has been given an extension in terms of their repayment -by 50 year repayment period would help the states to develop in a sustainable manner.
MSME or “medium and small scale industries is said to have got a push in terms of the capital flow of Rs. 9000 crores which help in creating an additional collateral-free credit of close to 2 lakh crore.
Personal income tax has a major change – where the rebate limit is pegged at income Rs. 7lakhs. Basically translates to no tax payment up to an income of Rs 700000.
A change in terms of creating a single return form to cater to all the income groups in the country. It would also include improved grievance-addressed cells for all the taxpayers of our nation. Deduction from capital gains on investment and the residential house is said to be capped at Rs 10 crores.
Income tax benefits are said to be extended to March 31st,2024 for startups. This also gives them the incentive to carry forward the losses on shareholding of the company from 7-10 years of the incorporation.
For the health sector – the incorporation of new nursing colleges would be established. The minister also made a target of eradicating ‘sickle cell anaemia’ by 2047. This would include more incorporation of research and development teams being set. With the help of innovation and collaborative research would help in achieving the aim.
For the agriculture sector, the credit target is increased to 20 lakh crores to focus on the ancillary industries- fishery, animal husbandry, and so on.
For railways, a capital outlay of Rs. 2.4 lakh crore is being set aside for the development of the sector.
To further strengthen the make in India scheme, the Make AI for India is constituted to improve the use and implementation of artificial intelligence in the nation. This would basically need a collaborative effort of the institutions and corporate sector enterprises.
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