Budget 2021 : What people expect from government
Our finance minister Nirmala sitharaman. Presenting the union budget for 2021, the finance minister said, “in may 2019, prime minister Narendra Modi ji will receive a massive mandate from the government again.
Theme of this budget:
The budget is woven around three themes. All sections of society seek better standards of living. To health, education and jobs.
Economic development of all over the country. Our prime minister
Narendra Modi ji exhorts “Sabka saath, Sabka Vikas,Sabka Vishwas”.
The India economy is struggling over 1 year for this “corona” pandemic. This year has been bad for all of us. Whether it is about studies or job or business and share market investors also. So everyone has expectations from this budget. We all faced a lot of problems in this year 2020. So the government looked after several departments. Like jobs, employment , businesses, investors, health, education etc.
The status of India proved to be deep within this corona period. The government of India also increased this budget considerably , if the previous budget is seen.
1 Feb 2021 indeed a lot of steps taken by the government to decrease financial damage for this pandemic condition in the economy.
Define the budget 2021:
According to the article 112 of the Indian constitution, the union budget 2021 of this year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular.
Three types of Budget:
Depending on the feasibility of these estimates, budgets are of three types:
Balanced budget,
Surplus Budget and
Deficit Budget.
Expectations of peoples:
Automobiles industry:
The automobile department has strongly rebound from this period. If seen, the automobile industry has suffered the most. The automakers expect more demands from the Government budget 2021.
This budget creates measures to quickly recover sales recovery. This is an expectation from automobile sector people.
Defence:
Budget 2021- government said that for the defense budget. Defense gets 4.78 lakh crore, near by nearly 20% rise in capital outlay. The total worth includes capital expenditure worth Rs 1.35 lakh crore.
Defense minister Rajnath singh thanked PM Modi ji & Sitharaman for increasing the defence budget.
Healthcare:
After this Corona period , India’s healthcare industry was very shocked and very big like a disaster for the Healthline industry. That’s why the government has given the largest budget to the health industry. In 2021, the ministry received an allocation of Rs 68,000 crore. This is an increase of 3.9% over the revised estimates of 2019–2020 (64,000 cr). The sector of health and family welfare accounts for 97% of the ministry allocation , as Rs 65,000 crore.
Jobs:
Even in the country about jobs, large scale jobs of people went away. If seen, many houses were severely damaged, especially
the shopkeepers, vegetable sellers, etc. how many people were fired from their jobs. And many companies were badly ruined. And so many startups have also ruined. Over 1.5 lakh jobs are estimated to be created between march 2019 and 2021 in various central government sectors. According to the union department budget presented on Monday.
Education:
Union department has also announced a big budget for education. Because the education industry has also suffered in this pandemic. School and colleges were also closed and examinations were also stopped and extended. The total Budget was slashed by 6% from Rs 99,322 crore in 2020–2021 to Rs 93,224 crore the lowest in the three year school education the biggest cut of almost Rs 5,000 crore. The allocation for higher education has decreased roughly Rs 1,000 crore to Rs 38,000 crore in this year.
Income tax:
The people had many expectations for the income tax front as the government looked to boost personal demands. Many people demand that the rise of the basic expectations limit for 5 lakh and tax deduction limit for health connected may also rise in the corona pandemic.”