10 Points Of The 9th Budget Of The Modi Government
The nineth budget of the Modi government is expected to be different in many ways. The economy is in recession, jobs are gone and the pandemic has hit the country the hardest. Every sector requires expenditure but the people are also looking for relief from taxes. So, would the budget expectations be fulfilled.
Here’re 10 important points of the Union Budget that the FM will present at 11 AM today
- Finance Minister Ms Sitharaman has promised that this budget is going to be unprecedented as the PM has already hinted towards extension of the measures announced in 4-5 mini budgets in 2020.
- Ms Sitharaman was seen carrying a tablet with the national symbol embossed on it instead of papers indicating that it is going to be a paperless budget. And it will be the first time in the history.
- The FM is expected to unveil plans to revive the economy to achieve 11% growth target on the face of a forecasted 7.7% contraction in the current financial year.
- The FM needs doing more to revive the economy that was already in the slow down mode before the pandemic and slipped into recession to its lowest in 11 years during the crisis. There could be 15% more spending on healthcare and infrastructure. Also, the taxpayers could get further relief in the budget.
- The healthcare budget could be doubled to raise the expenditure to 4% of the GDP to meet healthcare needs highlighted during the pandemic. Also, there could be 1% of income and corporate tax to fund the healthcare budget.
- Pandemic-hit sectors like real estate, aviation, tourism and automobile are expecting tax relief in the budget.
- The FM could suggest measures to drive the fiscal deficit that is already over 7% in the current fiscal.
- Some measures like hiking import duties on several high-end goods coupled with good tax collection in January could bring some respite for the FM.
- The government could go on selling its stake in companies like energy, mining, banking and Life Insurance Corporation to raise funds. Also, the FM could announce measure to fix banking problems to rid banks of toxic assets.
- Expenditure on the coronavirus vaccination programme will be the most important feature of the budget. It will clear how are the common citizens will get the jab.