New Delhi : The Union Budget presented by Finance Minister Nirmala Sitharaman today lacks anything major for rejuvenating the country’s economy struggling from the pandemic. The Budget is criticised for lacking specifics and failing to raise taxes from the wealthy who made super profits as a result of the pandemic. It is also being slammed for falling below people’s expectations at a time that could not be more desperate.
The Budget has leaves tax rate unchanged. Also income slabs for assessment would remain as before. On the other hand, the Budget has slashed 7% in surcharge on Corporate tax. On the personal income tax front, there is an extended time of two years from relevant assessment year for filing I-T returns. Also, it makes provision for disclosing a previously undeclared income.
Close on heels of Air India, LIC too is headed for privatisation, hinted the Finance Minister. The Initial Public Offering(IPO) for LIC shall be carried out in the current fiscal itself, said FM. The wholly government-owned LIC will see 70 percent stake go in phases beginning with . 5 – 10 percent issue in the first phase.
The Budget also introduces digital currency , One Country One Registration and E-passport scheme. Digital currency shall be issued by the Reserve Bank in the current financial year itself. Unlike, crypto currency or bitcoin, digital currency will be treated as bank notes. E-passports are expected to have more security features. It will come embedded with radio frequency iidentification system and biometrics.
The Budget estimates huge income by way of GST collections, with 12 percent rake-ins from domestic transactions alone.
5 G spectrum auction shall be held in FY22 itself. Optical Fiber shall be laid in all villages by 2025.
The Budget also makes allocation for interlinking of 5 rivers.
Use of electric vehicles shall be encouraged. Apart from upgrading charging stations, battery swapping scheme will be introduced to overcome space shortage problem at stations.
The Bidget also announced PM Gathi Shakti Master plan worth Rs 100 lakh crores. A digital platform that goes by the name Gathi Shakti has been started and takes under its roof 16 Ministries including that of Roads and Railways. The intended goal is to add convenience for commuters and cargo movement, said FM.
