Nirmala Sitharaman, the finance minister of India todaypresented her third budget. Expectations were high for experts and commonpeople because the economy faced much contraction due to Covid-19 with rise incost of fuel price and LPG. Moreover, the employment opportunities alsodwindled.
The finance minister started her speech by saying thatthe present budget was prepared in extraordinary circumstances. In the budgetSitharaman didn't make any changes in the tax slabs. However, senior citizensare exempted from filing the income tax returns but the paying banks wouldautomatically deduct tax on their behalf. The budget is beneficial for poll-bound states. The finance minister announced rs 95,000 crore for a road in Bengal.
The union budget directly impacts common man. It islikely to burn a hole in your pocket. According to experts, electronic items,mobile phones, charges, etc will get costlier while Iron, steel, nylon clothes,insurance, shoe will get cheaper. The government will withdraw exemption onparts of chargers and sub parts of mobiles.
Finance minister added, "For greater domestic valueaddition we're withdrawing a few exemptions on part of chargers and sub-partsof mobiles."
However, the agriculture and dry cleaning equipment isgoing to be cheaper. As the government has increased the limit of FDI ininsurance sector to 74% from 49%, the Atmanirbhar plan also gets a thumbs up. NirmalaSitharaman made no changes in the personal tax or slabs.