With the launch of the world’s largest vaccine drive launched in India, there are growing hopes that the Govt-19 epidemic will become a thing of the past and that the country will move forward to reach the $ 5 trillion economic target by 2024.
The aspiration is not unfounded with some economic indicators pointing to a faster recovery than expected in an epidemic situation. Although Union Finance Minister Nirmala Sitharaman has cut back on work to meet the challenges and boost the economy, the Union Budget for February 1, 2021 has not been presented ‘as before’.
After announcing a series of stimulus packages to clear the economy, the finance minister has an opportunity to draw a financial map – for the first time without paper – to strengthen the distressed sectors and encourage those who promised to do the same. Even the common man.
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Taxpayers: With pay cuts and additional costs, the pay class is one of the most vulnerable groups to catch the epidemic. They expect some relief from the finance minister in terms of incentives and grants. Restructuring of tax rates with improved income tax deduction or increase of existing exemption from Rs.50,000 to Rs.100,000 per annum. They also expect the government to increase exemption limits for health check-ups and other medical expenses in epidemics.
Women: Women workers have been hit hardest by 13.9 percent of job losses in April 2020 alone, after being locked out to prevent the spread of the corona virus. According to the Center for Monitoring Indian Economy (CMIE), women accounted for 49% of total job losses as of November last year.
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Now the finance minister must support finding ways to bring them back into the workforce and create equal opportunities for other activists. These activities include helping self-employed entrepreneurs. Home builders, on the other hand, demand cheaper housing and other essentials.
Senior Citizens: There is no doubt that the elderly are most affected due to the Govt-19 situation and they have high expectations in the federal budget. In India, senior citizens make up 8 to 9 per cent of the population, of whom more than 60 lakh are taxpayers. They want to make their income completely tax deductible or at least create additional deductions and deductions. They expect higher interest rates on their savings.
youth: Unemployment is a long-standing problem in the country, but by November 2020 it had reached 7.8 per cent, of which youth unemployment was over 20 per cent. Now, in addition to the significant budget allocation for education and skills development, the government should focus on developing the entrepreneurial potential of rural youth through training and other support. The move will create a chain of micro-enterprises in rural areas and create more jobs.
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Entrepreneurs: Basically, GDP is the biggest concern for the government, with the latest date set to shrink to 7.7 percent in 2020-21. Union Finance Minister Nirmala Sitharaman is focusing on reviving growth and improving the areas affected by the epidemic. Moreover, from Talal Street to the far corners of the country, traders and merchants prefer a development-oriented budget that ensures ease of doing business and access to funds, even if later financial consolidation ceases.
(Disclaimer: The comments expressed in this article are those of the author. They do not reflect the views of India TV)
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