On Monday the union finance minister Nirmala Sitharaman announced the union budget 2021. Finance minister while presenting the budget said " this year's budget will reform the taxation system as well as it will bring major development in healthcare, agriculture, petrol and diesel prices.
Increase in spending for the healthcare sector by ₹35,000 crores for COVID-19 vaccination drive. The reforms are also done in the taxation system as the new taxation will exempt the senior citizens above age 75 taxpayer from paying tax. The new tax rules have removed the double taxation for NRIs also under new taxation management is reduced in the period of tax assessment.
FM announced that the fiscal deficit of India has risen to 9.5% of GDP (Gross domestic product) in 2020-21. This means it is higher than 3.5% of GDP. Even textile industries have got hike in custom duty on natural fibres like cotton and silk.
₹2.5 per litre petrol and ₹4 per litre diesel are announced in budget 2021. FM also announced additional crores benefits to the families under the centre’s Ujjwala yojana.
PM Modi talking on budget has said " the union budget 2021 is 'sabka budget and is for all round development which will promote 'Aatmanirbhar Bharat', this budget is proactive not reactive budget".
This was union finance minister Nirmala Sitharaman's third budget under the leadership of Prime minister Narendra Modi in rule of NDA (National Democratic Alliance).