This is how India will develop
Finance Minister Nirmala Sitharaman presented the first Modi Budget 3.0. This time the government has highlighted nine priorities in the budget. The aim of all these priorities is to achieve the goal of a “Developed India” by 2047. Nirmala Sitharaman has prepared a complete roadmap on how this goal will be achieved by presenting the budget as a vision document. Let us understand this about the budget…
This was Nirmala Sitharaman’s seventh consecutive budget, which is a record in itself. In this budget, the government has made changes in the income tax structure i.e. slabs, where the standard deduction limit has been increased to Rs 75,000 in the new tax regime. At the same time, the government has also focused on attracting foreign investment and improving ease of doing business.
The tax burden of the common man.
The government has increased the standard deduction from Rs 50,000 to Rs 75,000 in the new tax regime. Due to this, the effective limit of tax-free income of individuals has been increased from Rs 7.5 lakh to Rs 7.75 lakh.
The government has changed the tax slabs in the new tax regime. Now zero tax on income of 0 to 3 lakh rupees, 5 per cent on 3 to 7 lakh, 10 per cent on 7 to 10 lakh, 15 per cent on 10 to 12 lakh, 20 per cent on 12 to 15 lakh and above 20 lakh rupees. A 30 per cent tax has been imposed.
Changes in the new tax regime
Apart from this, the Securities Transaction Tax (STT) has been increased from 0.1 percent to 0.2 percent. The STT has also been increased for the futures and options market. It will now be 0.02 percent for futures trading and 0.01 percent for options.
The government has given relief to e-commerce sellers. They will now have to pay only 0.1 per cent TDS on payments received from the platform, which was 1 per cent earlier. There have also been changes in capital gains tax. Short-term capital gain has been capped at 20 per cent. While long-term the tax rate has remained stable at 12.5 per cent. Also, mobile phones, chargers, batteries, gold and silver, gold and silver jewellery, etc. have become cheaper.
The government’s emphasis on capital spending
As always, the Modi government has kept its focus on capital expenditure. The government has kept it unchanged from the provisional budget estimate of Rs 11.1 lakh crore. In addition to this, it has set a target of bringing the fiscal deficit to 4.9 per cent of GDP.
This time the government has set 9 priorities in the budget.
Which sector got how much?
Finance Minister Nirmala Sitharaman has contributed something to every sector to achieve the goal of a developed India. In this, Rs 4.55 lakh crore will be given to the defence sector, Rs 2.65 lakh crore to rural development, Rs 1.51 lakh crore to the agriculture sector, Rs 1.50 lakh crore to the home ministry, Rs 1.25 lakh crore to the education sector, Rs 1.16 lakh crore to the IT and telecom sector, a budget of Rs 89 billion has been allocated, Rs 68 billion for power, Rs 56,501 crore for social welfare and Rs 47 billion for commerce and industry.
What is expensive and what is cheap?
The government’s focus on social welfare
Finance Minister Nirmala Sitharaman has already announced the continuation of the Prime Minister’s Garib Kalyan Anna Yojana in the budget. Besides, provisions have also been made to initiate many new schemes. Like Rs 63,000 crore for Pradhan Mantri Tribal Unnat Gram Abhiyan, Rs 10 lakh crore for housing of the urban poor and middle class, increasing the Mudra loan limit to Rs 20 lakh, a new credit guarantee scheme for MSMEs, Rs 2 lakh crore for employment generation. Schemes like Crore and Prime Minister’s Internship Scheme have also been launched in the budget.
These measures by the government will lay the foundation for a strong India, which will carry everyone along. On this basis, the government has set the goal of a developed India.
