The 2021 budget was presented for the third year in a row by the Union’s Finance Minister, Nirmala Sitharaman. This was the third budget of Prime Minister Narendra Modi’s National Democratic Alliance (NDA) government. The economic study presented on Friday before the budget meeting describes the announcement of the Union’s budget in India as one of the most important events of the year.
The 2021 budget was announced on the web portal of the Ministry of Finance, which has already informed all departments. Printing such a large budget document is a major challenge for the Indian government and the public at large. All the Union’s budget documents for 2021 are easily accessible via mobile apps, so the “Union Budget App” (link below) is available for all Union budgets on web portals such as www.indiabudget.com and can be easily downloaded from there.
The Union’s budget is an annual financial report which estimates revenue and expenditure and is prepared by the Minister of Finance, who then submits it to the Economic Affairs Department of the Ministry of Finance. It is the annual accounts in which the then government is to inform Parliament of what it would spend its money on next year. The Union budget is an annual financial statement which includes the estimated revenues and expenditure of all Indian governments for 2016-17 and 2017-18 and the annual budget for 2018-19, 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24, which will be presented to outline future strategies for sustainable growth and development.
The government reaffirmed universal social security for all workers and recognized human capital as one of the most important pillars of our economy. The Union’s budget for 2018-19, 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24, presented on 1 February, focused on stabilizing growth and investment in infrastructure, education, health and social affairs.
FM Nirmala Sitharaman said that Rs 1,07,100 crore will be made available for investment in 2021-22. Presenting the 2021 / 22 budget, the Minister said that digital transactions will receive a further boost and that the proposed Programme will provide an opportunity to promote digital payment methods in all sectors of the economy, such as education, health, infrastructure, education and social security. For the financial years 2021- ’22, 1,66,517 crowns have been allocated, with the majority of this money going to the police.
Like the last, the Union’s finance minister, Nirmala Sitharaman, feels the need to explain how and why the budget deficit is higher than in previous years. The finance minister said: “The budget deficit in 2020-21 is tied to 9.5 per cent of GDP and is financed by a combination of revenue mobilization and disposal of non-core assets. If revenues are kept at around 9-9 cents per GDP and the reserves are taken out on average in the three years before the crisis, the budget deficits would amount to between 22-8.2% of gross domestic product (GDP) in 2021.
Finance Minister Nirmala Sitharaman proposed to create incentives for the creation of one-person businesses (OPCs), including the possibility for non-resident Indians (NRIs) to introduce an OPC in India. It is also highly likely that the Government will raise the minimum rate of income tax from 2 per cent to 1.5 per cent in the 2021 Budget for the first time in the country’s history. The government could raise them further if revenues are severely constrained.
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