Earlier today, Nirmala Sitharaman walked out to the Lok Sabha and announced the budget for the upcoming financial year. At 11 AM sharp in the morning according to Indian standard time, the finance minister started a speech which was very tiring and had only a few things to offer. Let's look at the hits of the budget that has been announced for the up and coming session i.e. 2020-2021:-
Benefiting the farmers
So this is an actual good move by the government. The fact that agriculture credit target has been set at a whopping Rs. 15 lakh crore speaks volumes about how much the government feels the need to help the farmers of the nation and rightly so. The farmers help in building an entire public, they are the ones that actually feed us and are responsible for our health one way or the other.
Income tax Regime with no exemptions
Now this is something that has become very debatable and for all the right reasons too. But all in all, it is only going to be a sigh of relief for the tax players. You are not required to pay any tax upto 5 lakhs of annual income. If you earn between 5 to 7.5 lakhs, you will have to pay 10% of tax and if you are earning in the range of 7.5-10 lakhs, you will be required to pay a tax @15% of interest.
Affordable housing
The government has promoted building houses for the people who dream of being secured and not having to pay rents time and again. There is a major boost to it under Pradhan Mantri Awas Yojna. The announcement of 1.5 lakh benefit on affordable housing loans which will be extended till March 2021 is definitely a good news for the people of the nation.
No changes in GST
GST is flawed a hell lot and the government is still not able to understand it. The GST was expected to reduce from 28% to 18% of the vehicles but the expected changes have not really come to any grounds. This could have easily been afforded by the government and they have missed a great chance of satisfying the "janta" of the nation.
Industry status for real estate
This is such a horrendous move by the government of India. Nirmala Sitharaman could have easily come up with a transition but she failed to make the move. An industry status was needed for real estate considering the fact that builders would easily be able to apply for loans at a lower interest rate. It could transform real estate in the country to next level.
Dissatisfied middle class people
There could have been a few decisions regarding the employment in the country but government failed to execute a plan in that regard. Unemployment is easily the biggest vacuum in the country and it has been increasing each passing year so it required a change. Sadly, there is no change whatsoever which will leave the middle class with a lot to be desired!
The problem with this budget has been the fact that it raises more questions than the answers. Is it another failed attempt to execute a successful budget? The time is definitely going to tell!
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