Highlights of the Union Budget 2021-22

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The most awaited Union Budget 2021-22 is here! Amidst the impact of the pandemic on the economy and the huge expectations everyone had from the budget, here are some important highlights especially for women!

  • Applicability of Minimum Wages is now extended to all categories of workers including women.
  • Women are allowed to work in all categories and that too with adequate protection.
  • Ujjwala Yojana i.e. free cooking gas LPG scheme would be extended to one crore more beneficiaries.
  • Big relief for the senior citizens, men and women both, comes in the form of ‘No tax Filing’ if they are above 75 years. 
  • ‘One Nation, One Ration card’ would ensure that a change in place for one member of the family would not be a hurdle for them to avail their share of ration irrespective of where they are in the country.
  • MSME allocation has also been doubled for FY22.
  • Additional tax deduction for interest on home loans has also been extended to FY22
  • Customs duty on gold and silver has been reduced.
  • Agriculture Infrastructure and Development Cess (AIDC) has been imposed on Petrol at Rs. 2.5 per litre and on Diesel at Rs. 4 per litre but despite these, the prices for the consumers would remain unchanged.
  • Some common items like LED bulbs, solar panels, air conditions, etc. could become expensive due to a hike in the customs duty on imported parts.
  • A big announcement also came in the form of deposit insurance of up to Rs. 5 Lakh in case of bank failure. 

 

Apart from the above, some important economic aspects were that Capital expenditure has been increased substantially by 34.5% and there is no change in the direct taxation regime. A huge emphasis has been on the ‘Healthcare’ also in the budget under various announcements like a budget of Rs. 37,000 crores for COVID-19 vaccination, Mission Poshan 2.0, PM Swasth Bharat Yojana, Jal Jeevan Mission Urban etc. The focus of announcements was also on infrastructure development and ‘Atmanirbhar Bharat’ i.e. Self-Reliant India.

 

What are your thoughts on the budget? Do share your views on it in the comments below.

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