Sunday, Aug 14, 2022

Union Budget 2021: How The New Budget Impacts Day-To-Day Life

Here are 5 major changes that will impact your regular life

People watch Finance Minister Nirmala Sitharaman present the Union Budget 2021-21 on television sets, during the Budget Session of Parliament, at their home in New Delhi. Mohsin Javed/Outlook

Finance minister Nirmala Sitharaman on Monday presented the Union Budget 2021-22 in Parliament. The unique paperless budget, the first in the history will impact the daily lives of Indians as it witnesses several reforms in major segments, from health to infrastructure.

Here are 5 major changes that will impact your regular life:

Gold/Silver Prices To Slip

The government announced cut in import duty on gold and silver, a move that will help bring down prices of these precious metals in the domestic market and boost exports of gems and jewellery.

The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins.
The customs duty on gold and silver was reduced to 7.5 per cent while for other

For Young Engineering graduates and diploma holders:

The government on Monday proposed amendments in the Apprenticeship Act to enhance opportunities for youth. It also realigned the National Apprenticeship Training Scheme for post-education apprenticeship, training of graduates and diploma holders in engineering.

The finance minister also said that an initiative is underway in partnership with the United Arab Emirates (UAE), to benchmark skill qualifications, assessment, and certification, accompanied by the deployment of certified workforce.

Healthcare Sector Eyes Hope On New Budget

The government has increased allocation for the healthcare sector and said that the new move will provide access to medical care for all in the country, fuel job creation and boost economic momentum.

Finance minister Nirmala Sitharaman proposed Rs 2,23,846 crore budget outlay for health and well-being for 2021-22, compared to Rs 94,452 crore in the current fiscal, registering an increase of 137 per cent.

India's efforts in managing the pandemic have been exemplary as the country's frontline workers and scientists have been working tirelessly to save lives and develop indigenous vaccines.

The finance inister has also proposed Rs 35,000 crore outlay for COVID-19 vaccines for the next fiscal and announced the rollout of pneumococcal vaccines across the country to help save over 50,000 deaths annually.

Elderly Pensioners To Be Exempted From Filing Tax Returns

The government announced that Senior citizens above 75 years of age with only pension income will be exempted from filing tax returns. Banks paying the interest would deduct the tax on their behalf.

The Employees’ Provident Fund Organisation (EPFO) has extended the time limit up to February 28, 2021, for the submission of the Life Certificate (Jeevan Pramaan Patra)

Vocal For Local

With an eye on supporting domestic manufacturers, the government proposed an increase in customs duty on certain imported components used in automobiles.
In the Budget 2021-22, Finance Minister Nirmala Sitharaman proposed increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 per cent with effect from February 2.

The government said the changes in basic customs duty is for creating level-playing field for the benefit of micro, small and medium enterprises (MSMEs) and other domestic manufacturers.

(With PTI Inputs)