The Finance Minister presented the union budget for 2021 in parliament today. This year the main aim was to revive the COVID struck economy.
The main focus has been on a healthcare system which seemed short of the required standards during the pandemic. The Finance Minister said in her Budget speech that the government expected to spend ₹2,23,846 crore in the coming year on “health and well-being… a 137% increase (from last year).”
In a bid to help India’s startups amid the COVID-19 pandemic, tax holidays for these businesses have been extended by one year till March 31, 2022. FM also said, “Definition of small companies under Companies Act 2013 to be revised. Companies with paid-up capital up to Rs. 2 crore and turnover up to Rs. 20 crore will fall under small companies, benefiting more than 2 lakh companies in compliance required.”
Infrastructure was another major announcement, with some 76 billion — 34.5 percent more than in the previous budget — to be poured into major projects, including roads and railways.
The awaited IPO of LIC corp. is also expected to take place this year.