Union Budget 2021: From deduction in taxes to providing COVID cess; what key sectors expect from Centre
New Delhi | Jagran Business Desk: With an aim to revive the economy that has been hit hard by the coronavirus pandemic, Finance Minister Nirmala Sitharaman will present the Union Budget 2021 on February 1. Dubbed as a "never before" event, Sitharaman has said that the upcoming Union Budget 2021 will revive the country's economy, hinting that the Centre might announce various perks and schemes for the pandemic-hit sectors.
So as the Finance Minister present NDA-II government's second Union Budget, here is what key sectors are expecting from the Centre:
The aviation sector has been hit hard by the coronavirus pandemic. To revive this crucial sector, experts have suggested that the Centre should reduce taxes -- both direct and indirect -- levies.
The defence sector has been one of the priorities of the Modi government since it came to power. The Centre last year had also announced an embargo on the import of 101 defence items to boost Make in India and make the country 'self-reliant'. However, experts suggest that the Centre should announce higher budget allocation and focus on Make in India to boost the defence sector amid escalating tensions with China and Pakistan.
The education sector was heavily impacted by the coronavirus-induced lockdown that was imposed by the Centre last year. Looking at this, experts want the Centre to allocate more funds to strengthen online education in smaller rural areas and provide a special package for the education sector.
The three farm laws have created a feeling of mistrust among several groups of farmers. Looking at this, the central government might announce several special schemes for the agricultural and farming sector. Media reports suggest that the government might also expand the 'Kisan Rail Sewa' services to achieve its aim of 'Doubling the Farmer's Income' mission.
Experts suggest that the Centre should raise the railway budget this year to promote tourism and revive this all crucial sector. However, they feel that privatisation of the railways will be the topmost priority of the Centre in Union Budget 2021 too.
Experts want the Centre to give benefits of the input tax credit on the purchase of goods and services for commercial leasing or rental to revive the real estate sector. They also want the Centre to expand its affordable housing scheme.
Several industry experts want the Ministry of Finance to provide relief and sops to the film industry that has been hit hard by the pandemic. On Friday, they also met Nirmala Sitharaman who assured them that the government will certainly consider relief measures proposed by the industry.
Posted By: Aalok Sensharma