The Finance Minister of India, Nirmala Sitharaman announced the budget for the new year. A budget is an estimate of the income and spending for a fixed period of time. This budget will be used to allow a certain amount of money for certain purposes such as infrastructure, education, healthcare, and defence. It comes from the taxes paid by the citizens of India. This is the first budget under the Modi government’s second term. Through this budget, Modi wants to meet the expectations of the 21st century India. He believes that it will promote the progress of the middle class, the development will speed up, taxes will simplify and India’s infrastructure will modernise. This budget aims to make India a $5- trillion economy by 2024. The budget is based on the earnings of last year and the expectation for this year.
How might this affect you and your family?
The government has announced that the income tax for people with higher income will increase, thus increasing the budget. People with an income of 2-5 crores per year will now pay 3% to 7% more respectively. The customs duty on gold and other precious metals has also increased from 10% to 12.5%
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