The Union Budget of India has always been a much-awaited event for the country and its people. This year, the Union Budget 2021 was presented by the Finance Minister in a digital format, making it the first digital budget in the history of the country. Let's take a closer look at some of the highlights of the budget for the common man and the industry alike.
3 Key Takeaways for Investors
For investors, the Union Budget 2021 has quite a few significant measures that can impact their portfolio. The government's focus on infrastructure development and boosting the manufacturing sector is expected to lead to an increase in demand for cement, steel, and other commodities. This, in turn, could lead to a rise in the stock prices of companies associated with these sectors.
The proposed Asset Reconstruction Company and Asset Management Company will also play a crucial role in cleaning up bank balance sheets and resolving bad loans. This move is expected to boost investor confidence in the banking sector and lead to more investments. Additionally, the announcement of simplification of the tax filing system is expected to make the process more convenient for individuals, leading to an increase in the tax base.
Expectations of the Common Man
The common man had several expectations from the Union Budget, especially after the tough year that was 2020. The government's decision to increase the allocation for healthcare and infrastructure development will be highly beneficial for the common man. The increase in the allocation for MNREGA will provide employment opportunities in rural areas and help boost the economy.
Furthermore, the decision to increase the FDI limit in the insurance sector from 49% to 74% will lead to better insurance coverage for the common man. This will also provide a boost to the insurance sector and lead to the introduction of newer and better products.
Impact on the Electric Vehicle Industry
The electric vehicle industry had high expectations from the Union Budget 2021, and it has not been disappointed. The government has announced a voluntary vehicle scrapping policy, which will help to phase out old and polluting vehicles and encourage people to switch to electric vehicles. This move is expected to lead to a boost in the EV industry, as well as in the associated industries such as battery manufacturing.
The decision to allocate funds towards the development of charging infrastructure will also encourage people to switch to electric vehicles and help ease concerns about the lack of charging infrastructure. Additionally, the government's focus on developing a hydrogen energy mission and green energy corridors will lead to a boost in the overall renewable energy sector, including electric vehicles.
Technology Industry's Reaction
The technology industry has welcomed the Union Budget 2021, as it focuses on boosting the digital infrastructure of the country. The government's decision to allocate funds towards the National Research Foundation, along with the proposed introduction of a framework for fintech, will lead to the development of newer and better technologies.
The proposal to set up a fintech hub under the regulatory sandbox approach will also encourage the growth of the fintech industry and provide employment opportunities for skilled individuals. Additionally, the allocation of funds towards cybersecurity initiatives will help to ensure data safety and boost the confidence of investors and consumers alike.
Conclusion
The Union Budget 2021 has been well-received by the industry and the common man alike, with several measures announced to boost the economy and provide relief to those who have been affected by the pandemic. The focus on infrastructure development, healthcare, and employment generation will provide a much-needed boost to the country's economy, while the measures aimed at boosting the EV, fintech, and technology industry will lead to the development of newer and better technologies.
The proposed measures, if implemented effectively, have the potential to create a positive impact on the country's economy and lead to a brighter and more prosperous future for all.
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