Interim FM (Finance Minister) Piyush Goyal announced his maiden budget on the 1st February to the nation and signaling the significant economic growth for the next 5-10 years. The budget focused on benefiting the middle-class taxpayers & rural public of India.
Everywhere people are discussing the budget and seem like after a long time a budget is announced where middle-class people get satisfied. Cash Benefits and subsidies to farmers, enhanced pension schemes to workforces and tax rebate for people who have income under INR 5 lac have clearly put more emphasis on the retail consumers.
The 4 sectors are:
Consumption: Auto, FMCG, Insurance and Building Materials to increase swiftly
SME & MSME Sector: 2% interest subvention for a loan up to INR 1 Cr and MSMEs increased to 25% will provide a good opportunity to expands business and job creation.
Real Estate: Housing received an impetus as the projects registered before 2020 received a tax exemption.
PSU Banks: They can revive their lending activities.
Hope this budget will bring joy and happiness to every citizen of India.