A commitment of Financial Outlay of Rs 1.97 Lakh Crore in the next 5 years starting F.Y. 2021-22 of PLI schemes in 13 sectors
The Finance Minister Smt. Sitharaman has recently committed nearly Rs. 1.97 Lakh Crore for the coming 5 years, starting from the fiscal year 2021-22 to assist and elevate scale and size in key sectors, produce and discipline the global champions and provide jobs for the next generation.
Further, she added that India’s manufacturing companies have to become an essential element of global supply chains, that acquires cutting–edge technology and core competence to covert in a $ 5 trillion economy and for this, the manufacturing sector has to develop in twice the present figure. And to achieve this the Production Linked Incentive (PLI) schemes have to create manufacturing, global champions for an Aatma Nirbhar Bharat that have been announced for 13 sectors.
Relaxation of Income tax Filing to Senior Citizens
In the Union Budget for the year 2021-22, the Finance Minister Smt. Sitharaman has granted relief to senior citizens in the filing income tax returns, As it is the 75th year of Independence the Budget seeks to reduce the hardship of paying tax senior citizen above the age of 75 years. As only they have a pension and interest income which will be excused from filing the income tax return. The paying Bank will deduct the necessary tax on their income.
Custom Duty Rationalization
In the Union Budget Finance Minister stated that when the custom duty policy was issued it had dual objectives of encouraging domestic manufacturing and helping India to cope up with the global value chain and to export better. She further added that the new focus should be on the ease of access to raw materials and exports of value added products. Further, it was recommended to evaluate the 400 old exemptions that took place in the custom duty system this year. It was also proposed that any new custom duty exemptions henceforth will have validity to to the 31st March following 2 years of the date of its issue.