Budget 2021 and Personal Finances

Budget 2021

Budget 2021, was the first digital budget in the history of India. A lot of expenditures on development were announced by the Finance Minister in her Budget speech, without increasing the tax burden. No extra cess was also announced.

Various announcements were made for the revival of the economy from the after-effects of covid-19 by increasing the Spending on Building Roads & Infrastructure, Quality Healthcare, Education, and other areas that need development. When people are not spending, then the Government has to, as it is spending only that leads to demand and job creation and in turn growth.

Stock markets also gave a cheer by going up by 5% on the budget day.

Important points in Budget 2021, impacting personal finances:

I tried to explain the important announcements made in the budget 2021

which would impact your personal finances through infographics:

Budget 2021 andpersonal finance

Bottom Line:

Union Budget is the Government’s Budget but it impacts you as well, directly or indirectly.

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Economic Growth and contraction both impact you and thus each and every announcement of government, its proper implementation, the expected resultant prosperity or despair…all will impact you in one way or the other.

That’s why I always say, don’t just focus on the tax announcements, which may be a small increase or decrease in your tax outgo, but be concerned about the usage of the Tax money, and where ever possible try and question them on the same.

You should also re-look at your budget, so as to be prepared for all kinds of eventualities.

Government has many sources to cover up the deficits from, but you don’t. So, buckle up…interesting days ahead! 

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Manikaran Singal is the Founder and Chief Financial Planner at Dr Good Money. Manikaran is MBA Finance (Gold medalist), Certified Financial Planner and SEBI Registered Investment Adviser. Having 17+ years of extensive experience, he is managing clients across the globe. He has authored a book titled - "The Art of Being Good with Money" published by CNBC TV 18, India's Biggest Media House. He is a Regular Contributor in leading Media Houses and his articles keep getting published in different prominent business magazines and Journals. He is of the strong Opinion that Money Behaves the Way you treat it. and if you really want to get Good out of it, first you have to behave good with it.

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