Govt Unveils Major Economic Reforms in Latest Budget

Finance Minister Nirmala Sitharaman presented a budget with significant reforms, including cuts in customs duties on gold and silver, a comprehensive review of the Income Tax Act, and simplification of FDI rules. The budget also includes measures to boost rural development, education, and water management in urban centers.

Finance Minister Nirmala Sitharaman on Tuesday announced several significant economic reforms in the latest budget. Key highlights include a reduction in basic customs duty on gold and silver, a comprehensive review of the Income Tax Act to make it more readable, and the simplification of Foreign Direct Investment (FDI) rules to attract more funds.

Moreover, the budget introduces crucial measures such as the removal of angel tax for startups, boosting rural development with an allocation of Rs. 2.66 lakh crore, and financing education, employment, and skill development with Rs. 1.48 lakh crore. Additionally, the government will focus on promoting water, sewage treatment, and solid waste management projects in 100 large cities.

Opposition parties, however, criticized the budget, stating that it focuses more on posturing than actionable solutions to critical issues like mass unemployment. The budget also outlined significant financial support for infrastructure development in Bihar and Andhra Pradesh, with substantial fund allocations.