NEW DELHI: Budget of the century! This is how Union Finance Minister Nirmala Sitharaman described the budget for the financial year 2021-22, which will be presented tomorrow (February 1). A budget that independent India has never seen. Nirmala will begin budget presentation at 11 am.

The last budget (2020-21) was irrelevant because of the COVID crisis. Subsequently, Nirmala presented a series of mini-budgets at press conferences in support of Prime Minister Atmanirbhar Bharat as stimulus packages. The new budget will be a continuation of that. Self-sufficiency, manufacturing, export hub, more jobs, infrastructure development, huge domestic investment, welfare schemes - the budget will be aiming to boost the country's economy through a single economic vaccination.

Defence

More money will be allocated for defence. Emphasis on domestic arms production, research and development.

Health

The budget allocation for the health sector is one per cent of GDP which is below the global average. The share may be increased to 5 per cent.

Women empowerment

Many benefits can be expected to attract more women into the workforce.

Home for all

In the last budget, a personal income tax exemption of Rs 1.5 lakh was given for a home loan of up to Rs 3.5 lakh in order to give a boost to real estate. Discounts will be available this year as well. Pradhan Mantri Awas Yojana will be activated.

Income tax

At present, those earning up to Rs 5 lakh per annum do not have to pay income tax. Slabs may not be modified. More benefit can be expected from rules like 80C. Concessions are also available for senior citizens. The cost of Covid treatment may also be shifted to income tax deduction.

Banking

More capital assistance to public sector banks

Railways

Emphasis on modernization, privatization and private train.

Employment

Action to prevent an increase in unemployment. Importance will be given employment guarantee.

Education

India will be made an education hub. Foreign universities will be attracted. Education will be made high tech.

Public sector

Public sector equity sales will be boosted due to lack of tax revenue and the need for money for spending, welfare and stimulus programs.