Budget 2021: How various sectors reacted to announcements made by FM Nirmala Sitharaman

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The Union Budget 2021 was announced by the Finance Minister Nirmala Sitharaman on February 1, which has been well received by the market. Here is a look at how various sectors and the masses responded to the budget, that comes at a crucial time when the country is looking to recover from the economic downturn caused by coronavirus pandemic. (Image: Reuters)

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Taxpayers: The budget did not offer much relief to individual taxpayers other than what is seen as procedural relief rather than an exemption. Although senior citizens, 75 years and above, who are dependent on pension and interest income are exempted from filing income tax returns, banks will instead deduct the necessary taxes on their income.

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Stock markets: The market continued its bull run during with the Sensex gaining over 1,000 points a day after the budget was presented by the finance minister, indicating that investor sentiments were buoyant. Investors continued to cheer the fact that the budget did not announce any additional burden in terms of taxes or cess on citizens and corporates. Among sectors, buying was witnessed in media, banking and auto indices.

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Education: The overall reaction from the education sector was lukewarm. The budget seemingly fell short on capitalising on the opportunity to build momentum for the digitisation of the education system. (Image: PTI)

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Travel and Tourism: Despite massive expectations, the lack of any direct support from the government, disappointed the sector. While proposals for enhancing rail, road, ports, metro lite infrastructure & PPP in buses, airports and ports including vista coaches may boost tourism over the long term, the impact would be felt only after they are implemented. The only positive measure was the change of small companies' capitalisation and turnover and support to single-person company as it may boost micro and small tourism entrepreneurs.

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Traders: Many small and mid-level traders are troubled by the fact that the government has not given any relief on income tax. (Image: AP Photo)

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Trade unions:  A joint platform of 10 central trade unions on Tuesday gave a call for nationwide protests on February 3 against privatisation and other "anti-people" policies proposed in the Budget 2021 and to press for scrapping labour codes and providing income and food support to the families of poor workers. (Image: AP Photo)