Budget 2021: No relief in internet memes as Twitter users digest India's first-ever paperless budget
From increasing healthcare spending to extending social security benefits to gig workers, Union Finance Minister Nirmala Sitharaman's Budget 2021 was historical in more ways than one.
Touted as a broadly business-friendly proposal that will revive the sluggish manufacturing, production, infrastructure, and SME and MSME sectors, Budget 2021 was a hit and a miss for the common man, who expected it to put more money in his or her pocket.
However, by boosting production and manufacturing, the government is seen taking a route that will generate employment and put people who lost their jobs during the lockdowns to work.
While financial experts are still divided over whether the budget was "good" or "not so good," Twitteratis were clear: the event was worth meme-worthy.
Take a look!
Salaried individuals were obviously not happy with the budget because it did not include any direct tax reliefs. People had been holding out hope for some breaks on long-term capital gains taxes, as well as on savings-related instruments such as PPF.
People worried about the new cess on good such as fuel, apples, peas, cotton, and liquor, which will be used to improve the agriculture infrastructure in the country. Thankfully, the cess on liquor is only on imported alcoholic beverages.
Fuel rates remained unchanged too.
But the stock market reacted quite favourably to the budget, with the S&P BSE Sensex ending 2,314.84 points, or five percent higher at 48,600.61, while the broader Nifty 50 index closed at 14,281.20, up 646.60 points or 4.74 percent.
Twitter users criticised the government's decision to disinvest in state-owned firms such as Air India, LIC, BPCL, and Shipping Corporation of India, among others, and sell shareholding in them to private investors.
For better or worse, this year's budget was one of the most crucial ones, coming at a pivotal point in the country's efforts to recover from the aftermath of the COVID-19 crisis. Providing relief to the country's badly burnt manufacturing and SME sectors was pertinent, and the budget provides ample opportunities for that.
For YourStory's multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page or budget.yourstory.com