FM Sitharaman fulfilled all the expectations: NITI Aayog Vice Chairman Rajiv Kumar on Budget 2021

New Delhi, Feb 01: The Union Budget 2021, that was presented by Finance Minister Nirmala Sitharaman had raised a lot of expectations and has "fulfilled" them, said Vice-Chairman of the NITI Aayog Rajiv Kumar on Monday while reacting to the Budget 2021.

Speaking to media, Rajiv Kumar said, "In my opinion, Finance Minister had raised a lot of expectations regarding Budget 2021 and she has fulfilled all of them. Given the current times, the Budget is focussed on India's growth and is tailored to accelerate the growth rate."

On Monday, FM Sitharaman in Budget 2021 proposals said that the government will rationalise customs duty on gold and silver. Currently, gold attracts 12.5 per cent import duty.

The government has cut customs duty on gold and silver to 7.5 per cent from 12.5 per cent. Indian imports bulk of its gold and silver requirements.

"Since the duty was raised from 10 per cent in July 2019, prices of precious metals have shot up and to bring it closer to previous levels, we are rationalizing custom duty on gold and silver," the finance minister said.

However, an Agriculture Infrastructure and Development Cess (AIDC) has been proposed on import of specified goods. To ensure that imposition of cess does not lead to additional burden in most of these items on the consumer, the basic customs duty rates has been lowered, the government said. This cess shall be used to finance the improvement of agriculture infrastructure and other development expenditure.