Hello and Namaste Everyone
Today the union budget for India was presented by the finance minister. I have already discussed in one of the posts sometime back that the interim budget was presented in February because of the elections now since the same government has come into power they have presented the union budget which is complete for the entire financial year. This time it was expected that the budget would be different than whatever they had done in the last couple of years. I am referring to the crypto segment because two years back some tax rules were implemented on crypto-related transactions but since then there have been no changes to this.
This time it was expected that the government would do something to revise the tax slab for the industry. This is the third term of the current government and they were claiming that the budget they are going to present this time will be completely different but unfortunately, reality is completely appropriate. In this budget, no crypto word was mentioned. This was shocking because the community was expecting something related to Crypto but nothing has been done for the crypto industry in India. I would say that this budget is not a crypto-friendly budget. It looks like the government is trying to ignore this industry and they do not want to empower it instead they are trying to do everything they can to stop or slow down its growth.
Many starters and companies that are dealing in the crypto segment have moved out of India and some are also planning to do it because of the unfavourable rules and regulations for this industry. Certainly, there can be a few negative things in the industry and it is because crypto is not regularised and also it is a new market that will take some time to mature. But at the same time, we also need to understand that Crypto is one of the parts that can become so big it will not just generate a good revenue stream for the government but also a lot of employment. But to achieve this the government has to come forward and support the industry then only it can flourish and bring a positive impact.
In the budget, the government talked about some revisions on tax slabs for salaried employees which is also not significant. They also discussed some of the benefits as they are encouraging people to adopt solar energy. They are trying to empower the women through different schemes but they are not trying to empower the entire country through this revolution that comes in the form of highly advanced technology. They have also not talked about blockchain technology which is not the right phenomenon because they should surely explore the blockchain to make governance more transparent and better.
People who were expecting that in this budget there should be something good for the Crypto or highly disappointed today but now they have nothing in their hands except waiting for another financial year or the next year's budget. Once again there can be nothing that can bring some hope for us because it seems that the crypto industry for the Indian government is not valuable at all and they are least interested in doing something to empower this industry.
Snapshots I have used from the YouTube Android mobile application
Thank you so much
Stay Safe
Posted Using InLeo Alpha
Posted Using InLeo Alpha