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INDIAN BUDGET 2021

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Indian Budget 2021

Union Budget Presents every year by finance minister of India. This is economic vision of next one year and it includes development in every sector like agriculture, manufacturing , health , education and all other sectors.

The Finance minister in her Budget 2021 speech focus on a slew of taxation reforms along with an increased spending on healthcare with Rs 35,000 crore on Covid-19 vaccine development.

Main Focus Area are :

-Health and well-being

– Physical and financial infrastructure

– Inclusive development

– Investment in human capital

– Innovation and R&D in Space technology, medical etc

– Minimum government and maximum governance

Mission Poshan 2.0

The government will be launching Mission Poshan 2.0, Jal Jeevan Mission Urban will be introduced. Finance Minister said that ” The urban Swachh Bharat Scheme will be implemented with an outlay of over Rs. 1.4 lakh crore.

A new Vehicle Scrapping Policy

The government has launched the voluntary scrapping policy in order to remove unfit/ outdated vehicles from the streets. Passenger vehicles beyond 20 years and commercial vehicles beyond 15 years will need to go through a vehicle fitness test.

Bengal gets Rs. 95,000 crore for road infrastructure.

Finance Minister Nirmala Sitharaman announced Rs. 95,000 crore for the development of roads in the state of Bengal. The still will conduct polls in coming months.

Aims to 11,000 km of National highway infrastructure in 2021 

Nirmala Sitharaman announced that ” Government aims to complete 11,000 km of national highway infrastructure this year” Tamil Nadu gets a corridor of 3,500 km. Kerala will get 1,100 km which includes investment worth Rs. 65,000 crore. 675 km in West Bengal which costs Rs. 95,000 crore. 1,300 km in Assam promised over next three years.

Rs. 1.10 lakh crore allotted for Indian Railways

Finance Minister Nirmala Sitharaman announced Rs. 1.10 lakh crore to Indian Railways, Rs. 1.7 lakh crore is for the capital expenditure of the allotment. 

Finance Minister Nirmala Sitharaman announced Central fiscal funding to Bangalore Metro, Chennai Metro, Nagpur Metro, Kochi Metro, Nashik Metro projects across the nation.

Investment of Rs. 3.05 lacs crore in Power sector

Finance Minister Nirmala Sitharaman announced Rs. 3.05 lakh crore for the power sector in the country. Finance Minister added that 100 more cities will be added to the Gas distribution network in the next three years.

New Gas pipeline project for J&K

Nirmala Sitharaman announced a new gas pipeline project for the development of Jammu and Kashmir.

Insfusion of Rs. 20,000 crore in Public sector banks

Finance Minister Nirmala Sitharaman announced further infusion of Rs. 20,000 crore for the public sector banks.

LIC disinvestment this year

Finance Minister Nirmala Sitharaman said that “The government plans to sell part of holding in Life Insurance Corporation of India (LIC) through an initial public offering (IPO) in the coming year. An amendment to the existing Act to facilitate the public offer.”

commitment towards farmers welfare

Nirmala Sitharaman amid the protest from opposition leaders said that ” The government is committed to the welfare of farmers. The MSP has gone through a big change. Over Rs. 75,000 crore paid to wheat farmers in the years 2020-21; 43.36 lakh farmers have benefited from this.”

Continuation of Ujjawala scheme

The government will be extending the benefits of the Ujjawala scheme to additional 1 crore people. Ujjawala scheme provides LPG connections with a financial subsidy from the central government. The scheme benefits 12 crore households right now and will be extended further to provide clean and cheap cooking fuel.

Agriculture loan target to Rs. 16.5 lakh crore

Finance Minister Nirmala Sitharaman proposes an increase in agriculture credit target to Rs. 16.5 lakh crore. Nirmala Sitharaman said that ” The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of the production across all the commodities. The total amount paid to paddy farmers surged to Rs. 1.72 lakh crore on 2020-21.”

Disinvest target for FY2022 at Rs. 1.75 lakh crore

Finance Minister Nirmala Sitharaman puts disinvestment receipts at Rs. 1.75 lakh crore for the fiscal year beginning April 1, 2021. Two PSBs and one general insurance company to be disinvested, legislations and amendments to be introduced in this session.

National education policy

Finance Minister Nirmala Sitharaman said that “National Education Policy got a good reception. Over 15,000 schools to be qualitatively strengthened under National Education Policy.”

Rs. 1,500 crore for promotion of Digital Payments

Finance Minister Nirmala Sitharaman announced Rs. 1,500 crore for promoting a digital mode of payment.

Rs. 1000 crore for Assam, Bengal tea workers

Finance Minister Nirmala Sitharaman announced a special scheme for welfare of women and children in Assam and West Bengal. Finance Minister Nirmala Sitharaman announced Rs. 1000 for the tea workers in Assam and Bengal.

Rs. 3,768 crore for Census

Finance Minister Nirmala Sitharaman announced Rs. 3,768 for the census. The next census will be the first digital census in the history of Independent India.

Exemption for elderly from tax filling

Nirmala Sitharaman said ” In the 75th year of independence of our country, we shall reduce the compliance burden on senior citizens. For senior citizens who only have a pension and interest income, I propose exemption of filling of income tax returns.”

Be continue ……….

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