Highlights of Union Budget 2021

Union Budget 2021

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TNI Bureau:  Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 on Monday.

While presenting the Union Budget 2021 in the lower house of Parliament, the Union Finance Minister Nirmala Sitharaman on Monday announced a package of Rs. 27.1 lakh crore to deal with COVID-19 pandemic under Atmanirbhar Package.

This is the first paperless budget in the history of independent India.

The Finance Minister outlined 6 Pillars of Budget 2021 to strengthen the vision of Atmanirbharta.

➡️ Health and Well being
➡️ Physical and Financial Infrastructure
➡️ Inclusive development
➡️ Human Capital
➡️ Innovation
➡️ Minimum Government & Maximum Governance

Here are the Key Highlights:

Health
➡️ The total budget outlay for Health and well-being stands at Rs. 2,23,846 crore.
➡️ Sitharaman announces Rs 35,000 crore for COVID-19 vaccination.
➡️ Proposed introduction of Aatmanirbhar Swastha Bharat health program with an outlay of Rs. 64,180 crores.
➡️ Mission Poshan 2.0, Jal Jeevan Mission Urban.
➡️ Urban Swachh Bharat Scheme will be implemented with an outlay of over Rs. 1.4 lakh crore.
➡️ Proposes to introduce National Nursing and Midwifery Commission Bill.

Agriculture
➡️ The MSP has gone through a sea change.
➡️ Over Rs. 75,000 crore paid to wheat farmers in the years 2020-21
➡️ In case of wheat, Total amount paid to farmers in 2020-21 was Rs 75,050 crore as against Rs 52,802 crore in 2019-20.
➡️ Scheme for tea farmers will be introduced in Assam.
➡️ Green scheme to be expanded to 22 perishable vegetable products.
➡️ Increase in agriculture credit target to Rs. 16.5 lakh crore.
➡️ The Finance Minsiter proposes Agriculture Infrastructure and Development Cess on petrol, diesel; However, there would be no additional burden on the consumer.

Education
➡️ Over 15,000 schools to be qualitatively strengthened under National Education Policy.
➡️ National Language Translation Mission will be set up to boost our regional languages.
➡️ Will set up a central university in Ladakh.
➡️ 100 new Sainik Schools across India.
Railways
➡️ Rs 1,10,055 crores for Railways with 1,07,700 crores for capital expenditure.

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Housing
➡️ Tax holiday extended for affordable housing projects for one more year.

Tax
➡️ No income tax filing for senior citizens above 75 years of age having only pension, interest income.
➡️ Tax holidays for startups by one year, till 31st March 2022.
➡️ Extra tax exemption for affordable house loan for another year.
➡️ Tax exemption for aircraft leasing companies.

Finance
➡️ FDI in insurance companies increased from 49% to 74%, subject to specific compliance.
➡️ Infusion of Rs. 20,000 crore for public sector banks.

Others

➡️1 crore more beneficiaries to be added to PM Ujjwala Yojana.
➡️ A gas pipeline project will be taken up in the Union Territory of Jammu and Kashmir.
➡️ 3,500 kms of a national highway project in poll-bound Tamil Nadu at an investment of Rs 1.03 lakh crore.
➡️ 8,500 km of road projects, and about 11,000 km of National Highway corridors will be completed by March 2022 under the Bharat Mala Pariyojna project.
➡️Rs. 1,500 crore for promoting a digital mode of payment.
➡️Rs. 1000 crore for Assam, Bengal tea workers.
➡️ FM allocates Rs 3,726 cr for forthcoming first digital census.
➡️ Deep ocean mission with outlay of more than Rs 4,000 cr over 5 years to conserve marine biodiversity.
➡️ Minimum wages to be extended to all sectors. Women to be allowed to work in all sectors, night shifts.

Dis Investment

➡️ Two Public Sector Banks and one general insurance company are expected to be disinvested this year.

➡️ The divestment programme will also include the IPO of LIC and the privatisation of Air India, Bharat Petroleum Corporation Ltd, Container Corporation of India Ltd, or CONCOR and Shipping Corporation of India.

Also Read:

Agri-infra Cess in Budget 2021; No impact on Consumers

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