PM Modi: Union Budget 2021 shows India's confidence, vision of self-reliance.
Check out some point wise analysis about Union Budget 2021.
1.) Aatma Nirbhar Bharat a success
The total financial impact of all Aatma-nirbhar Bharat
packages, including measures taken by the RBI, was about Rs27.1 lakh crore,
more than 13 per cent of GDP, says Nirmala Sitharaman.
2.) Govt delivered mini-budgets amid
Covid crisis
The government stretched its resources for the benefit
of the poorest of the poor, says the FM. "The PM Garib Kalyan Yojana, the
three Aatma-Nirbhar Bharat packages and subsequent announcements were like five
mini-budgets in themselves," says Finance Minister
Nirmala Sitharman.
3.) Two more vaccines accepted soon
Finance Minister says India today has 2 vaccines
available and has begun safeguarding not only her own citizens against COVID-19
but also those of 100 or more countries. "It has added comfort to know
that 2 more vaccines are also expected soon," she adds.
4.) Budget provides opportunity to grow sustainably
Only three times has the Budget followed a contraction
in the economy, says the FM. "This time, unlike before, the situation is
due to a global pandemic. Budget 2021 provides every opportunity for economy to
capture pace and grow sustainably," she said.
5.) In Union Budget 2021: FM Sitharaman
lays out vision for Aatma-Nirbhar Bharat
As Part A of Budget 2021, Finance Minister Nirmala
Sitharaman lays out a vision for Aatma-Nirbhar Bharat. "To strengthen the
vision of Nation First, doubling farmers' income, strong infra, women's
empowerment, healthy India, good governance, education for all, and inclusive
development," says the FM.
6.) In Union Budget 2021: Govt.
announced PMGKY worth Rs2.76 lakh crore 48 hours after first lockdown, says FM
"When I presented Budget 20'-21' we couldn't have
imagined that global economy would be pushed into an unprecedented contraction.
Within 48 hours of declaring lockdown PM Modi announced PMGKY valued at Rs2.76
lakh Crores," says the Union Minister.
7.) Union Budget 2021: FM lays out
six pillars of Budget 2021 Budget 2021 proposals rest on six pillars
A-Health and Well-Being
B-Physical and Financial capital and
infrastructure
C-Inclusive Development for Aspirational
India
D-Reinvigorating Human Capital
E-Innovation and R&D
F-Minimum Govt., Maximum Governance.
8.) Union Budget 2021: Investment on health infra priority for govt: FM
Investment on health infra in Budget 2021 has
increased substantially, says Sitharaman. "Three areas - preventive
health, curative health and well-being - to be strengthened during the current
year," she adds.
9.) Union Budget 2021: PM Atma-Nirbhar
Swasth Bharat Yojana to be launched, says FM
"A new centrally sponsored scheme PM Atma-Nirbhar
Swasth Bharat Yojana will be launched with an outlay of about Rs.64,180 crores
over 6 years," says Finance Minister Nirmala Sitharaman.
10.) Union Budget 2021: FM proposes sharp
increase in Capital Expenditure
"For 2021-22, I propose a sharp increase in
Capital Expenditure & thus have provided Rs5.54 lakh crores which is 34.5%
more than the BE 2020-21," says FM Nirmala Sitharaman.
11.) Rs2.87 lakh crore for Jal Jeevan
Mission
Jal Jeevan Mission Urban to be launched, outlay Rs2.87
lakh crore over 5 years. Aimed at universal water supply in all 4,378 urban
local bodies, with 2.86 crore household tap connections and liquid waste
management in 500 AMRUT cities.
12.) Union Budget 2021: Following
Announcements made by Nirmala Sitharaman So far
- Voluntary
vehicle scrapping policy to phase out old vehicles; fitness tests after 20
years for personal vehicles.
- National
monetization pipeline for potential brownfield infrastructure assets will
be launched.
- PLI
scheme with outlay of Rs1.97 lakh crore for 5 years starting this fiscal
year.
- Govt to
introduce bill to set up development financial institution with an outlay
of Rs20,000 cr.
- Swachh
Bharat 2.0 will be implemented with outlay of Rs1,41,678 cr over 5 years.
- Scheme
of mega investment textiles park in addition to PLI scheme will be
launched.
- Jal
Jeevan mission with outlay of Rs2.87 lakh crore for 4,378 urban local
bodies.
- Govt to
provide Rs35,000 cr for Covid-19 vaccination in 2021-22.
- FM proposes Aatma-Nirbhar health programme with an outlay of Rs64,180 crore in addition to national health mission.
13.) Govt to
monetize dedicated freight corridors
Railway to monetize
dedicated freight corridors, says FM Sitharaman in her Budget speech on
monetization of assets.
14.) GAIL, IOC,
HPCL to be monetized
The Centre government
will monetize the pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and
HPCL, says FM Sitharaman.
15.) Budget 2021:
Rs2 lakh cr to meet capex
The government will
provide Rs 2 lakh crore to states and autonomous bodies to meet capital
expenditure, says the FM.
16.) 8,500 kms of
road, highways by 2022
The government to award
about 8,500 kms of road and highway projects by March 2022 to further augment
road infrastructure.
17.) Budget 2021:
Over 1.1 lakh crore for railways
Record Rs1.1 lakh crore
provided for railways, of which Rs1.07 lakh crore for capital expenditure in
2021-22, says FM Nirmala Sitharaman.
18.) Union Budget
2021-22: Other key announcements in FM's Budget speech
- FM
announces Rs25,000 cr road projects in poll-bound West Bengal.
- Power
sector seen many reforms in last six years, 138 GW of installed capacity
added, says FM Nirmala Sitharaman.
- FM
allocates Rs65,000 cr for road, highway projects in Kerala, Rs3,400 cr for
Assam.
- A
framework to be put in place to give power consumer option to chose
discos.
- FM
Finance Minister says 100 pc electrification of broad gauge rail tracks by
December 2023.
- FM
announces 7 port projects worth more than Rs2,000 cr via PPA mode.
- FM
announces Rs18,000 cr scheme to augment public transport in urban areas.
- Framework will be put in place to allow electricity consumers to choose from more than one distribution company: FM.
19.) Union Budget 2021:
FDI up in Insurance to 74%
Finance Minister Nirmala
Sitharaman announces the enhancement of foreign direct investment (FDI) in
insurance to 74 per cent from 49 per cent. The FM also earmarks Rs20,000 crore
for further recapitalization of state-owned banks.
20.) Budget
2021-21: NCLT framework to be strengthened
The central government
will strengthened NCLT framework. The finance minister says the definition of
small companies will be revised by raising capital base to Rs2 crore from
current limit of Rs50 lakh. Asset reconstruction and management company to be
set up for stressed assets of banks.
21.) FM announces
disinvestment receipts of Rs1.75 lakh cr
Finance Minister puts
disinvestment receipts at Rs 1.75 lakh crore for fiscal year beginning April 1,
2021. "Two PSBs and one general insurance company to be divested,
legislations amendments to be introduced in this session," says the FM.
22.) FM announces
new disinvestment policy
The Centre to divest
PSUs in all sectors, except four, says FM; announces new disinvestment policy.
NITI Aayog will work on the next list of central public sector companies for
disinvestment.
23.) Budget 2021
highlights: Govt committed to farmers' welfare: FM
Agri procurement has
increased steadily, benefiting farmers, says FM Sitharaman, amid opposition
slogan shouting against three farm laws.
24.) Budget 2021
highlights: Farmers paid Rs75,100cr wheat MSP
Over Rs.43.36 lakh wheat
growing farmers benefited from the Centre's MSP procurement scheme against
35.57 lakh previously, says FM Sitharaman. Farmers paid Rs75,100 crore on wheat
MSP in FY21, says FM. "Agriculture credit target raised to Rs16.5 lakh
crore in 2021-22."
25.) Other key
announcements made by Finance Minister Nirmala Sitharaman
Allocation to rural
infra development increased to Rs40,000 crore in FY22 from Rs30,000 crore in
FY21 Operation green scheme to cover 22 more perishable commodities. FM announces
development of 5 major fishing hubs.
Over 1,000 more mandis
to be integrated with electronic national market. Agri infra fund to be made
available to APMCs to augment infra facilities. Agri Infra Fund increased to
Rs40,000 cr, Micro Irrigation Corpus doubled to Rs10,000 cr. Social security
benefit to be extended to platform and gig workers. One nation, one ration card
plan under implementation in 32 states and 1 UT Central university to be set up
in Leh. Govt proposes portal to collect info on gig-workers, building and
construction workers, among others.
26.) More opportunities
under apprenticeship law
The Centre has proposed
to amend apprenticeship law to enhance opportunities for youth. Modalities have
been worked out for national research foundation. The Centre has earmarked
Rs50,000 crore over five years.
27.) Fiscal deficit
pegged at 9.5%
Finance Minister Nirmala
Sitharaman says in the RE 2020-21, the fiscal deficit has been pegged at 9.5
per cent of India's GDP, while the fiscal deficit in BE 2021-22 is pegged at
6.8 per cent of the GDP. The central government is aiming to bring it down to
less than 5 per cent of the GDP by 2025-26, says Sitharaman.
28.) Forthcoming census
to be digital, says Sitharaman
The forthcoming census
would be the first digital census in the history of India. "For this
monumental task, I have allocated 3,768 crores in this year 2021-22," says
FM Nirmala Sitharaman. Over Rs3,726 crore allocated for forthcoming Census, which
will be the first digital census.
29.) Union Budget
Highlights: Govt to borrow R 80,000cr in next 2 months
The FM says COVID-19
relief led to rise in expenditure to Rs34.50 lakh crore in the current fiscal
as against Rs30.42 lakh crore budgeted a year back. "The government will
borrow Rs80,000 crore in the remaining two months to meet FY21
expenditure," says FM.
30.) Budget 2021
Highlights: Govt to borrow Rs12 lakh crore in FY22
The central government
will borrow around Rs12 lakh crore in FY22. The expenditure pegged at Rs34.83
lakh crore, including Rs5.54 lakh cr of capital spending, says the FM.
31.) Budget 2021
Highlights: No I-T returns filing for pensioners over 75
Senior citizens above 75
years of age with only pension income exempted from filing tax returns, says
the FM.
32.) Union Budget
Highlights: Announcements on auto, customs, steel
Customs duty on certain
auto parts, solar equipment raised
Govt rationalizes
customs duties on gold and silver for FY22
Govt exempts duty on
steel scrap up to March 2022
Customs duty on naphtha
cut to 2.5%.
33.) Union Budget
Highlights: Tax exemptions announced by FM
Govt to review over 400
old exemptions in indirect taxes
Tax holiday for startups
extended by 1 year in view of Covid
Exemption on capital
gains on investment in startups also extended by 1 year
Tax exemption for
aircraft leasing companies
Tax exemption for
notified affordable housing for migrant workers.
34.) Budget 2021:
Other key highlights
- Rs1.5
lakh deduction on payment of interest for affordable housing extended by 1
yr
- Govt
proposes to relax norms to attract more foreign investment in
infrastructure sector
- Advance
tax liability on dividend income shall arise only after payment of
dividend
- Exemption
from tax audit limit doubled to Rs 10 crore turnover for companies
doing business via digital modes.
- Govt
proposes to make income tax appellate tribunals faceless
- Serious
tax offences of concealment of income of over Rs 50 lakh can be reopened after
10 years
- States
to get 41 per cent share of taxes as per 15th Finance
Commission recommendation.
Watch Full Video of
Budget on You Tube as following linked Videos.
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