Union Budget 2021 Highlights : Here are Key Highlights of Budget 2021-22
Union Budget 2021-22
The Union Budget 2021 is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. The Union Budget 2021 is specially a vision for making Aatma Nirbhar Bharat. During the presentation of budget the Finance Minister Nirmala Sitharaman said that the Union Budget 2021 is an expression of 1.3 billion Indians who have full confidence in their capabilities and skills. As she said “This Budget will boost economy”.
The Union Budget Proposals for 2021-22 rest on 6 Pillars :
Finance Minister Nirmala Sitharaman on 1st February, presenting the Union Budget for 2021-22, said that the Budget proposals for this financial year rest on Six pillars.
6 pillars of the Union Budget 2021-22:
1. Health and well-being
2. Physical and financial capital and infrastructure,
3. Inclusive development for aspirational India,
4. Reinvigorating human capital,
5. Innovation and R&D, and
6. ‘Minimum Government and Maximum Governance’.
The Union Budget 2021 Theme :
The theme of Union Budget 2021 will largely circle around Covid-19, economic recovery and growth. As part of the central theme, the government is expected to focus on demand and job creation through targeted schemes and incentives.
Budget 2021 Summary
KEY HIGHLIGHTS OF UNION BUDGET 2021-22 :
1. ₹35,000 Crore for COVID-19 vaccine
2. Aim to complete 11,000 km of National Highway infrustructure by this year
3. ₹1.10 Lakh crore outlay for Railway
4. PM Atmanirbhar Swastha Bharat to be launched with an outlay of 64,180 Crore over 6 years to strengthen primary, secondary and tertiary health care
5. The Urban Swaccha Bharat scheme to be implemented with an outlay of over ₹1.4 Lakh Crore
6. ₹3.05 Lakh Crore outlay for power sector
7. Infusion of ₹20,000 Crore for Public Sector Bank
8. Jaal Jeevan Mission gets outlay of ₹2.87 Lakh Crore
9. ₹1,500 Crore for promoting Digital mode of Payment
10. No income tax for people over 75 who have only pension & interest income
11. Voluntary scrapping policy for old vehicles announced. Private vehicles will undergo fitness tests after 20 years and commercial vehicles after 15 years
12. Capital expenditure allocation is ₹54 Lakh Crore for 2021-22
13. Foreign ownership limit of insurance companies increased from 49% to 74%
14. 8,500-km Highway works proposed in Kerala, West Bengal, Assam and Tamil Nadu
15. Consumers to be given a choice of more then one distribution company for electricity
16. Two Public Sector Banks and one General Insurance Company for stake Sale
17. The limit for reopening of assessment reduced from 6years to 3years
18. 15,000 schools will be qualitatively strengthened
19. 100 new Sainik Schools to be set up
20. Central University to come up in Leh for accessibility of higher education in Ladakh
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21. ₹35,219 Crore over 6years to benefit Scheduled Caste Students
22. ₹300 Crore granted to the Govt of Goa for celebration of 50 years of independence from the Portugees
23. No change in income tax slabs and income tax exemptions
24. ₹18,000 cr scheme for public transport in urban areas
25. Govt allocates Rs 830cr for Fund of Funds for Startups
26. Social Justice and Empowerment Ministry allocated ₹11,689.39 crore, a 28.35 per cent increase over previous financial year’s revised amount
27. 100% electrification of Broad-Gauge routes to be completed by December, 2023
28. For the Creation of institutional structures ₹20,000 crore to set up and capitalise a Development Financial Institution(DFI) – to act as a provider, enabler and catalyst for infrastructure financing
29. 5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs of economic activity
30. ₹1,18,452 crore as Revenue Deficit grant to 17 states in 2021-22
31. One nation one ration card scheme under implementation in 32 states and UTs.
32. Additional deduction of ₹1.5 lakh shall be available for loans taken up till 31 March 2022 for purchase of affordable house
33. Supplementary Nutrition Programme and Poshan Abhiyan to be merged and launched as Mission Poshan 2.O
34. PLI launched to create manufacturing global champions across 13 sectors with amount committed nearly ₹1.97 lakh crore FY2021-22 in next 5 years starting FY2021 – 22
35. MITRA Scheme to create world class infrastructure for global champions in textile sector leading to creation of 7 textile parks over 3 years
36. 750 Eklavya schools in tribal areas
37. Realigning National Apprenticeship Training scheme for graduates and diploma holders in Engineering
38. Partnership with UAE and Japan in area of skill development and recognition
39. National Research Foundation with outlay of ₹50,000 crore over 5 years
40. National Language Translation Mission to boost internet access
41. Deep Ocean Mission for ocean exploration and biodiversity conservation
42. Defence Budget increased to ₹4,78,195 crore from ₹4,71,378 crore.
43. ₹1,000 crore to be provided for welfare of tea workers
44. Regional Research Platform for WHO South-East Asia Region
45. Production Linked Incentive scheme (PLI). ₹1.97 lakh crore in next 5 years for PLI schemes in 13 SectorsSectors
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Milestone :
• 2021 – Year of Milestones for Indian History
• 75th year of India’s independence
• 60 years of Goa’s accession to India
• 50 years of the 1971 India-Pakistan War
• Year of the 8th Census of Independent India
• India’s turn at the BRICS Presidency
• Year for Chandrayaan-3 Mission
• Haridwar MahaKumbh
* Must Read : KEY HIGHLIGHTS OF UNION BUDGET 2022-23
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