The finance minister of India, Nirmala Sitharaman presented the Budget 2021, which earlier she had said will “be a Budget like never before.” Thus, naturally, the expectations from the budget 2021 are at an all-time high.
With this year’s budget, the government aims to boost economic revival by focusing on infrastructure, healthcare, agriculture, rural economy, MSMEs sectors impacted by the Covid-19 pandemic. Here are the key points of the Budget 2021:
1. To start with, FM Nirmala Sitharaman shared the key pillars that are critical for economic growth and the pillars around which the budget for 2021 has been prepared.
2. In one of the first announcements, Finance Minister increases FY22 capital expenditure by 34.5% to ₹5.54 lakh crore.
3. FM announces Urban Swachh Bharat Mission 2.0 for bettering the air quality and overall environmental health of polluted states and cities in the country.
4. To meet its disinvestment goals and bring down the fiscal deficit, the government has decided to bring the IPO of LIC. This will allow more investors to fuel money in the same. More disinvestment will happen in BPCL, CONCOR, Pawan Hans, Air India and more.
5. The government has proposed to amend Insurance Act, 1938 to increase the FDI limit from 49% to 74% in insurance companies.
6. Rs 35,000 crores allotted for coronavirus vaccine in the initial stage, more infusion promised if needed.
7. For faster delivery of goods from one location to another, the government promises infusion in the Railway’s national plan. Eastern and western freight corridors are part of the plan.
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8. Sitharaman also announced a voluntary vehicle scrapping policy in Union Budget 2021 where vehicles will undergo a ‘fit test’. The scrappage policy will take old vehicles off roads.
9. Sitharaman quotes the ‘One Nation One Ration Card’ scheme.
10. Fiscal deficit target pegged 9.5% of GDP
- FY21 revised expenditure target at ₹34.50 lakh crore.
- FY21 fiscal deficit target pegged 9.5% of GDP.
- FY22 fiscal deficit target 6.8% of GDP.
- Net borrowings for states capped at 4%
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11. 5 major fishing harbours to spawn across the country.
12. Center sponsored scheme – PM Aatmanirbhar Swasthya Bharat Yojana – to boost health care in the coming six years announced.
13. No income tax return filing for senior citizens above 75. Also, anyone with a taxable income of up to Rs 50 lakh, disputed income of up to Rs 10 lakh now eligible to approach the dispute resolution committee.
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14. Procurement of grains has increased in recent years, says FM.
15. FM Nirmala Sitharaman proposes a digital census.
16. Agriculture credit target raised to ₹16.5 lakh cr in 2021-22
17. New 8,500km highway projects proposed.
- 3,500 km corridor in Tamil Nadu
- 1,100 km in Kerala at investment of Rs 65,000 cr
- 675 km in West Bengal at a cost of Rs 95,000 cr
- 1,300 km in Assam in the next 3 years
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