Finance Minister Nirmala Sitharaman will present the Union Budget for 2021-2022 today. The budget this year assumes a greater significance as it is set to be presented amid a pandemic which has disrupted the world economy and has had a great impact on India.
The Budget 2021 is expected to revitalise the economy and put it back on the path to recovery.?
Since the last Budget, the size of India¡¯s economy has reduced from Rs 2.24 lakh crore nominal GDP to Rs 1.94 lakh crore.
Income tax provisions
- Anyone with taxable income of up to Rs 50 lakh, disputed income of up to Rs 10 lakh eligible to approach dispute resolution committee
- Exemption from filing income tax return for senior citizens above 75 years having only pension and interest as income, says FM
Govt to provide Rs 1000 cr for welfare of tea workers in Assam & West Bengal
To give a further boost to digital transactions, govt earmarks Rs 1500 crore
Benefits to SC students
- Govt to allocate Rs 35,219 crore for 6 years to benefit 4 cr Scheduled Caste students
- Govt to set up central university in Leh, says FM
1000 more mandis to be integrated to E-NAM, says Sitharaman
Govt enhances agriculture credit target to Rs 16.5 lakh crore this year
Sloganeering in Parliament after FM says the government is committed to welfare of farmers
The one man show, Government to now allow one-person companies
- No restriction on paid-up capital and turnover, to incentivise incorporation of one-person companies
- Conversion of one-person company to any other kind, reducing residency limit from 182 days to 120 days
- Allow non-resident Indians to incorporate one-person companies in India
FM's infra boost: Providing Rs 1.15 lakh crore for Railways, privatising airports
- Out of the Rs 1.15 lakh cr for Railways, Rs 1.07 lakh cr is towards CAPEX
- Indian Railways national rail plan for India to prepare a future-ready railway system by 2030, says the FM.
- Indian Railways have a National Rail Plan for 2030.
- Next lot of airports to be privatized in tier 2 and 3 towns and cities
Highway infrastructure work proposed include building 8,500-km of highways by March 2022
- 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
Rs 1.41 lakh crore for Urban Clean India Mission
- Urban Swachh Bharat 2.0 Mission to be launched at outlay of Rs 1.41 lakh crore over 5 years.
- Jal Jeevan Mission Urban to have an outlay of Rs 2.87 lakh crore.
FM lays out a Rs 64,180 crore spending plan for healthcare over the next six years
- Will be spent on primary, secondary and tertiary healthcare
- In addition to the National Health Mission.
- 17,000 rural and 11,000 urban health and wellness centres to be set up
- Integrated public health labs to be set up in each district
Budget 2021: Voluntary scrapping policy for vehicles
The government has introduced the Scrapping policy to remove unfit vehicles on a voluntary basis. All private vehicles beyond 20 years and commercial vehicles older than 15 years old will have to undergo fitness test.
Sitharaman announces Rs 35,000 crore for Covid-19 vaccine
Sitharaman announces Rs 35,000 crore for Covid-19 vaccine. 'The government is committed to providing more funds. The Budget outlay for health and welfare is Rs 2,23,846 crore in the 2021-22 Budget. This is a 137 per cent increase,' she adds.
Sitharaman lists the below as main pillars of Budget 2021?
- Health?
- Human capital?
- Innovation and R&D?
- Physical infrastructure??
The Government stretched its resources for the benefit of the poorest of the poor. The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves: FM Nirmala Sitharaman? ?
Sitharaman now quotes Tagore during Budget 2021 presentation.
"Faith is the bird that feels the light when the dawn is still dark." She also remembers Indian cricket team victory's in Australia