UNION BUDGET 2021-22 Highlights - CA Nischal R B

 

UNION BUDGET 2021-22 Highlights

1 February, 2021, witnessed the announcement of the Union Budget for FY 2021-22. The focus in this year's Budget is to strengthen the Sankalp of Nation First, Doubling Farmer's Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.

The Union Budget website contains the Highlights of the FY 2021-22 Budget. The Press Information Bureau (PIB) website also contains a summary of the Budget. The Budget proposals for 2021-22 rest on 6 pillars.

·         Health and Wellbeing

·         Physical & Financial Capital, and Infrastructure

·         Inclusive Development for Aspirational India

·         Reinvigorating Human Capital

·         Innovation and R&D

·         Minimum Government and Maximum Governance

GDP has seen a V-shaped recovery. With balanced focus and allocation in multiple sectors, Indian economy is poised to leapfrog on the growth path.

·         Government Reforms

·         Increase in borrowing limits of States

·         Privatisation of Public Sector Enterprise

·         Agriculture and Allied Sectors

·         Emergency working capital & Concessional Credit Boost for farmers

·         Agriculture marketing reforms

·         Extending SWAMITVA Scheme to all States/UTs

·         1000 more Mandis to be integrated with e-NAM

·         MSMEs & Industry

·         Collateral free loans for businesses

·         PM Garib Kalyan Yojana

·         Change in definition of MSMEs

·         Migrant Workers

·         One Nation One Card

·         Free food grain supply to migrants

·         Social Security benefits will be extended to gig and platform workers

·         Energy

·         Liquidity support for discoms

·         Commercial coal mining

·         Social Sector

·         National Digital Health Blueprint

·         Technology driven education: PM eVidya, National Foundational Literacy and Numeracy Mission

·         Health

·         137% rise in allocation

·         INR 35000 crore for Covid-19 vaccine

·         Research & Development

·         National Research Foundation with outlay of INR 50,000 crore over 5 years

·         National Language Translation Mission to boost Internet access

·         Deep Ocean Mission for ocean exploration and biodiversity conservation

·         Infrastructure

·         National Rail Plan aims at 100% electrification of Broad Gauges by 2023 & developing adequate rail infrastructure by 2030 to cater to projected traffic needs up to 2050

·         Increase modal share of rail in freight from 27% to 45%

·         Urban Development

·         MetroLite and MetroNeo for tier 2 and peripherals of tier 1 cities

·         Voluntary Vehicle Scrapping policy

·         INR 2,217 crore for 42 urban centres to tackle air pollution