What are the main Highlights of Union Budget 2021-22?

Highlights of Union Budget 2021-22 – Nirmala Sitharaman

India Budget 2021-22: Highlights of Union Budget 2021-22

The Union Budget is the yearly financial report estimating the income and expenditure of the govt for the next financial year to outline future policies to be adopted for sustainable growth and development.

The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st Feb in the Parliament. The first paperless budget was touted as an Economic vaccine.

Main Highlights of Union Budget 2021-22

6 pillars of the Union Budget 2021-22:

i. Health and Wellbeing;

ii. Physical & Financial Capital, and Infrastructure;

iii. Inclusive Development for Aspirational India;

iv. Reinvigorating Human Capital;

v. Innovation and R&D;

vi. Minimum Government and Maximum Governance

2. The govt has proposed several new schemes and announcements including the launch of Mission Poshan 2.0, Urban Swacch Bharat Mission [allocated Rs 1.42 lakh crore], Urban Jal Jeevan Mission [allocated Rs 2.87 lakh crore to cover houses and to be implemented over five years], PM Atmanirbhar Swasth Bharat Yojana, Voluntary Vehicle Scrapping Policy, National Hydrogen Mission, National Railway Plan, First Digital Census, Investor Charter and first central university in Leh.

3. Finance Minister made no announcement for change in the Income Tax Slabs or exemptions in the Union Budget. However, the Budget 2021 exempts senior citizens of 75 years & above from filing ITR.

4. Fiscal deficit estimated at 9.5% of GDP for 2020-21. Fiscal deficit for 2021-22 pegged at 6.8% of GDP.

5. In order to further fund for COVID-19 vaccines, Rs 35,000 crore to be allocated for this purpose.

6. FM announces further infusion of Rs 20,000 crore in PSBs.

7. In insurance sector, Foreign Direct Investment proposed to be hiked to 74% from 49% now.

8. Agriculture Infrastructure & Development Cess (AIDC) of Rs 2.5 per litre & Rs 4 per litre on Petrol & Diesel to be imposed respectively.

9. Rs 1,10,055 crore has been allocated for Indian Railways. Out of the total, Rs 1,07,100 crore will be used for capital expenditure in 2021-22.

10. The budget proposes an increase in the agriculture credit target to Rs 16.5 lakh crore. RIDF to be enhanced to Rs. 40,000 crore from Rs. 30,000 crore.

11. The government has provided close to Rs 3.60 lakh crore towards launching a “revamped”, reforms-based, result-linked power distribution sector scheme.

12. FM puts disinvestment receipts at Rs 1.75 lakh cr for the fiscal year beginning April 1, 2021. Strategic disinvestment of Air India, BPCL, Container Corporation of India, Shipping Corporation of India, BEML, Pawan Hans, IDBI Bank, Neelachal Ispat Nigam limited etc. to be completed in 2021-22. Other than IDBI Bank, two PSBs and one General Insurance company to be privatized. The government plans to sell part of its holding in LIC through an initial public offering in the coming year.

13. The government will allot Rs 1.03 lakh crore for National Highway Projects in Tamil Nadu; Rs 65,000 core for National Highway Projects in Kerala; Rs 25,000 crore for National Highway Projects in West Bengal.

14. The government has announced the extension of benefits of the Ujjwala scheme to an additional 1 crore people.

15. Under the National Education Policy (NEP), over 15,000 schools to be qualitatively strengthened.

16. Rs. 1,000 crore for the welfare of Tea workers especially women and their children in Assam and West Bengal through a special scheme.

17. Rs. 3,768 crore allocated for first digital census in the history of India.

18. Rs. 300 crore grant to the Government of Goa for the diamond jubilee celebrations of the state’s liberation from the Portuguese.

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