On Feb 1.2021, Smt. Nirmala Sitharaman , The Union
Minister for Finance & Corporate Affairs, has presented this decades first
budget , which is available in digital form e in the backdrop of unprecedented
COVID-19 crisis. Mainly this budget focus on the following broader areas which
we can say that the pillars of this budget:
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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
6. Minimum Government and Maximum Governance
So in this blog let’s look at the important points of this union budget .
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1. Health and Well being
As we aware that covid pandemic has effected everyone this
time the government has given more priority to health sector.
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| (Image Credit :pib.gov.in) |
* The union government has started new scheme called the PM Atma Nirbhar Swasath Bharat Yojana a 6 year programme with a budget outlay of Rs. 64,180 Cr. Under this programme the initiatives like
ü * Setting
up of Integrated Public health labs cat district level
ü * Establishment
of Critical care hospitals in blocks
ü * Support
for rural and urban health and wellness centers
ü * Strengthening
of National Center for Disease Control (NCDC)
ü * Setting
up of a national institution for One Health, a Regional Research Platform for
WHO South East Asia Region, 9 Bio-Safety Level III laboratories and 4 regional
National Institutes for Virology
* Mission Posha 2.0: To strengthen nutritional
content, delivery, outreach, and outcome.
* Jal Jeevan Mission (Urban) for Universal Coverage of
Water Supply
* Under Swachch Bahart, Swasth Bharat initiative they
have started the Urban Swachch Bharat Mission 2.0
* Introduction of ‘ Voluntary Scrapping policy ‘ –
Fitness centers will be established in different cities where for personal
vehicles after 15 years and for commercial vehicles after 20 years of purchase
the vehicle fitness test will be done .
2. Physical and Financial capital and Infrastructure
In this sector the following initiatives were
undertaken
* Availability of Production Linked Incentive (PLI)
scheme to the 13 sectors
* Expansion of National Infrastructure Pipeline (NIP)
to the 7,400 projects.
* Under Assets Monetization Programme (AMP) the oil
and gas pipelines of GAIL, IOCL, and HPCL. Air Port Authority of India airports
in 2 & 3 tier cities. Other railway infrastructure assets. Warehousing
assets of CPSEs (Central Warehouse Corporation and NAFED), Sports stadiums operations
will be monetized.
*Major ports in India now onwards will be managed by
the private partners in Public-Private- Partnership model.
* Amendment in Insurance Act, 1938 to increase the
permissible FDI limit from 49% to 74%.
* For urban infrastructure development ‘MetroLite’ and ‘MetroNeo’ technologies to provide metro rail systems at much lesser cost with similar experience in Tier-2 cities and peripheral areas of Tier-1 cities.
3. Inclusive Development for Aspirational India
This section includes the agriculture and allied sectors,
Farmers welfare and rural India, migrant workers and labours and financial inclusion.
* Ensured MSP @ minimum 1.5 times the cost of
production across all commodities.
* Extension of Operation Green Scheme to 22 perishable
products.
* 1000 mandies to be integrated with e-NAM.
* APMCs to get access to the ‘Agriculture Infrastructure
funds’ for augmenting infrastructure facilitates
* One nation, one ration card scheme for the benefit
of migrant workers.
4. Reinvigorating Human Capital
* Setting up 100 new Sainik schools in partnerships
with NGO/ Private schools /States.
* Establishment of Higher Education Commission of
India having for separate vehicles for standards setting, accreditation, regulating
and funding’s to the institution.
* Establishment of 750 Ekalavya model residential schools
* Setting up of Training Inter Training Programme (TITP) between India and Japan.
5. Innovation and R&D
*Announcement of National Research Foundation which
will ensure overall research ecosystem of the country is strengthened with
focus on identified national-priority thrust areas.
* Government will undertake a new initiative –
National Language Translation Mission (NTLM).
* First unmanned launch is slated for December 2021
6. Minimum
Government, Maximum Governance
* Introduction of the National Commission for Allied
Healthcare Professionals Bill in Parliament, with a view to ensure transparent
and efficient regulation of the 56 allied healthcare professions.
* The forthcoming Census first digital census in the
history of India.
*Simplification of the Tax Administration, Litigation
Management and ease the compliance of Direct Tax Administration. The indirect
proposal focuses on custom duty rationalization as well as rationalization of
procedures and easing of compliance.
* In order to promote International Financial Services
Centre (IFSC) in GIFT City, the Budget proposes more tax incentives.
(Content sources : PIB, Prepmate )
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