Union Budget 2021-22: Important Points


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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* 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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