The Union Budget 2021-22. The most crucial budget ever?
On 1st February, 2021; the Finance Minister Nirmala Sitharaman announced the Union Budget. The Budget 2021-22 was completely paperless. It was a first time when FM used a tablet to describe the budget details. The budget was aimed to provide the stimulated growth. It was also aimed to provide monetary help to the start ups and MSMEs.
NOTE | At the end of the article, Finance Minister's Budget Speech is provided.
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This time the budget was aimed to be crucial. The GDP was almost down to the -23. Also, can not forget the agricultural sector as it is the most trending issue now.
In this article, the budget is topic wise written. It will be more easier for a reader to understand and to achieve it.
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How Was The Overall Budget 2021-22?
The budget came under the Covid-19 circumstances. The health sector was aimed to be more significant in the eyes of budget. The pandemic lead us to the massive economical and technological disorder. This time the focus was on the manufacturing, production and PLI schemes (Product Linked Incentives).
₹1.97 Lakh crore will be used to accumulate the PLI scheme in 13 sectors. This step ahead is more likely to attract the global investors and other manufacturing sectors. Along with PLI, the major mind set was into increase the FDIs (Foreign Direct Investments).
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Minimum wages to accumulate all the daily wages workers will boost the economic development, FM added. The decision to allow women in the all work force has explained the significant outcome.
Sector-wise details of the Union Budget 2021-22 | (Major 7 Sectors)
1) The Health Sector
Government will launch "PM Aatma Nirbhar Swasth Bharat Yojana", in which total ₹64,000 Crore will spent for next 6 years.
It will provide support to the 17,000 rural and 11,000 urban wellness centers.
₹35,000 will be allocated for the Covid-19 vaccination drive for the year 2021-22.
2) Fintech and Startups
In GIFT City, Gandhinagar; new Fintech hub will set up. (GIFT City stands for - Gujarat International Finance Tec-City)
It aims to create around 1.5 Lakh jobs for youth.
Capital gains exemptions by one more year to 31 March, 2022 for the startups.
Will provide additional 1 more year to claim tax holiday.
Proposes to incentivize one member companies (Sole proprietorship).
3) Agricultural Sector
Government assures that it works for the welfare of the farmers. - FM Nirmala Sitharaman
On specified goods, agriculture infrastructure cess will imposed. Applicable from 2nd February.
Agricultural Infrastructure Cess on Petrol at ₹2.5/liter and on Diesel ₹4/liter.
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₹1 Lakh Crore infrastructure fund will used for the development of state controlled Mandis.
Total 1000 Mandis will integrated into the E-NAM (Electronic - National Agricultural Market) market place.
MSP (Minimum Support Price) is increased to 1.5 times from 2013-14.
Total Payout of Wheat : -
In the Year 2013-14 - ₹33.874 Crore
In the Year 2019-20 - ₹62,804 Crore
In the Year 2020-21 - ₹75,050 Crore
₹43.36 Lakh wheat growing farmers were benefitted compared to ₹35.57 lakh in the year of 2019-20.
New multipurpose seaweed park will made up in Tamil Nadu.
4) Infrastructure Sector
PLI schemes announced for 13 sectors.
The National Infrastructure Pipeline (NIP) was launched with 6835 projects, which is now expanded to 7400 projects.
The project will require additional funding from the government and the Finance Ministry.
Asset Monetization - Government of India announced that it is planning to sell the existing asset to fund their future infrastructure project. In which the National Pipeline Project will initiated.
New Highways and Roadways for better logistics and transportation.
3900 KM long National Highway in Tamil Nadu.
1100 KM long NH in Kerala.
600 KM for Mumbai - Kanyakumari corridor.
1000 KM stretch in Assam. (according to the National Highways Authority of India)
National Railways plan created to bring future ready Railway System by 2030.
100% Electrification to be completed by 2023.
MetroLite and MetroNeo will developed in Tier 2 cities. Also in peripheral areas of Tier 2 cities. These are low cost metro rail projects.
The Ujjwalla (LPG Gas Cylinder) scheme will be extended to the 1 crore beneficiaries over and above 8 crore households.
Jal Jivan Mission to give better water supply nationwide.
More power to the Swachh Bharat Mission.
5) Finance and Investments
Insurance act will made up to increase the FDI limit from 49% to 74%.
Two PSU bank and one general insurance firm will be disinvested this year.
An IPO for the LIC (Life Insurance Corporation) will be debuted this year.
Sale of BPCL, IDBI Bank, Air India to be completed in 2021-22.
Senior citizens above the age of 75 do not have to file taxes if they survive on only pension and interest income.
6) Education Sector
Plan to set up 100 new Sainik Schools.
Eklavya School set up plan for 750+ tribal areas.
The Central University to come up in Ladakh.
7) Employment
The government will launch a portal in which it will maintain the information of gig workers and construction workers.
The portal aims to extend social security to these workers.
Margin capital requirements for loans through the Stand-up India scheme reduced from 25% to 15% for the SCs, STs and women.
LISTEN TO THE FINANCE MINISTER'S BUDGET SPEECH
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