Highlights Of Union Budget 2021

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Highlights of Union Budget

While conveying the Union budget for 2021-22, Finance Minister Nirmala Sitharaman stated that the budget plans for this economic year are based on seven elements: health and well-being, physical and financial capital and infrastructure, inclusive growth of India’s aspiration, reviving human capital, innovation, and R&D, and Minimum Government, Maximum Governance. Some of the Union Budget’s major highlights include major declarations like a slump in customs duty benefits. Make in India, a proposition to disinvest 2 more PSBs and a general insurance organization, and many infrastructure commitments to poll-bound states. The fiscal deficit is at 9.5 per cent of GDP and is approximated to be 6.8 per cent in 2021-22. Personal income tax blocks persist as they are.

4 poll-bound states – Kerala, Tamil Nadu, Assam, and West Bengal – would see substantial road development expenditure. After the budget announcement, Prime Minister Narendra Modi said it spoke of “all-round development.” “From Covid-related policy changes to Atmanirbhar’s resolution, we migrated forward with this mantra in Budget 2021. It’s an active and not a reactive budget.”

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Health And Sanitation

If you want a nation and its people strong, then you must take care of their health and sanitation. The key highlights of the Union Budget 2021-22 regarding the health and sanitation sector take care of these aspects. They are as follows:

  • A new scheme, PM Atma Nirbhar Swasthya Bharat Yojana, was launched to develop primary, secondary and tertiary healthcare
  • Jal Jeevan Mission Urban directed to provide a better water supply across the country
  • Operationalization of seventeen modern public health units at spots for entrances
  • Urban Swachh Bharat Mission substantiation and its strengthening
  • Refurbishment of subsisting health units at thirty-two airports, fifteen seaports, and land ports

Nutrition

Nutrition is an important and key element to prosper the youth of the nation.The key highlights of the Union Budget 2021-22 regarding the Nutritional sector are as follows:

 Reinforcement of Mission Poshan 2.0 :

  • To brace nutritional content, performance, outreach, and the upshot
  • Uniting the Supplementary Nutrition Program and the Poshan Abhiyan
  • Strengthened policy to be affirmed to enhance nutritional results over 112 Aspirational areas

Education

To deal with the problem of poverty and illiteracy the nation needs to take care of the education and make sure each child is given a chance of going to school. The key highlights of the Union Budget 2021-22 regarding the Educational sector are as follows:

  • A hundred new Sainik Schools to be established
  • Seven hundred fifty Eklavya schools to be established in tribal districts 
  • A Central University in Ladakh to be established 

Infrastructure

With better infrastructure we will be on the road of development and be able to connect the population to each other with ease. The key highlights of the Union Budget 2021-22 regarding the Infrastructural sector are as follows:

  • A hundred percent electrification of Railroads to be achieved by 2023 
  • Vehicle scrapping policy to weed out old and inadequate transportations – all vehicles to go through a competence test in automated fitness stations every twenty years (private transports), every 15 years (business transports) 
  • National Rail Plan designed to make a future-ready Railway order by 2030 
  • Metro aids proclaimed in twenty-seven cities, in addition to allotments for Kochi Metro, Chennai Metro Phase 2, Bengaluru Metro Phase 2A and B, Nashik and Nagpur Metros 
  • National Hydrogen Mission to be established to produce hydrogen from green power roots 
  • Recycling potential of ports to be multiplied by 2024 
  • Highway and road works proclaimed in Kerala, Tamil Nadu, West Bengal, and Assam 
  • Gas pipeline project to be established in Jammu and Kashmir 
  • Pradhan Mantri Ujjwala Yojana (LPG scheme) to be prolonged to cover one crore more, recipients  
  • National Asset Monetising Pipeline originated to control the asset monetization procedure

Economy And Finance in the Union Budget 2021

The key highlights of the Union Budget 2021-22 regarding the Economy and financial sector are as follows:

  • Scheme to raise FDI frontier from 49% to 74% 
  • To take over stressed loans, an asset remodeling organization will be established
  • Security insurance raised from INR one lakh to INR five lakh for bank investors 
  • A Unified Securities Market Code to be created, incorporating procurements of the Sebi Act, Depositories Act, and 2 other statutes 
  • The financial deficit persists at 9.5% of the GDP; expected to be 6.8% in 2021-22 
  • Scheme to legitimize Limited Liability Partnership Act of 2008 
  • 2 PSU bank and1 comprehensive insurance organization to be privatized this year 
  • An IPO of LIC to première this fiscal 
  • Imperative sale of BPCL, IDBI Bank, Air India to be achieved 
  • Plan to enable States to increase takings to 4% of GSDP this year 

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Agriculture

The key highlights of the Union Budget 2021-22 regarding the Agricultural sector are as follows:

  • Agriculture foundation repository to be made obtainable for APMCs for expanding their infrastructure 
  • A thousand more Mandis to be combined into the E-NAM market station 

Fisheries in the Union Budget 2021

The key highlights of the Union Budget 2021-22 regarding the Fisheries sector are as follows:

  • Ventures to advance new fishing harbors and fish landing hubs both marine and inland
  • 5 major fishing harbors – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be extended as centers of commercial enterprise
  • A multipurpose seaweed green to be set up in Tamil Nadu 

Employment

To give employment to the youth of the country is the need of the hour and if the Union Budget takes care of it, then it is for the betterment of the nation as a whole. The key highlights of the Union Budget 2021-22 regarding the Employment sector are as follows:

  • Cultural security to be increased to employment and platform operators 
  • Rim capital needed for credits via Stand-up India plan decreased from 25% to 15% for SCs, STs, and women
  • A gateway to be started to manage data on gig workers and construction workers 

Tax in the Union Budget 2021

Giving back to the nation from where we get everything for our own betterment is a necessary task. The key highlights of the Union Budget 2021-22 regarding the Tax are as follows:

  • Assent weight of miniature businesses whose yearly discharges do not exceed INR 5 crores to be eased 
  • Province of copper scrap decreased to 2.5% 
  • Customs duty on gold and silver to be rationalized 
  • Duty on naphtha decreased to 2.5%. 
  • Duty on solar inverters increased from 5% to 20%, and on solar lanterns from 5% to 15% 
  • All nylon goods credited with 5% customs obligation 
  • The reopening shutter for IT assessment cases was reduced from six to three years. However, in case of serious tax avoidance cases (INR 5 lakh or higher), it can go up to a decade 
  • Tunnel boring instruments to entice customs duty of 7% 
  • Customs duty on cotton increased from 0 to 10% 
  • No, IT filing for people above 75 years who get pension and receive benefit from deposits
  • Agriculture infrastructure and development cess intended on certain objects including urea, apples, crude soybean and sunflower oil, crude palm oil, Kabuli chana, and peas
  • Affordable housing schemes to get a tax holiday for 1 year

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