Union Budget 2021-22: India Budget News & Updates

For the first time in 75 years, the Union Budget was released in digital tabs in which Finance Minister Mrs. Nirmala Sitharaman quoted there will be a sharp increase in Infrastructure, Health care, and incomes of the farmers and their MSP going change in the price of 1.5 times the cost of production. With mega standard operational procedure in Bengal, Tamil Nadu, and Kerala to achieve and improve efficiency and quality output. The government aims to give impetus to the Indian economy. This budget will ensure giving employment jobs to unemployed youths as the Prime Minister of India, Mr. Narendra Modi calls this budget historical. The FM has proposed six pillar budget which focused on:

• Health and Wellbeing
• Financial and physical capital
• Inclusive growth for aspirational India
• Human capital
• Research and development
• Maximum governance

Rs 64,180 crore to be spent on the Aatma Nirbar Health program. The government has increased the FDI from 49pc to 74pc. With two PSU banks to be privatized with BPCL and IDBI bank coming to the banking sectors. The PSU bank will be attached Rs 20,000 crore for the next fiscal in which employment will increase, demand will increase, and people will have more money in their hands.

The investment in health has increased substantially and progressively, as the government will focus on the health and wellbeing sectors. As the COVID-19 demolished numerous lives of people, the government will be setting integrated health labs in 602 districts and 12 institutions. By spending on health care, which is pushed by 137 pc to over 2.23 lakh crores.

From 1st April, the government will be spent 35000 crores outlay for COVID vaccination. The government has promised to bring the fiscal deficit below 4.5pc of GDP by 2025-26. The budget also emphasized tax proposals and the government’s earning and spendings:

• Reduction in gold, silver, and platinum by 2.5pc
• ITR filing not necessary for above 75 years.
• Increase rates in imported mobile phones/ chargers.
• Increase of 2.5 pc on imported Cotton and Raw silk
• Imposing of Agriculture infrastructure and development cess on Petrol and Diesel
• Custom duty on Auto parts and Solar Equipment.
• Agri less in Kabuli Chana of 30 pc, ten pc in peas,35 pc in apples, 50 pc in chicken peas, and 20 pc reduction in lentil.
• Tax holidays for startups, an extension for capital by one year.

With the fiscal deficit being fixed at 9.5 in the current fiscal year, the government has assured that it will come down to 6.8 in the next financial year. The income tax filers are been increased, which was 3.31 crore in 2014 to 6.48 crore in 2020.

Agriculture

• The government will procure the wheat-growing farmers to Rs 43.36 lakh under MSP, which was 35.57 lakh last year.
• With the national electronic market, 1000 more mandis will be integrated.
• The government has raised the target of agriculture to Rs 16.5 lakh in 2021

Government Schemes

The Aatma Nirbar Swasth Bharat Yojana will include:

• Provision for health and wellness centers.
• Critical care Hospitals Blocks.
• Public health labs in all districts.
• People can claim their rations anywhere in the country with One Nation, One Ration card under 32 states and Union territories.
• Comprehensive National Hydrated Energy Mission to be launched, which will help to generate hydrogen from green power resources.
• With 100 districts in the next three years to the gas supply network, Ujjwala Scheme will be prolonged as a gas pipeline project will be installed in Jammu and Kashmir.

Rural infrastructure

• Allocation to development increased from 30,000 to 40,000in the fiscal year 2021.
• Insurance Credit and Food Schemes to migrant workers.

The government has started the funding for the National Infrastructure Pipeline, which is:

• By making Institution structures.
• By monitoring Assets
• By enhancing the portion of capital expenditure in state budgets.

In Russia, four Indian astronauts are proficient in the general space flight aspect, a part of the Gaganyan Mission. New schools will make a partnership with NGOs. With the manufacturing sector growing on a sustained basis, the companies need to become a part of the global supply chain. In West Bengal, Road Transport projects have been implemented for Rs 25,000 crore.

Allocation of Highway projects by the government in Kerala and Assam worth Rs 65000 crore and Rs 3400 Crore. Jal Jeevan Mission in urban areas to be launched by the government. In urban cities, the government has aimed at a universal water supply in all 4378 local bodies with 2.86 crore household tap connections. The Financial Minister also announced voluntary Vehicle scrapping policies in India.

Conclusion

In my opinion, the budget emphasizes on Growth-oriented process in all sectors and the government searching for youth for taking this nation forward in the coming years. With two vaccines have been available now, two more will soon arrive; the future is looking promising. People’s aspiration will increase as they will buy the items in which tax has been reduced with gold, silver topping the list, the government will soon begin rationalizing those items as the petrol, diesel prices were increased. The nation also did witness good news for relaxation of FDI norms.”Welcome Relief”