Union Budget Highlights 2021-22

08 MAY,2021 | MEDC

The first digital Budget in India’s history was presented by Finance Minister Nirmala Sitaraman on February 1, 2021. Coming in the wake of the pandemic, it was a liberal and progressive budget that addressed key concerns in healthcare, industry, infrastructure and employment.

 

The Budget proposals for 2021-22 rest on six pillars: Health and Wellbeing, Physical & Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, Minimum Government and Maximum Governance.

 

Budget 2021 has introduced a Vehicle Scrapping Policy. There will be a vehicle fitness test after 20 years in case of personal vehicles and 15 years in case of commercial vehicles. Only those vehicles passing it will be allowed to continue operating on the roads.  

 

An agriculture infrastructure fund has been set up and emergency working capital for farmers has been made available. The FM also announced that agricultural credit will be increased to Rs. 16.5 lakh crore. A thousand more mandis are to be integrated with e-NAM.

 

In this pandemic age, the budget has advocated a holistic approach to healthcare. The Supplementary Nutrition Programme and Poshan Abhiyan are to be merged and launched as Mission Poshan 2.0. Rs. 35,000 crore are allocated for the Covid vaccine in 2021-22.

 

Production-linked incentive (PLI) scheme is launched to create manufacturing global champions across 13 sectors with an amount committed nearly Rs. 1.97 lakh crore in the next five years starting FY 2021-22. The NIP project pipeline is expanded to cover 7400 projects.

 

There will be 100% electrification of broad-gauge routes by 2023. An indigenously developed automatic train protection system will also be launched.

 

A revamped reforms-based result-linked power distribution sector scheme is to be launched with an outlay of Rs. 3,05,984 crore over the coming five years. A hydrogen energy mission will also be launched.

 

Development of modern fishing harbours and fish landing centres at five places along the coastline of the country. A Multipurpose Seaweed Park is to be set up in Tamil Nadu.  

 

Agro-related industries is a big focus area, especially for the development of the MSME sector. This will lead to distributed growth throughout Maharashtra. The real issue facing industry is not that of production but that of value addition. That is where we need to focus.

 

The importance of human capital cannot be overemphasized. In this context, partnerships are planned with the UAE and Japan in the area of skill development and recognition.

 

Senior citizens (75 years and above) who only have pension and interest income are exempt from filing income tax returns. The paying bank will deduct the necessary tax on their income. The time limit for reopening of income tax assessment is also reduced to three years.

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