HIGHLIGHTS OF UNION BUDGET 2021

FINANCE MINISTER NIRMALA SITHARAMAN PRESENTED THE UNION BUDGET 2021-2O22 IN THE LOK SABHA.She presented a paperless budget for the first time.

Here are some of the highlights from union budget 2021.

HEALTH AND SANITATION

  1. A new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana , to be launched to develop primary, secondary and tertiary healthcare.
  2. Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
  3. Operationalisation of 17 new public health units at points of entry.
  4. Modernising of existing health units at 32 airports , 15 sea ports and land ports.
  5. JAL Jeevan mission urban aimed at better water supply nationwide.
  6. Strengthening of Urban swath Bharat mission.

EDUCATION

  1. 100 new Sainik schools to be set up.
  2. 750 Ekalavya schools to be set up in tribal areas.
  3. A Central university to come up in Ladakh.

INFRASTRUCTURE

  1. Vehicle scrapping policy to phase out old and unfit vehicles. All vehicles to undergo fitness test in automated fitness centres every 20 years(personal vehicles), every 15 years ( commercial vehicles).
  2. Highway and road works announced in Kerala , Tamil Nadu , West Bengal and Assam
  3. National monetising pipeline lunched to monitor asset monetisation process.
  4. National rail plan created to bring a future ready railway system by 2030
  5. 100% electrification to be completed by 2023.
  6. Metro services announced in 27 cities , Plus additional allocations for kochi Metro , Chennai Metro phase 2, Bengaluru phase 2A and B Nashik and Nagpur Metros
  7. National hydrogen mission to be launched for generating hydrogen from green power sources.
  8. Recycling capacity of ports to e doubled by 2024.
  9. Gas pipeline project to be set up in Jammu and Kashmir.
  10. Pradhan Mantri ujjwala yojana (LPG Scheme) to be extended to cover 1 crore more beneficiaries.

TAX

  1. NO IT filing for people above 75 years
  2. Reopening window for IT assessment cases reduced from 6 to 3 years , how ever , in case of serious tax evasion cases (rs. 50 lakh or more), it can go up to 10 years .
  3. Affordable housing projects to get a tax holiday for one year
  4. compliance burden of small trusts whose annual receipts does not exceed RS.5 crore to be eased.
  5. Duty of copper scrap reduced to 2.5%.
  6. Custom duty on gold and silver to be rationalised.
  7. Duty on naphtha reduced to 2.5%.
  8. Duty on solar investors raised from 5% to 20% and on solar lanterns from 5% to 15%.
  9. All nylon products charged with 5% customs duty.
  10. Tunnel boring machines to attract customs duty of 7%
  11. Customs duty on cotton raised from 0 to 10%.
  12. Agriculture infrastructure and development cess proposed on certain items including urea, apples, crude soybean and sunflower oil.

ECONOMY AND FINANCE

Money, Home, Coin, Investment, Business
  1. Fiscal deficit stands to 9.5% of the GDP; estimated to be 6.8% in 2021-22
  2. Proposal to allow states to raise borrowing up to 4% of GSDP this year.
  3. A Unified securities markets code to be created, consolidating provisions of the semi act . depositories act , and two other laws.
  4. Proposal to increase FDI limit from 49% to 74%.
  5. An asset reconstruction company will be set up to take over stressed loans .
  6. Deposit insurance increased from RS. 1 lakh to 5 lakh for bank depositors.
  7. Proposal to decriminalise Limited Liability Partnership Act of 2008.
  8. Two PSU bank and one General insurance firm to be disinvestment this year.
  9. An IPO of LIC to debut this fiscal.
  10. Strategic sale of BPCL , IDBI Bank air India to be completed.

AGRICULTURE

  1. Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure.
  2. 1000 more Mandis to be integrated into the E-NAM market place.
  3. Five major fishing hubs , including Chennai, Kochi and Paradise , to be developed.
  4. A multipurpose seaweed park to be established in Tamil Nadu.

EMPLOYMENT

Brick-Laying, Brick-Making, Worker
  1. A Portal to be launched to maintain information on gig workers and construction workers.
  2. Social security to be extended to gig and platform workers.
  3. Margin capital required for loans via stand up India scheme reduced from 25% to 15 % for SCs, STs and women .

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