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
- A new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana , to be launched to develop primary, secondary and tertiary healthcare.
- Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
- Operationalisation of 17 new public health units at points of entry.
- Modernising of existing health units at 32 airports , 15 sea ports and land ports.
- JAL Jeevan mission urban aimed at better water supply nationwide.
- Strengthening of Urban swath Bharat mission.
- 100 new Sainik schools to be set up.
- 750 Ekalavya schools to be set up in tribal areas.
- A Central university to come up in Ladakh.
- 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).
- Highway and road works announced in Kerala , Tamil Nadu , West Bengal and Assam
- National monetising pipeline lunched to monitor asset monetisation process.
- National rail plan created to bring a future ready railway system by 2030
- 100% electrification to be completed by 2023.
- 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
- National hydrogen mission to be launched for generating hydrogen from green power sources.
- Recycling capacity of ports to e doubled by 2024.
- Gas pipeline project to be set up in Jammu and Kashmir.
- Pradhan Mantri ujjwala yojana (LPG Scheme) to be extended to cover 1 crore more beneficiaries.
- NO IT filing for people above 75 years
- 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 .
- Affordable housing projects to get a tax holiday for one year
- compliance burden of small trusts whose annual receipts does not exceed RS.5 crore to be eased.
- Duty of copper scrap reduced to 2.5%.
- Custom duty on gold and silver to be rationalised.
- Duty on naphtha reduced to 2.5%.
- Duty on solar investors raised from 5% to 20% and on solar lanterns from 5% to 15%.
- All nylon products charged with 5% customs duty.
- Tunnel boring machines to attract customs duty of 7%
- Customs duty on cotton raised from 0 to 10%.
- Agriculture infrastructure and development cess proposed on certain items including urea, apples, crude soybean and sunflower oil.
ECONOMY AND FINANCE
- Fiscal deficit stands to 9.5% of the GDP; estimated to be 6.8% in 2021-22
- Proposal to allow states to raise borrowing up to 4% of GSDP this year.
- A Unified securities markets code to be created, consolidating provisions of the semi act . depositories act , and two other laws.
- Proposal to increase FDI limit from 49% to 74%.
- An asset reconstruction company will be set up to take over stressed loans .
- Deposit insurance increased from RS. 1 lakh to 5 lakh for bank depositors.
- Proposal to decriminalise Limited Liability Partnership Act of 2008.
- Two PSU bank and one General insurance firm to be disinvestment this year.
- An IPO of LIC to debut this fiscal.
- Strategic sale of BPCL , IDBI Bank air India to be completed.
- Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure.
- 1000 more Mandis to be integrated into the E-NAM market place.
- Five major fishing hubs , including Chennai, Kochi and Paradise , to be developed.
- A multipurpose seaweed park to be established in Tamil Nadu.
- A Portal to be launched to maintain information on gig workers and construction workers.
- Social security to be extended to gig and platform workers.
- Margin capital required for loans via stand up India scheme reduced from 25% to 15 % for SCs, STs and women .
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