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Union Budget 2021-22: Govt pegs fiscal deficit at 6.8% in FY22, Know all updates
Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 in Parliament on Monday, at a time when India is recovering from the COVID-19 crisis.
New Delhi: Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 in Parliament on Monday, at a time when India is recovering from the COVID-19 crisis.
Here Are the Highlights of Union Budget 2021-22:
1. Fiscal deficit pegged at 9.5% of GDP during current fiscal ending March 31. It is pegged at 6.8% in the next financial year.
2. We shall reduce the compliance burden on our senior citizens who are 75 years of age and above. For senior citizens who only have pension and interest income, I propose exemption from filing their Income Tax return, the minister announced.
3 Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years.
4. The government allocated Rs 3,726 cr for forthcoming Census which will be the first digital census.
5. The FDI in insurance increased to 74% from 49%. In 2021-22 we would also bring the IPO of LIC for which I am bringing the requisite amendments in this session itself, the finance minister said.
6. A record sum of Rs 1,10,055 crore to be provided for Indian Railways, out of which Rs 1,07,100 has been reserved for capital expenditure.
7. One Nation, One Ration Card scheme launched through which beneficiaries can claim their rations anywhere in the country. The migrant workers in particular benefit from scheme. One Nation, One Ration Card plan is under implementation by 32 states & UTs.
8. To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building/construction workers among others. It'll help formulate health, housing, skill, insurance credit and food schemes for migrant workers, the minister said.
9. New centrally sponsored scheme PM Aatmanirbhar Swasth Bharat Yojana to be launched with an outlay of Rs 64,180 crore over 6 years.
10 Main interventions under PM Aatmanirbhar Swasth Bharat Yojana would include:
- Support for Health and Wellness Centres
- Setting up Integrated Public Health labs in all districts
- Critical care hospital blocks
- Strengthening of NCDC
11. The finance minister proposed to take concrete steps to increase funding for National Infrastructure Pipeline—
- By creating institutional structures
- By monetising assets
- By enhancing share of capital expenditure in Central and State Budgets
12. Ujjwala scheme will be expanded to over one crore more beneficiaries. We will add 100 more districts in the next three years to the city gas distribution network. A gas pipeline project will be taken up in Jammu and Kashmir.
13. Hundred new Sainik schools will be set up in partnership with NGOs, private schools, and states. We would be introducing the legislation this year to implement the setting-up of Higher Education Commission of India
14. Rs 35,000 crores have been sanctioned for Covid-19 vaccine this year 2021-22. I am committed to provide further funds if required, the minister added.
15 The government is aiming at 100% electrification of broad gauge rail tracks by December 2023.
16. Voluntary vehicle scrapping policy to phase out old vehicles. The vehicles would be required to undergo fitness test in automated fitness centres after 20 years (personal vehicles) and 15 years (commercial vehicles).
17. Jal Jeevan Mission Urban to be launched, outlay Rs 2.87 lakh crore over 5 years.
18. To tackle the problem of air pollution in urban areas, the government sanctioned Rs 2,217 crore for 42 urban centres with million plus population
19. Road projects worth Rs 25,000 crore launched in poll-bound West Bengal. The government also allocated Rs 65,000 crore for roads and highway projects in Kerala and Rs 3,400 crore for Assam.
20. Finance minister had launched the "Union Budget Mobile App" for hassle-free access of Budget documents by MPs and the general public using the simplest form of digital convenience.