Budget 2021: What's in store for India

Finance minister Nirmala Sitharaman on February 1 began her Budget 2021 speech by saying this year budget is for the Atmanirbharta, for Atma Nirbhar Bharat, ancient Bharat was not just Atma Nirbhar but also the economic centre of the world.

By Newsmeter Network  Published on  1 Feb 2021 9:08 AM GMT
Budget 2021: Whats in store for India

Hyderabad: Finance minister Nirmala Sitharaman on February 1 began her Budget 2021 speech by saying this year budget is for the Atmanirbharta, for Atma Nirbhar Bharat, ancient Bharat was not just Atma Nirbhar but also the economic centre of the world.

She pointed out that this year's budget is to build six pillars of health and well-being, inclusive development, innovation and R&D, physical and financial capital, human capital, and minimum government and maximum governance.

Here is the announcement made by the Finance Minister Nirmala Sitharaman in Parliament during the budget session;

- No change in income tax slab for individuals.

- Exemption from filing IT return for the senior citizens above the age 75 who have only pension and interest as income.
- Mission Poshan 2.0 to be launched to improve nutritional outcomes across 112 aspirational districts.
- 4 National Institutes of Virology to be set up. At present, there is only one at Pune.
- Extension of Ujjwala scheme to one crore more beneficiaries.
- A total of Rs 1,000 crore earmarked for the welfare of tea workers
- The upcoming census to be the first digital census, for which Rs 3,768 crores being allocated
- Finance minister announces amending Insurance Act to increase FDI limit in insurance companies from 49% to 74%.
- A one nation one ration card plan is under implementation in 32 states for migrant workers and labourers.
- Provided Rs 35,000 crore for COVID vaccines in 2021-22, committed to providing further funds. Pneumococcal vaccine, a made in India product, presently limited to 5 States, will be rolled out across the country. "This will avert over 50,000 child deaths annually," said Nirmala Sitharaman.
- Professionally managed Development Financial Institution to be set up, to provide, enable & catalyze infra financing, Rs 20,000 crores to capitalize this institution. "Aim is to have a lending portfolio of at least €rs 5 lakh crore in 3 years," said Finance Minister.
- More than 15,000 schools will be qualitatively strengthened. Also, she announced 100 new Sainik Schools and Central University in Leh.
- The new scheme at a cost of Rs 18,000 crores for augmentation of public bus transport services, will facilitate deployment of innovative Public-Private Partnership models enabling private players to finance, acquire, operate and maintain over 20,000 buses
- MetroLite and Metro New Technologies to be deployed to provide metro rail systems in tier 2 cities and peripheral areas of tier 1 cities, at a much lesser cost, with the same experience, convenience and safety.
- Ship Recycling Capacities of around 4.5 million Light Displacement Tonnage to be doubled by 2024, expected to generate around 1.5 lakh jobs for our youth.
- A single and rationalized Securities Markets Code to be set up, by consolidating provisions of SEBI Act 1992, Depositories Act 1996, Securities Contracts Regulation 1956 and Govt. Securities Act, 2007.
- Two public sector banks apart from IDBI and one general insurance company to be taken up for strategic disinvestment in 2021-'22. IPO of LIC this year.
- Big boost for Startups: To incentivize incorporation of one-person companies, such companies will be allowed to grow without any restriction on paid-up capital or turnover and to convert into any other type of company at any time.
- Definition of small companies under Companies Act 2013 to be revised. Companies with paid-up capital up to Rs 2 crore & turnover up to Rs 20 crore will fall under small companies, will benefit more than 2 lakh companies.
- Additional capital infusion of ₹ 1000 crore to Solar Energy Corporation of India and ₹ 1500 crore to IREDA, to give a further boost to the green energy sector.
- 100 more districts to be added in the next 3 years, to City Gas Distribution Network.

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