Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22. Here are major highlights from the speech for you to cover the budget in less than one minute. FM said India is poised to be a land of new hope. The new infusion will help the world’s fastest-growing major economy to be on track by increasing spending on job-creation and rural development while tackling the pandemic.
The Budget 2021 was presented in a paperless form for the first time ever. FM Nirmala Sitharaman was seen carrying a Made in India tablet in a red case instead of the ‘bahi khata’.
Checkout the major highlights from the budget 2021 speech.
- Aatmanirbhar health programme has been introduced with a Rs 64,180 crore budget addition to the national health mission.
- Tax burden on senior citizens above 75 years taken away. Pensioners over 75 years of age are now exempted from filing returns.
- Rs 1,10,055 crore allocated for Railways, of which Rs 1,07,100 cr for capital expenditure in 2021-22.
- Minimum wages for all categories of workers and women in all categories with adequate protection.
- BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22.
- Agriculture credit target raised to Rs 16.5 lakh crore in 2021-22.
- Rs 3,726 crore for the forthcoming Census, India’s first digital census.
- Government will privatise 2 more PSU banks and one general insurance company in FY22.
- FM announced five new major fishing harbours to be developed as hubs for economic activity.
- New rules for the removal of double taxation, among others.
- Propose to revise definition under Companies Act, 2013 for small companies by raising their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
- India will soon launch Deep Ocean Mission, with the allocation of Rs 4,000 crore over 4 years.
- Govt will invest Rs 1,500 crore for a scheme to incentivise digital mode of payment.
- 17,000 rural and 11,000 urban health and wellness centres, integrated public health labs will be set up in each district across the country.
- Relaxation for setting up of One Person Company and converting to Private Limited.
- Further recapitalisation of state-owned banks, targeted at Rs 20,000 crore in FY22.
- Rs 25,000 crore road projects have been specifically announced for poll-bound West Bengal.
- Rs 1.41 lakh crore for Urban Clean India Mission: Urban Swachh Bharat 2.0 Mission over 5 years.
- Jal Jeevan Mission Urban now have an outlay of Rs 2.87 lakh crore.