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Highlights of Union Budget 2021-22

Source: PTI
Last updated on: February 01, 2021 13:19 IST
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Finance Minister Nirmala Sitharaman read out the Union Budget speech in the Lok Sabha from a tablet on Monday instead of a conventional paper document.

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Illustration: Dominic Xavier/Rediff.com

Presenting the Budget for 2021-22, Sitharaman stood in the second row of the Treasury Benches.

This time, the Budget will be a paperless document and it would be available to parliamentarians and the public online.

 

As the finance minister was presenting the Union Budget, Harsimrat Kaur Badal of the Shiromani Akali Dal, Bhagwant Mann of the Aam Aadmi Party and Hanuman Beniwal of the Rashtriya Loktantrik Party registered their protest inside the House on the three new farm legislations by holding placards demanding that the Centre take back the "black" laws.

The protesting members were standing in the aisles of the House.

Following are the highlights:

  • Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014. Senior citizens above 75 yrs of age with only pension income exempted from filing tax returns: FM. Govt cuts timeline for reopening of tax cases to 3 yrs from 6 yrs: FM.
  • Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years: FM.
  • Govt proposes to make income tax appellate tribunals faceless; to set up national income tax appellate tribunal centre: FM.
  • Exemption from tax audit limit doubled to Rs 10 cr turnover for companies doing most of their business through digital modes: FM.
  • Govt proposes to introduce National Nursing and Midwifery Commission Bill.
  • FM allocates Rs 3,726 cr for forthcoming Census which will be the first digital census.
  • Agri Infra Fund increased to Rs 40,000 cr, Micro Irrigation Corpus doubled to Rs 10,000 cr: FM in Budget for 2021-22.
  • World is facing serious challenge of pandemic and its aftershocks: FM.
  • States to get 41 pc share of taxes as per 15th Finance Commission recommendation; govt has accepted the recommendation: FM.
  • Govt to borrow about Rs 12 lakh cr in FY22; expenditure pegged at Rs 34.83 lakh cr, including Rs 5.54 lakh cr of capital spending: FM.
  • FM says government committed to bringing down fiscal deficit below 4.5 pc of GDP by 2025-26.
  • COVID-19 relief led to rise in expenditure to Rs 34.50 lakh cr in current fiscal as against Rs 30.42 lakh cr budgeted a year back: FM.
  • Social security benefit to be extended to platform and gig workers: FM.
  • One nation, one ration card plan under implementation in 32 states, 1 UT: FM.
  • Central university to be set up in Leh: FM.
  • Govt proposes portal to collect info on gig-workers, building and construction workers, among others: FM.
  • 100 new Sainik Schools to be set up in partnership with NGOs; 15,000 schools to be strengthened as per National Education Policy: FM.
  • Covid-19 pandemic resulted in weak revenue flow, high expenditure: FM.
  • Pandemic resulted in weak revenue inflow; higher expenditure incurred to provide support for economy, people: FM.
  • Govt proposes setting up of conciliatory mechanism for quick resolution of contractual disputes.
  • Govt proposes to amend apprenticeship law to enhance opportunities for youth: FM.
  • FM says modalities worked out for national research foundation; earmarks Rs 50,000 cr over five years.
  • Rs 1,500 cr earmarked for scheme to incentivise digital payments: FM.
  • Operation green scheme to cover 22 more perishable commodities: FM.
  • Allocation to rural infra development increased to Rs 40,000 cr in next fiscal from Rs 30,000 crore in FY21: FM.
  • Govt committed to welfare of farmers, says FM Sitharaman. 43.36 lakh wheat growing farmers benefited from govt procurement under MSP as against 35.57 lakh previously: FM. Farmers paid Rs 75,100 cr on wheat MSP in FY21: FM. Agriculture credit target raised to Rs 16.5 lakh cr in 2021-22: FM. 1,000 more mandis will be integrated with electronic national market: FM. Agri infra fund would be made available to APMCs to augment infrastructure facilities: FM.
  • FM announces development of 5 major fishing hubs.
  • FM says NITI Aayog to be asked to work on next list of central public sector companies for divestment.
  • Barring four strategic areas, PSUs in other sectors will be divested, says FM announcing new divestment policy.
  • FM puts divestment receipts at Rs 1.75 lakh cr for fiscal year beginning April 1, 2021.
  • BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22: FM
  • LIC IPO will be brought in FY22: FM.
  • NCLT framework to be strengthened: FM.
  • FM says definition of small companies to be revised by raising capital base to Rs 2 cr from current limit of Rs 50 lakh.
  • Asset reconstruction and management company to be set up for stressed assets of banks: FM in Budget for 2021-21.
  • FDI in insurance increased to 74 pc from 49 pc: FM.
  • FM announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost gas-based economy.
  • Govt proposes further recapitalisation of state-owned banks; earmarks Rs 20,000 crore: FM.
  • Free cooking gas LPG scheme Ujjwala to be extended to 1 cr more beneficiaries: FM.
  • Scheme for promoting flagging of merchant ships in India will be launched by providing subsidy support: FM.
  • Govt proposes investor charter across financial products: FM.
  • Govt proposes to launch hydrogen energy mission next fiscal for generating hydrogen from green power sources: FM.
  • City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts: FM.
  • Framework will be put in place to allow electricity consumers to choose from more than one distribution company: FM.
  • Fuel supplies were kept running without interruption during Covid-19 lockdown: FM
  • FM announces Rs 18,000 cr scheme to augment public transport in urban areas.
  • FM announces 7 port projects worth more than Rs 2,000 cr via PPA mode.
  • Finance Minister says 100 pc electrification of broad gauge rail tracks by December 2023.
  • Power sector seen many reforms in last six years, 138 GW of installed capacity added, says FM Nirmala Sitharaman.
  • FM allocates Rs 65,000 cr for road, highway projects in Kerala, Rs 3,400 cr for Assam.
  • Record Rs 1,10,055 crore provided for railways, of which Rs 1,07,100 cr for capital expenditure in 2021-22: FM.
  • FM announces Rs 25,000 cr road projects in poll-bound West Bengal.
  • 8,500 kms of road, highway projects to be awarded by March 2022 to further augment road infrastructure: FM Sitharaman.
  • Govt to provide Rs 2 lakh cr to states and autonomous bodies to meet capital expenditure: FM.
  • Capital expenditure budget to increase to Rs 5.54 lakh cr in FY'22 from Rs 4.39 lakh cr in RE for FY'21.
  • PLI scheme with outlay of Rs 1.97 lakh crore for 5 years starting this fiscal.
  • FM says national monetisation pipeline for potential brownfield infrastructure assets will be launched.
  • FM announces voluntary vehicle scrapping policy to phase out old vehicles; fitness tests after 20 yrs for personal vehicles.
  • FM proposes sharp increase in capital expenditure for next fiscal at Rs 5.54 lakh cr, up from Rs 4.39 lakh cr of last year.
  • Railway to monetise dedicated freight corridors, says FM Sitharaman in her Budget speech on monetisation of assets.
  • Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, says FM in Budget for 2021-22.
  • Govt announced Aatmanirbhar packages totalling Rs 27.1 lakh crore to deal with COVID pandemic. Aatmanirbhar package accelerated pace of structural reforms: FM. India has 2 COVID-19 vaccines; two more to be launched, she added.
  • Only 3 times Budget followed contraction in economy: FM. Govt stretched its resources for benefit of the poorest of the poor. Govt fully prepared to support economy for sustainable growth, says FM.
  • Budget proposals rest on 6 pillars, including health and well-being; physical and financial capital.
  • FM proposes introduction of Aatmanirbhar health prog with an outlay of Rs 64,180 cr; this in addition to national health mission.
  • FM announces Jal Jeevan mission with outlay of Rs 2.87 lakh crore for 4,378 urban local bodies.
  • Govt to provide Rs 35,000 cr for Covid-19 vaccination in 2021-22; committed to providing more funds, says FM.
  • Swachh Bharat 2.0 will be implemented with outlay of Rs 1,41,678 cr over 5 years: FM.
  • Scheme of mega investment textiles park in addition to PLI scheme will be launched: FM.
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