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#Budget2021: Key Highlights

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Union Finance Minister Nirmala Sitharaman is presenting Union Budget 2021. Nirmala Sitharaman on Monday began her Budget 2021 speech by saying that the coronavirus pandemic “is the dawn of a new era, one in which India is poised to be a land of new hope”. Below are the key highlights from FM’s budget speech.

  • Higher Education Commission, an umbrella body, to be set up.
  • 7 textile parks to be set up in 3 years.
  • Customs duty on cotton raised to help farmers.
  • First unmanned  satellite mission in December 2021.
  • Rs 1,10,055 crore for Indian Railways
  • Over Rs 1 lakh crore allocated for highway projects in Tamil Nadu
  • Tax holiday for affordable housing projects
  • Record GST collections in the last few months, says FM.
  • The I-T exemption for start-ups has been extended up to March 31, 2022.
  • Dispute resolution panel for small tax payers.
  • Highway infra work proposed includes building 8,500-km of highways by March 2022. This includes 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at investment of Rs 65,000 crore, 675 km in West Bengal at a cost of Rs 95,000 crore.
  • Senior citizens older than 75 years old with only pension as the source of income need not file income tax return.
  • Union finance minister Nirmala Sitharaman set the agriculture credit target at 16.5 lakh crore.
  • FDI in insurance was increased to 74 percent from 49 percent
  • Life Insurance Corporation (LIC) would go for IPO in 2021-22 for which requisite amendments would be made.
  • Government allots Rs 20,000 crore for bank recapitalisation.
  • Proposal to launch hydrogen energy mission next fiscal for generating hydrogen from green power sources.
  • Centre to provide Rs 18,000 crore for public buses.
  • City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts.
  • Rs 3,768 crore allocated for Digital census  to be held in FY 2021-22
  • Virology Centers: In the wake of Covid-19 pandemic that wreaked havoc in people’s lives and economy across the world, regional institutes for virology would  be set up across the country.
  • 750 new Ekalavya model schools to be set up
  • Development of world-class fintech hub
  • Rs 2,217 for urban centres to check pollution
  • Multi-purpose seaweed park to come up in Tamil Nadu.
  • FY22 agriculture credit target at Rs 16.5 lakh crore.
  • 5 major harbours to be developed in the country.
  • 100 new Sainik Schools to be set up.
  • Petroleum and Natural gas: Ujwala scheme benefiting 8 crore people till now to be extended for 1 crore beneficiaries.
  • Gas pipeline project to be taken up in J&K.
  • Rs 1,14,678 crore for Swachh Bharat Mission.
  • Rs 5.54 lakh crore allocated for capital expenditure
  • New economic corridors planned to boost road infrastructure
  • Outlay of Rs 25,000 crore for road projects in West Bengal
  • Over Rs 64,180 crore earmarked for new health scheme
  • 100% electrification of broad gauge routes will be completed by 2023.
  • Mega textile parks to be launched.
  • Outlay of Rs 25,000 crore for road projects in West Bengal.
  • Metro lite and Metro Neo will be introduced in tier-2 cities
  • Chennai and Kochi, Nasik and Nagpur metro phase -II get budget allocation
  • Rs 1,18,000 crore for ministry of roads
  • Rs 2.87 lakh for Urban Jal Jeevan Mission
  • Rs 64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to National Health Mission, announces Finance Minister Nirmala Sitharaman.
  • Nirmala Sitharaman announces outlay of Rs 2.87 lakh crore for Jal Jeevan Mission.
  • During the lockdown last year, PM Modi announced the Pradhan Mantri Gareeb Kalyan Yojna worth 2.76 lakh crore for the poor and the needy, says FM.
  • The total financial impact of all Aatmanirbhar Bharat packages, including measures taken by RBI, was about Rs 27.1 lakh crore, more than 13% of GDP, says FM.
  • Nirmala Sitharaman says 217 projects worth over Rs 1 lakh crore completed under National Infrastructure Pipeline.
  • Income taxpayers listening to expenditure proposals and wondering
  • FM Sitharaman announces new scrappage policy – 20 years in case of personal vehicles and 15 years in case of commercial vehicles.
  • The total budget outlay for healthcare is 2.23 lakh crore. This is an increase of 137% from last year, says FM.
  • FM announces Rs 35,000 crore for Covid-19 vaccines.
  • Today, India has two vaccines available and has begun safeguarding not only its citizens but also those from hundreds of other countries.
  • Rish of not having lockdown in India is far too high, says FM.
  • The Aatmanirbhar packages introduced by the government were like 5 mini budgets themselves

This post was last modified on 3 February 2021 3:23 pm

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