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      • Union Budget 2021: Top 10 Takeaways...
      Budget

      Union Budget 2021: Top 10 Takeaways For Atmanirbhar Bharat Budget

      Key takeaways of Modi 2.0 government's third Union Budget, announced by Finance Minister Nirmala Sitharaman.

      By - Archis Chowdhury |
      Published -  1 Feb 2021 2:45 PM IST
    • Boomlive
      Union Budget 2021: Top 10 Takeaways For Atmanirbhar Bharat Budget

      On February 1, 2021, Finance Minister Nirmala Sitharaman presented her third Union Budget on behalf of the NDA-2 government.

      Breaking away from the traditional 'bahi-khata', the finance minister read out this year's budget from a 'made in India' tablet computer, making it the first paper-less budget announcement in India.

      In the first part of her speech, Sitharam mentions 6 pillars for the budget - health and wellbeing, infrastructure, inclusive growth, human capital, R&D and minimum government, maximum governance; following which she moves onto proposed changes in taxation.

      Also Read: Union Budget 2021 Live Blog: No Changes In Personal Tax Slabs

      Here are the key takeaways from her speech:

      1. Taxation

      • Reduced tax burden for senior citizens, pensioners over 75 years of age exempted from filing returns.
      • Faceless dispute resolution mechanism for small taxpayers.
      • Tax audit threshold increased to Rs.10 crore from Rs. 5 crore (for those transacting 95% digitally)
      • Timeline for reopening of tax returns reduced to 3 years from 6 years.
      • Tax holiday for aircraft leasing companies, start-ups, developers of affordable housing
      • GST - anomalies like inverted duty structure to be removed. 400 old exemptions under customs duty to be reviewed.
      • Relief for NRI - rules to remove double tax for NRIs for foreign retirement funds.
      • Dividends to be exempted from TDS.
      • Changes in customs duty policy - cutting duty on copper scrap to 2.5%, Naptha duty reduced to 2.5%, duty on shrimp feed increased to 15%, duty on cotton raised to 10%
      • Introduction of Agri Infrastructure Development Cess - Rs. 2.5/litre on petrol, Rs. 4/litre on diesel, 2.5% on gold, silver and dore, 100% on alcoholic beverages, 17.5% on crude palm oil.

      2. Health And Well-being

      • Rs. 35,400 crore for COVID-19 vaccines for FY22
      • Rs 64,180 crore to be spent by centre on healthcare over six years
      • Universal water supply under Jal Jeevan Mission - Rs. 2.87 lakh crore to be spent in 4378 urban and local bodies over six years.
      • Urban Swachh Bharat Mission 2.0 to be launched outlay of nearly ₹1.5 lakh crore over five years.
      • Announcement of Voluntary vehicle scrapping policy; Fitness tests for personal vehicles older than 20 years and commercial vehicles older than 15 years - phased out if requirements not met.
      • Budget outlay for health and wellbeing announced at Rs. 2.23 lakh crore - Sitharaman calls it a 137% increase from previous year.

      3. Financial Capital

      • Centre to introduce bill to set up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore.
      • Capital expenditure in FY22 to go up 44.5% at Rs. 5.54 lakh crore.
      • Proposal for New Rationalised Securities Markets Code
      • Government to privatise 2 PSU banks and one general insurance company in FY22
      • LIC to come up with IPO in FY22

      4. Agriculture, Rural Infra, Migrant Labour

      • Raise provision to rural infrastructure development fund to Rs 40,000 crore from Rs 30,000 crore
      • Proposal of 5 major fisheries hubs; to develop harbours and fish planting centre.
      • Micro irrigation corpus to be doubled to Rs 10,000 crore.
      • Agriculture infrastructure fund to be made available to APMCs to augment infrastructural facilities
      • Minimum wages applicable to all workers; social security benefits to be extended to gig and platform workers.

      5. Infrastructure

      • 3500 national highway corridor in Tamil Nadu; Rs. 65,000 for 1100 km in Kerala; Rs. 95,000 crore for road projects in West Bengal; and 1300km road projects in Assam over three years.
      • Rs. 1.15 lakh crore dedicated to railway projects, R.s 1.07 lakh crore towards capital expenditure; National Rail Plan for 2030.
      • Airports to be privatised in tier 2 and tier 3 cities.
      • GAIL Ltd, Indian Oil Corp and HPCL pipelines to be monetised.
      • Rs 1.41 lakh crore to be spent on Urban Clean India Mission

      6. Power, Petrol And Natural Gas

      • Reforms-based result-linked power distribution sector scheme to be launched with outlay of Rs. 3.06 lakh crore over 5 years.
      • 100 more districts in next 3 years to the City Gas Distribution network.
      • Gas pipeline project to be taken up in Union Territory of Jammu & Kashmir.
      • Independent Gas Transport System Operator to be set up for facilitation and coordination of booking of common carrier capacity in all-natural gas pipelines on a non-discriminatory open access basis

      7. Startups, MSMEs

      • Doubled allocation for MSMEs, Rs. 15,700 crore allocated for FY22.
      • Proposal to reduce margin money requirement for startups from 25% to 15%

      8. Education

      • 100 new Sainik Schools to be set up in partnerships with NGOs
      • Central University to be set up in Leh, Ladakh.
      • 15,000 schools to be strengthened under the National Educational Policy 2020.
      • Centre to spend Rs. 50,000 crore on National Research Foundation over five years.
      • Legislation for setting up of higher education commission to be introduced.

      9. Government Borrowing And Expenditure; Fiscal Deficit

      • Government to borrow Rs 80,000 crore in the next two months to meet expenditure for current fiscal year.
      • Government to borrow Rs 12 lakh crore in FY22 with expenditure pegged at Rs 34.83 lakh crore, which includes Rs 5.54 lakh crore of capital spending.
      • FY21 fiscal deficit pegged at 9.5% of GDP; FY22 fiscal deficit target at 6.8% of GDP; Fiscal deficit to reduce to 4.5% by FY26

        10. Space And Deep Ocean

      • Launching of Deep Ocean mission with allocation of Rs. 4000 crore over 4 years
      • New Space India Limited, a PSU under Department of Space to execute the PSLV-CS51 launch carrying the Amazonia Satellite from Brazil, along with a few smaller Indian satellites.
      • "As part of the Gaganyaan mission activities, four Indian astronauts are being trained on Generic Space Flight aspects, in Russia," Sitharaman added.
      Also Read: Myanmar Coup: Military Declares 1 Year Emergency; Suu Kyi Detained

      Tags

      Union Budget 2021Union BudgetNirmala SitharamanFinance MinistryMinister Of FinanceBahi KhataTabletMade in IndiaNarendra ModiIndia
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