Taxation
Pensioners over 75 years of age have been exempted from filing returns. NRIs will not have to pay double tax for foreign retirement funds. Agri Infrastructure Development Cess will be implemented on petrol diesel, gold, silver, alcoholic beverages and crude palm oil.
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Health And Sanitation
Health and sanitation budgeted spending will see a 137% rise for FY 2021-22 while the government plans to invest ₹ 35,000 crore for COVID-19 vaccine development and distribution.
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Financial Capital
The government announced that two PSU banks and one general insurance company will be privatised in FY22. It will also move to set up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore.
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Agriculture And Labour
Rural infrastructure development fund will be raised to Rs 40,000 crore while agriculture infrastructure fund will augment facilities in APMCs. Social security benefits will be extended to gig and platform workers.
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Infrastructure
The government has announced major national highway projects in Kerala, Tamil Nadu, West Bengal and Assam while ₹ 1.15 crores have been earmarked for railway projects. Oil and natural gas pipelines belonging to GAIL, Indian Oil and HPCL will be monetised.
Power, Petrol And Natural Gas
Reforms-based result-linked power distribution sector scheme to be launched with an outlay of Rs. 3.06 lakh crore over 5 years. Over the next three years, 100 more districts will be added to City Gas Distribution network and a gas pipeline will be laid in Jammu and Kashmir.
Startups And MSMEs
Allocation for MSMEs for FY 2022 doubled to ₹15,700 crore. Margin money requirement for startups to be reduced from 25% to 15%.
Government Borrowing And Expenditure
The fiscal deficit for FY21 has been pegged at 9.5% of GDP; FY22 fiscal deficit target at 6.8% of GDP and fiscal deficit to reduce to 4.5% by FY26. ₹80,000 crore will be borrowed in the next two months to meet expenditure for current fiscal year.
Education
₹ 50,000 crore will be spent on National Research Foundation over five years. 15,000 schools will be strengthened under the National Educational Policy 2020 while 100 Sainik School will be set up in partnership with NGOs.
Space And Deep Ocean Exploration
Four Indian astronauts are being trained on Generic Space Flight aspects in Russia under the Gaganyaan mission. The Deep Ocean mission will be launched with ₹ 4,000 crores allocated over four years.