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Today, that is 1st February 2021; our FM Nirmala Sitharaman presented first paperless budget. This budget has touched upon several areas which citizens were eagerly waiting to learn about. Markets have already positively responded with big moves in Indices. So, let’s unfold Union Budget 2021.
Health & Nutrition: PM AtmaNirbhar Swasth Bharat Yojana, will be launched with an outlay of about Rs. 64,180 crores over 6 years. Under this, the focus would be on setting up Health and Wellness centers (Rural & Urban), public health labs, Critical health care hospitals, emergency operation centers mobile hospitals. Further, Supplementary Nutrition Programme and the Poshan Abhiyan would be combined to form Mission Poshan 2.0 concentrating on nutritional reach in India.
Clean Water: To increase clean water supply coverage, sanitation, and a clean environment, Jal Jeevan Mission (Urban) will be launched with an outlay of Rs.2,87,000 crores implemented over 5 years.
Swachch Bharat, Swasth Bharat: The Urban Swachh Bharat Mission 2.0 will be implemented with a total financial allocation of Rs. 1,41,678 crores over a period of 5 years.
Scrapping Policy: Another highlight of this budget is the Voluntary Scrapping policy. This policy focuses on phasing out old and unfit vehicles with the help of automated fitness tests after 20 years for personal and 15 years for commercial vehicles. This would lead to fuel-efficient and environment-friendly vehicles, thereby reducing vehicular pollution and the oil import bill of India.
COVID-19 Vaccine: Talking about the COVID-19 Vaccine, our FM has provided Rs. 35,000 Crores in the budget estimate for 2021-22 and she is committed to providing further funds if required.
Agriculture: Everyone had their eyes on how this budget is going to contribute to agriculture. For FY22, the agricultural credit target has been enhanced to Rs. 16.5 lakh Crores. Animal husbandry, dairy, and fisheries being the focus area for credit flow. Micro Irrigation Fund of Rs. 10,000 Crores has been provided under NABARD. These would be beneficial for small farmers.
CBSE Board reforms would be brought in gradually from the academic session of 2022-23. This will ensure conceptual clarity, analytical skills, and application of knowledge to real life situations amongst students.
Production Linked Incentive scheme (PLI): In order to achieve the $5 Trillion economy goal and to further boost the Atmanirbhar Bharat vision, the government is providing Rs. 1.97 lakh Crores for 13 sectors, over 5 years starting FY 2021-22. More details about the sectors included will be provided soon.
Insurance: FDI limit has been increased from 49% to 74% in Insurance companies. This would increase participation from foreign investors.
Disinvestment: Disinvestments in BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, etc. would be completed in 2021-22. Other than IDBI Bank, privatization of two Public Sector Banks and one General Insurance company would be undertaken in the year 2021-22. FM estimates an inflow of Rs. 1,75,000 crores from these disinvestments.
With an aim to strengthen the research ecosystem of India, an outlay of Rs. 50,000 Crores over 5 years has been provided. More details on the same are expected soon.
The 2020-21 revised estimate of Fiscal Deficit is at 9.5% of GDP as against the budgeted estimate of 3.5% for 2020-21. It is estimated to be 6.8% of GDP for 2021-22. The Finance Minister intends to reach a fiscal deficit level below 4.5% of GDP by 2025-2026 with a fairly steady decline over the period.