Finance Minister Nirmala Sitharaman presented the budget today
Budget Announcement: Finance Minister Nirmala Sitharaman has presented the budget for the financial year 2021-22. In today’s budget, the Modi government has made a big announcement for the elderly. Apart from this, many announcements have been made including from infrastructure projects to affordable houses.
- Last Updated:February 2, 2021, 1:04 AM IS
In the meantime, let us know what those 10 special things were in today’s budget, on which everyone’s eyes are …
Amid the uproar over the agricultural legislation, the Finance Minister has announced an increase in the agricultural budget for 2021-22. In the new financial year, the budget for this sector has been increased by Rs 1.5 lakh crore, after which it has now reached Rs 16.5 lakh crore. In the current financial year it was Rs 15 lakh crore.
The government has extended the interest limit exemption on affordable housing for a year. Affordable Housing and Rental Housing was given an interest exemption relief of 1.5 lakhs in July 2019. In such a situation, if you are buying a house and take a loan by March 2022, then you will get the benefit of this rebate.
This time there has been no change in the tax slab in the budget. However, now pensioners over 75 years of age will not need to file income tax returns. Faceless Dispute Resolution Mechanism will be increased for small taxpayers. The period for reaping tax investment has been reduced from 6 years to 3 years.
The government has set a fiscal deficit target for the year 2022 at 9.5 per cent of the country’s GDP. Also, the expenditure target has been increased by 2 per cent to Rs 34.50 lakh crore. The Finance Minister also said that the total liability of the government is estimated at Rs 12 lakh crore. The target is to reduce the fiscal deficit to 4.5 percent by FY 2026.
The Finance Minister said in a speech that all the pending disinvestment processes so far will be completed in FY 2022. The target amount of Rs 1.75 lakh crore has been set. Nirmala Sitharaman said that Air India and two government banks are included in the disinvestment plan. A new scrap policy has been announced to reduce air pollution caused by vehicles. Private vehicles will have to undergo fitness test after 20 years.
In view of the management and control of corona infection, it was announced that Rs 35 thousand crore has been allocated for the corona vaccine. The Finance Minister said in the Lok Sabha that more funds will be allocated if needed. During this, the Finance Minister also said that for the year 2021-22, the health sector will be allocated Rs 2.38 lakh. In such a situation, the health budget increased by 135 percent over the previous year. With this, the Finance Minister announced that Rs 64,180 crore is proposed to be spent on the PM Self-Reliant Health India Scheme and Mission Nutrition 2.0 will be started this year.
The benefit of Ujjwala scheme will reach 1 crore beneficiaries. The Hydrogen Energy Mission will be launched in the new financial year. The government will connect 100 new districts to the city gas distribution network in the next 3 years. An independent gas transport operator will be setup. Nirmala Sitharaman has made a big announcement for the insurance sector. Foreign direct investment (FDI) in the insurance sector has been increased from 49 percent to 74 percent. Explain that the insurance industry and insurance regulator IRDAI were in favor of increasing foreign investment. Explain that the contribution of insurance sector in India is negligible in GDP. More than half of the people of India do not even have health insurance. 20 thousand crore rupees will be given for recapitalization of banks. Emphasis will be laid on correcting the book of the government bank. Government to set up ARC to manage debt stuck in banks
The government will spend 1.3 lakh crore rupees for a 3500 km national highway in Tamil Nadu. A 1,500 km national highway is also being planned in Kerala. 65,000 crore rupees will be spent on this. A plan to construct another economic corridor is being prepared. The Finance Minister also said that the government is committed to meet the target of National Infra Pipeline.
The Finance Minister said that regarding the manufacturing sector, double digit growth is also needed in this. In addition to the PLI scheme, the government will launch a mega-investment textile park. The government will spend 64,180 crore rupees in the next 6 years on PM Health India Scheme. The government is launching the Urban Swachh Bharat Mission at a cost of Rs 1,41,678 crore. This amount will be spent in the next 5 years.
Nirmala Sitharaman has made a big announcement for the insurance sector. Foreign direct investment (FDI) in the insurance sector has been increased from 49 percent to 74 percent. Explain that the insurance industry and insurance regulator IRDAI were in favor of increasing foreign investment. Explain that the contribution of insurance sector in India is negligible in GDP. More than half of the people of India do not even have health insurance. 20 thousand crore rupees will be given for recapitalization of banks. Emphasis will be laid on correcting the book of the government bank. The government will set up ARC to manage the loans stuck in banks.