Budget 2021: Govt committed to welfare of farmers; says Finance Minister

Finance Minister Nirmala Sitharaman, who presented Union Budget 2021-22 on Monday, in Parliament said that the government is committed to the welfare of farmers.

“The MSP regime has undergone a change to assure a price that is at least 1.5 times the cost of production across all commodities,” the Finance Minister said.

She announced the allocation of Rs 35,000 crore for COVID-19 vaccine while asserting that the government is committed to provide more funds, if required.

“India now has one of the lowest COVID19 death rates of 112 per million population and one of the lowest active cases of about 130 per million. This has laid the foundation for the economic revival we see today,” she said.

Sitharaman said that there are currently two coronavirus vaccines in India – Serum Institute’s Covishield and Bharat Biotech’s Covaxin – has begun safeguarding not just own citizens but also those of over 100 countries.

Sitharaman said, “For the first time, our budget is digitised. No more endless paper prints! The traditional ‘bahi khata’ gets replaced by a Made in India tab.”

“The preparation of this Budget was undertaken in circumstances like never before, in view of calamities that have affected a country. We have endured COVID-19 to 2020 is Sui generis,” the Finance Minister said.

“Union Budget 2021-22 will strengthen the vision of Nation First, doubling farmers’ income, strong infra, women’s empowerment, healthy India, good governance, education for all, inclusive development,” Sitharaman said.

“A scheme of Mega Investments Textile Park will be launched in addition to PLI Scheme which will create world class infrastructure with plug & play facilities to enable global champions in exports,” she said.

Key Highlights:-

Free food grain to 800 million people, free cooking gas for 80 million families

Total financial impact of all Atma Nirbhar packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores

The budget for health and well being would be around Rs. 2 lakh crore

Jal Jeevan Mission will be launched across all urban local bodies. Rs 2.87 lakh cr outlay for Jal Jeevan Mission over 5 years

Indian Railways have a National Rail Plan for 2030. Next lot of airports to be privatized in tier 2 and 3 towns and cities

A new centrally sponsored scheme PM Aatmanirbhar Swasth Bharat Yojana will be launched with an outlay of about 64,180 crores over 6 years

A New Scheme will be launched at a cost of Rs 18000 crores to support augmentation of Public Bus Transport Services

Highway infra work proposed include building 8,500-km of highways by March 2022 

– 3,500 km corridor in Tamil Nadu

– 1,100 km in Kerala at an investment of ₹65k cr

– 675 km in West Bengal at a cost of ₹95k cr

– 1,300 km in Assam in next 3 years

Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetized

Rs. 2,217 crore for 42 urban centres with a million-plus population, to tackle burgeoning problem of air pollution

For a 5-trillion dollar economy, manufacturing sector has to grow in double digits on a sustained basis

Ujjwala LPG Scheme to add 1 crore more beneficiaries, over and above 8 crore

FDI in insurance companies increased from 49% to 74%, subject to specific compliance

Further infusion of Rs. 20,000 crore for public sector banks

Migrant workers can claim ration under ‘One Nation One Ration Card’

More than 15,000 schools will be strengthened under NEP 2020

A scheme for tea farmers will be introduced for the welfare of women and Children in Assam

2 Banks & 1 Insurance company to be disinvested in 2021-22. IPO of LIC to be brought. City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts

Union Budget 2021 allows NRIs to operate OPCs in India

Fiscal deficit revised to 9.5% for FY21 of GDP and pegged at 6.8% for FY22

Income tax return filers increased to 6.48 crore in 2020 from 3.31 crore in 2014