Picture : Twitter / ANI
Presenting her third Budget, Union Finance Minister during her speech made host of announcements. Here are some of the major points from her speech:
– I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years
– Fiscal deficit in 2020-21 pegged at 9.5% of GDP. We would need another Rs 80,000 crores for which we would be approaching the market in these two months
– The fiscal deficit in 2021-22 is estimated to be 6.8% of the GDP
– To further reduce litigation for small taxpayers I propose to constitute a dispute resolution committee which will be faceless to ensure efficiency, transparency. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible to approach committee
– Focus on health, and promised an outlay of Rs 35,000 for Covid vaccine development, saying more funds will be allocated as the need arises.
– Introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 cr; this in addition to the national health mission.
– Swachh Bharat 2.0 will be implemented with outlay of Rs 1,41,678 cr
– Rs 2,217 crore has been allocated for 42 urban centres with million-plus population to tackle burgeoning problem of air pollution
– 7 port projects worth more than Rs 2,000 cr via PPA mode.
– 100 pc electrification of broad gauge rail tracks by December 2023.
– Propose to amend the Insurance Act 1938 to increase the permissible FDI limit from 49% to 74% in insurance companies and allow foreign ownership & control with safeguards
– Rs 65,000 cr for road, highway projects in Kerala, and Rs 3,400 cr for Assam, and Rs 25,000 cr for road projects in poll-bound West Bengal.
– Govt is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities
– Ujjwala scheme will be expanded to over 1 crore more beneficiaries. We will add 100 more districts in the next three years to the city gas distribution network. A gas pipeline project will be taken up in Jammu and Kashmir.
– Procurement has also continued to increase at a steady pace. This has resulted in increase in payment to farmers substantially. In case of wheat, total payment paid to farmers in 2013-14 was Rs Rs 33,874 cr. In 2019-20 it was Rs 62,802 cr. In 2020-21, it was Rs 75,060 crores
– proposing substantial investments in the development of modern fishing harbours & fish landing centres. 5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat will be developed as hubs for economic activities
– launched one nation, one ration card scheme through which beneficiaries can claim their rations anywhere in the country. Migrant workers in particular benefit from scheme. One nation, One ration card plan is under implementation by 32 states & UTs
– In 2021-22 we would also bring the IPO of LIC for which I am bringing the requisite amendments in this session itself
– 100 new Sainik schools will be set up in partnership with NGOs, private schools, and states. We would be introducing the legislation this year to implement the setting-up of Higher Education Commission of India
– For accessible higher education in Ladakh. I propose to set up a central university in Leh
– The forthcoming census would be the first digital census in the history of India. For this monumental task, I have allocated 3,768 crores in this year 2021-22
– To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building/construction workers among others. It’ll help formulate health, housing, skill, insurance credit &food schemes for migrant workers.
– We shall reduce the compliance burden on our senior citizens who are 75 years of age & above – for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return
