Union Budget 2021 Highlights & Details of Union Budget

Union Budget 2021 Highlights: The Union Budget 2021 is presented by Finance Minister Nirmala Sitharaman in the parliament on February 01, 2021. This year represents the 3rd union budget of India under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. Due to the amid  COVID 19, Union Budget 2021 represents the paperless budget for the first time which avoids the need for printed documents. The Union Budget 2021 main theme is Covid-19, economic recovery and growth and the Cental theme are to focus on Demand and create Job creation. Here this article will provide the current key highlights of the Union Budget 2021.

Get More Updates: Current Affairs 2021

Highlights of the Union Budget 2021:

Finance Minister Sitharaman present and read out the Union Budget 2021-22 at the Parliament through a tab

  • The finance minister launches the “Union Budget Mobile App” to provide easy and quick access to union budget information to all stakeholders.
  • This is the first union budget not be printed.
  • Soft copies were made available to MP’s

FM Sitharaman says presented almost 5 mini budgets

  • Finance Minister Nirmala Sitharaman says this year she presented almost 5 mini budgets, hails India’s COVID vaccines. “India has 2 COVID-19 vaccines; two more to be launched“, says FM
  • Today India has two vaccines available; is safeguarding not only her own citizens but also over 100 more countries.
  • We are ever grateful to our scientists: FM Sitharaman says the fight against Covid continues into 2021

Stock market soars as FM Sitharaman’s speech begins

  • Stock market soars as FM’s Union Budget 2021 speech begins: Sensex surges 600 pts, Nifty nears 13,800
  • Part 1 of the Budget lays a vision for Aatmanirbhar Bharat, says Finance Minister Nirmala Sitharaman; ‘these proposals will boost the Sankalp of Nation First

FM Sitharaman quotes Rabindranath Tagore, recalls India’s win in Australia

  • “Faith is the bird that feels the light and sings when the dawn is still dark” – Union Finance Minister Nirmala Sitharaman has quoted Rabindranath Tagore, adding that this moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope”.

PM Aatmanirbhar Swastha Bharat to be launched says FM

  • We introduce the Aatmanirbhar Health Yojana with an outlay of Rs 64,180 crore over six years.
  • This will strengthen the National Centre for Disease Control.
  • Besides this, the government will also set up 15 Health Emergency Centres

FM announces voluntary vehicle scrapping policy

  • FM Sitharaman says, “We announce voluntary vehicle scrapping policy. Vehicles to undergo fitness test – which is 20 years for passenger vehicles and 15 years for commercial vehicles.
  • Further details of the scrappage policy to be announced shortly.”

Budget proposals rest on 6 pillars, namely:

  • Health & well-being
  • Physical & financial capital & infrastructure
  • Inclusive development for aspirational India
  • Reinvigorating human capital
  • Innovation & R&D
  • Minimum Govt and Maximum Governance

Finance Minister Sitharaman present and read out the Union Budget 2021-22 at the Parliament through a tab

  • Finance minister launched the “Union Budget Mobile App” to provide easy and quick access to union budget information to all stakeholders.
  • This is the first union budget not to be printed.
  • Soft copies were made available to MP’s
  • FM SAYS: ‘Our Govt Is Committed To the Welfare of Farmers’

FM Sitharaman says presented almost 5 mini budgets

  • Finance Minister Nirmala Sitharaman says this year she presented almost 5 mini budgets, hailing India’s COVID vaccines. “India has 2 COVID-19 vaccines; two more to be launched”, says FM
  • Today India has two vaccines available; is safeguarding not only her own citizens but also over 100 more countries.
  • We are ever grateful to our scientists: FM Sitharaman says fight against Covid continues into 2021

Stock market soars as FM Sitharaman’s speech begins

  • Stock market soars as FM’s Union Budget 2021 speech begins: Sensex surges 600 pts, Nifty nears 13,800
  • Part 1 of the Union Budget 2021 lays a vision for Atma Nirbhar Bharat, says Finance Minister Nirmala Sitharaman; ‘these proposals will boost the Sankalp of Nation First

FM Sitharaman quotes Rabindranath Tagore, recalls India’s win in Australia

  • Faith is the bird that feels the light and sings when the dawn is still dark” – Union Finance Minister Nirmala Sitharaman has quoted Rabindranath Tagore, adding that this moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope”.

PM Atma Nirbhar Swastha Bharat to be launched says FM

  • We introduce the Atma Nirbhar Health Yojana with an outlay of Rs 64,180 crore over six years.
  • This will strengthen the National Centre for Disease Control.
  • Besides this, the government will also set up 15 Health Emergency Centres

FM announces voluntary vehicle scrapping policy

  • FM Sitharaman says, “We announce a voluntary vehicle scrapping policy.
  • Vehicles undergo fitness tests – which is 20 years for passenger vehicles and 15 years for commercial vehicles.
  • Further details of the scrappage policy to be announced shortly.”

Budget proposals rest on 6 pillars, namely:

  • Health & well-being
  • Physical & financial capital & infrastructure
  • Inclusive development for aspirational India
  • Reinvigorating human capital
  • Innovation & R&D
  • Minimum Govt and Maximum Governance

The first Budget of the decade leaves direct taxes unchanged. These are the tax incentives announced.

  • Advance tax liability on dividend income to arise only after payment of dividend
  • Compliance for taxpayers eased, details of salary income, tax payment and TDS are pre-filled currently
  • Details of capital gains from listed securities, dividend income, and interest income to also be pre-filled in tax forms
  • Eligibility of provision for an additional deduction of Rs 1.5 lakh extended

On health and well being, ‘investment on health and infrastructure has risen tremendously – preventive, curative and well-being’; 

PM Swasta Yojana will be launched: FM Sitharaman

FM announces Jal Jeevan mission

  • FM Sitharaman announces Jal Jeevan mission with an outlay of Rs 2.87 lakh crore for 4,378 urban local bodies

Scheme of mega-investment Textiles Park

  • Scheme of mega-investment textiles park in addition to PLI scheme will be launched

Swachh Bharat 2.0 will be implemented

  • Swachh Bharat 2.0 will be implemented with an outlay of Rs 1,41,678 cr over 5 years, says FM Sitharaman

Government to introduce a bill to set up a development financial institution

  • To introduce a bill to set up development financial institution with an outlay of Rs 20,000 cr says FM Sitharaman

PLI scheme with an outlay of Rs 1.97 lakh crore for

  • PLI scheme with an outlay of Rs 1.97 lakh crore for 5 years starting this fiscal

National Monetisation Pipeline to be launched

  • National Monetisation Pipeline for potential brownfield infrastructure assets will be launched.

FM proposes a sharp increase in capital expenditure

  • FM Sitharaman proposes a sharp increase in capital expenditure for next fiscal at Rs 5.54 lakh cr, up from Rs 4.39 lakh cr of last year

Big boost to the Automobile sector in this year’s budget

  • Fm Sitharaman says: “More than 13,000 km of roads awarded under Bharat Mala project.
  • Around 3,800 km have been constructed in Bharatmala so far and 8,500 km to be awarded by March 2022. 
  • Will complete an additional 11,000 km of NH corridor by March 2022.
  • More economic corridors are being planned – 3,500 km of NH works are ongoing in Tamil Nadu.”
  • She adds, “NHAI has sponsored one InVit to attract investors.
  • Thus 5 operational roads with Rs 5,000 crore value being transferred to NHAI InVit.
  • NHAI operational roll roads are to be monetised.”
  • For Railways: “Railways will monetise dedicated freight corridors after commissioning.
  • The next lot of airports will also be monetised for operations and management.
  • AAI airports in tier-2,3 cities and other railway assets are to be monetised.”

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

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

Special focus on road infrastructure

  • FM says, “8,500 km of road, highway projects to be awarded by March 2022 to further augment road infrastructure.”

Record Rs 1, 10,055 crores provided for railways

  • Record Rs 1,10,055 crore provided for railways, of which Rs 1,07,100 cr for capital expenditure in 2021-22

FM announces budgets for road projects:

  • FM announces Rs 25,000 cr road projects in poll-bound West Bengal
  • FM allocates Rs 65,000 cr for road, highway projects in Kerala
  • FM allocates Rs 3,400 cr for road, highway projects in poll-bound  Assam

100 pc electrification of broad gauge rail tracks

  • FM says 100 pc electrification of broad gauge rail tracks to be done by December 2023

FM Announces 7 Port Projects Worth More Than Rs 2K Cr Via PPP Mode

  • FM announces 7 port projects worth more than Rs 2,000 cr via PPA mode
  • Finance Minister Nirmala Sitharaman announced seven port projects worth more than Rs 2,000 crore investment.
  • These projects would be undertaken through public-private partnership (PPP) mode, Sitharaman said in her Budget 2021 speech.
  • The finance minister said that she proposed “seven port projects worth more than Rs 2,000 crore via public-private partnership model”.
  • India has 12 major ports under the control of the central government — Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), VO Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). 

FM says about gas distributions

  • City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts

FM proposes to launch hydrogen energy mission

  • proposes to launch hydrogen energy mission next fiscal for generating hydrogen from green power sources

Govt. proposes investor charter across financial products

  • proposes investor charter across financial products

Ujjwala scheme to be extended to 1 cr more beneficiaries

  • Free cooking gas LPG scheme Ujjwala to be extended to 1 cr more beneficiaries

Govt. proposes further recapitalization of state-owned banks

  • proposes further recapitalization of state-owned banks;
  • earmarks Rs 20,000 crore

FDI in insurance increased to 74 pc from 49 pc

  • FDI in insurance increased to 74 pc from 49 pc

Opposition creates ruckus

  • Opposition creates ruckus as FM Sitharaman says: “Govt. is committed for the welfare of farmers”

Air India and other disinvestments will be completed in 2021-22

  • BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22, says FM

Government proposes to use data analytics, artificial intelligence, machine learning-driven for Ministry of Corporate Affairs

  • Government proposes to use data analytics, artificial intelligence, and machine learning-driven for the Ministry of Corporate Affairs’ database.
  • Version 3.0 of MCA-21 includes additional modules for e-scrutiny, e-adjudication, e-consultation and compliance management.

5 Major Fishing Harbour announced

  • 5 Major Fishing Harbour announced by FM in Chennai, Cochin, Visakhapatnam, Paradeep & Petua Guard

Minimum wages will apply to all categories of workers

  • FM says minimum wages will apply to all categories of workers and women will be allowed to work in all categories and all shifts

100 new Sainik schools to be open

  • 100 new Sainik schools to be open

FM announces National Language Translation Mission

  • FM announces National Language Translation Mission

Special 1000 cr scheme for welfare of tea workers

  • Special 1000 cr scheme for welfare of tea workers in Assam and West Bengal

FM announces PM Atma Nirbhar Swasth Yojana, features here

  • “A new Centrally sponsored Health system – PM Atma Nirbhar Swasth Yojana with an outlay of Rs 64,180 crores over 6 years. This will strengthen the existing detection and curing centres and set up new centres in addition to the National Health Mission,” said Sitharaman.
  • The Finance Minister is currently presenting India’s first digital Budget due to the ongoing pandemic.
  • Features of PM- Atma Nirbhar Swasth Yojana scheme.
  • Support for 17,000 rural and urban wellness centres
  • Setting up health labs in all districts and 3382 public block units in 11 states
  • Establishing critical care units in 602 districts and 12 govt institutions
  • Strengthening the National Centre for Disease control – its five centres and its urban units
  • Expansion of the integrated Health portal to all states & UTs
  • Operationalisation of 17 Public Health units and strengthening of 33 existing units at points of  entry – 33 airports, 7 seaports and 11 land crossings
  • Setting up of 17 health emergency centres and 2 mobile hospitals
  • Setting up a regional WHO centre office, 9 biosafety level 3 laboratories, 4 regional National Institute of Virology 

FM Sitharaman briefs on the fiscal position of the country

  • FISCAL DEFICIT OF 20-21 ESTIMATE: 8% OF GDP
  • FISCAL DEFICIT OF  20-21: 5% OF GDP

Central University to be set up in Leh

  • Central University to be set up in Leh
  • Govt To Upgrade 50,000 Schools Under NEP; To Set Up Central University In Leh

Exemptions to senior citizens whose only income is pension and interest from filing Income Tax return

  • Exemptions to senior citizens (Above 75) whose only income is pension and interest, from filing Income Tax return

NRIs to be spared from double taxation says FM

  • NRIs to be spared from double taxation.
  • New rules to be notified, says FM

The forthcoming census would be the first digital census

  • 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, says FM

The government takes major decisions on serious tax offences

  • Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years: FM

137% Hike In Health Spending; all updates on the Health sector here –

  • In the post-COVID India, Union Finance Minister Nirmala Sitharaman, announced an expanded focus on Health, allocating 83 lakh crores in this year’s Union Budget – a 137% in Health budget.
  • Under the Health and well-being sector, she announced a Centre-sponsored Health system – PM Atma Nirbhar Swasth Yojana with an outlay of Rs 64,180 crores over 6 years in addition to the National Health Mission.
  • The FM outlined the six pillars on which the Atma Nirbhar sector of Budget 2021 rested – Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D.
  • “A new centrally sponsored Health system – PM Atma Nirbhar Swasth Yojana with an outlay of Rs 64,180 crores over 6 years.
  • This will strengthen the existing detection and curing centres and set up new centres in addition to the National Health Mission,” said Sitharaman.
  • The Finance Minister is currently presenting India’s first digital Budget due to the ongoing pandemic.

Government to set up national income tax appellate tribunal centre

  • proposes to make income tax appellate tribunals faceless; to set up national income tax appellate tribunal centre

Affordable housing projects can now avail Tax holiday for one more year, says FM

  • Affordable housing projects can now avail Tax holiday for one more year

New Agri infra cess to be applicable from February 2, 2021

  • Agri cess of Rs 2.5/litre on petrol & Rs 4/litre on diesel
  • Agri infra cess of 5% on gold, silver & dore bars
  • Agri infra cess of 100% on alcoholic beverages
  • Agri infra cess of 5% on crude palm oil

Nirmala Sitharaman proposes to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021.

  • Revoking ADD and CVD on certain steel products.
  • Reducing duties on copper scrap from 5% to 2.5%.
  • Some parts of mobiles to move from NIL to 5% rate.
  • Cutting duty on copper scrap 5% from 5%.
  • Exempting duty on steel scrap for a specified period.

Finance Minister Nirmala Sitharaman said the government will borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure.

  • “Govt to borrow about Rs 12 lakh cr in FY22; expenditure pegged at Rs 34.83 lakh cr, including Rs 5.54 lakh cr of capital spending,” Sitharaman said.

8,500 Km Of Highway Projects To Be Awarded In FY22; Rs 25K Cr Earmarked For WB: FM

  • Expressing commitment to augment the country’s infrastructure, Finance Minister Nirmala Sitharaman said projects for building 8,500 km of highways will be awarded by March 2022.

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