Are you all aware of the Union budget that gets announced by our honorable finance minister

Are you all aware of the Union budget that gets announced today by our honorable finance minister? This blog will give you important insights into the union budget 2021-2022. The most interesting portion of this budget is its paperless form. The budget will be available to members of parliament and the general public online. The budget announcement began by uttering some words about the problems faced by people of various sectors during the pandemic period. Our finance minister also told about the target of Pradhan Mantri Garib Kalyan Yojana.

Let us discuss the Union Budget 2021-22 elaborately:

  • The central government has sponsored a completely innovative scheme. This scheme is believed to develop the overall healthcare sector.
  • You may have heard that a total of Rs 64180 crore has been finalized to enhance the healthcare department. For the next six years, The PM Atmanirbhar Swasth Bharat Yojana, whose total budget is Rs. 64180, has been launched. We were all very worried about the right detection of several unknown diseases and their proper treatment procedures. This scheme is the solution to this issue. The government aims to set up big institutions with advanced equipment and facilities to detect and cure emerging critical health problems. This scheme will improve the overall health care abilities.
  • Rs 35000 will be given to increase the availability of Covid 19 vaccines. She said that there are already two covid19 vaccines available in the market, and two more are yet to come for the common people’s welfare.
  • This scheme will prove to be the backbone of 17000 rural and 11000 urban healthcare centers. According to her, This point added to the national health mission from this year.

Now let us take a look at the central government decision regarding FDI in Insurance.

  • Finance minister Nirmala Sitaraman has prosed to change the Insurance act 1938. Such action aims to enhance the limitation of FDI to 74%, which was 49% earlier. So from now onwards, foreign ownership and control will become risk-free.
  • In this budget 2021, financial investors’ rights have been taken care of irrespective of their financial products.

Several other important declarations by Finance Minister

  • Under Jal Jeevan Mission, a sum of 2.87 lakh crores has been finalized to spend all-time water availability to local bodies in urban areas. The connectivity of household taps will be improved with this outlay.
  • Rs 1.41 lakh crores have been proposed for the next five years to fulfill the mission of Swacch Bharath 2.0.
  • Wastage of plastic or Pollution or wastage of water will be treated with the help of proposed Rs. 1.47 lakh crores.
  • Under the scrapping policy proposed in Budget 2021, Pollution emitted from vehicles and import bills of oil will be reduced by throwing away the unnecessary inefficient vehicles.
  • 1.97 has been announced for the next five years to encourage manufacturers manufacturing worldwide and make available more job opportunities for the youth.
  • Higher investment has been proposed for the textile sector, and the establishment of 7 textile parks has been announced in the coming three years.
  • 5 lakh crores have been proposed for the establishment of a development Financial Institution.
  • More than Rs.2 lakh crores will be used as capital expenditure of the states and other autonomous sectors.
  • The central government has decided to construct the more than 3800 Km highway under the Bharat Mela Project.
  • A total of Rs. 118101 lakh crore has been proposed for the development of road transport and highways.
  • We all know that the overall cost of logistics now is high. FM has proposed to make an Infra rail plan to develop the rail facilities in India. This is forecasted to happen by 2030.
  • The number of people getting benefitted from the Ujjwala scheme is one crore currently. This will be limited to 1 crore beneficiaries under the Ujjwala scheme.
  • The government feels that the solar energy sector needs development. So Rs. 1000crores has been finalized by FM.
  • The DICGC Act 1961 will be amended for easy access to deposits with the insurance sector’s help for the depositors of the bank.
  • The budget 2021 mentions the practical implementation of decriminalization of the LLP Act,2008.
  • Companies having paid-up capital of below two crores and turnover below 20 crores will be considered as small companies.
  • After this budget, NRIs can also incorporate OPC in India. As there is no limit of paid-up capital or turnover of startups.
  • Exemption on leather import is no more available as it will be now considered as domestic consumption.
  • The customs duty has been increased from 5% to 20% on solar inverters and 5% to 15% on solar lanterns.
  • An additional 80000 crore is required to better the economy and meet the current total fiscal deposit.
  • 12 lakh crores have been calculated as borrowings for the next year.
  • The senior citizens living only with the help of pension and interest on incomes are no more required to file ITR.
  • A faceless Income Tax Appellate Tribunal has been proposed for Online resolution.
  • To hear and solve small taxpayers’ limitations, a ‘Faceless dispute resolution committee and mechanism’ will be set up. This committee will entertain the taxpayers with not more than 50 lakhs as taxable income and ten lakhs as disputed income.
  • The agricultural credit has been raised to 16.5 lakh crore.
  • In cases other than tax evasion, the time limit for assessment reopening has been pulled down to 3 years, which was six years earlier. In tax evasion cases, the time limit is ten years income must not be less than 50 lakhs.
  • PF will be considered as a deduction for the employer even if not deducted. Because from now onwards, deposition of PF by the employer is the only thing that matters in this case.
  • Budget 2021 is hopeful about developing NHAI operational toll roads, the stadium of sports, airports of 2 and 3 tier cities.
  • Finance Minister has announced Rs. 93224 crore for the educational sector.

Get updated about the budget allocated for National Highway in the following states:

  1. West Bengal- Rs. Twenty-five thousand crores for 675 Km.
  2. Tamil Nadu- Rs. 1.03 lakh Crores for 3500 Km.
  3. Kerala- Rs. 65000 crores for 1100Km.

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