Finance Minister Nirmala Sitharaman is presenting the Union Budget 2021-22 today. First the first time in the history of India, the FM is using a ‘made in India’ tablet computer to deliver a paperless Budget address.
While presenting the budget, Sitharaman quoted Rabindranath Tagore: ‘Faith is the bird that feels the light when the dawn is still dark’.
In her speech, the FM said that budget was undertaken in circumstances like never before, in view of calamities that have affected a country or a region within a country.
*Budget proposals for 2021-22 rest on six pillars, says FM
*Rs 64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to the National Health Mission, announces Sitharaman.
*New scrappage policy – 20 years in case of personal vehicles and 15 years in case of commercial vehicles.
*FM Sitharaman announces Rs 35,000 crore for Covid-19 vaccines.
*Mega Investment in Textile Park. Seven textile parks to come up over three years.
*Sitharaman announces Rs 2.87 lakh crore for Jal Jeevan Mission.
*Centre to provide Rs 18,000 crore for public buses.
*Rs 3.05 lakh crore outlay for power sector.
*Centre hikes FDI insurance from 49% to 74%
*Further infusion of Rs 20,000 crore for public sector banks.
*Over 15,000 schools to be qualitatively strengthened under the National Education Policy.
*Centre aims to bring the fiscal deficit below 5% of the GDP by 2025-26.
*LIC IPO will be brought in FY22
*Tax audit limit for NRIs increased from Rs 5 crore to Rs 10 crore.
*Contingency Fund to be increased to 30,000 crores.
No change in I-T slabs
- Customs duty on copper scrap cut to 2.5%
- Customs duty on solar lanterns cut to 5%
- Customs duty on some auto parts to be increased to 15%: FM
- Customs duty on cotton raised to 10%, silk to 15%
*Centre cuts import tax on gold, silver to 7.5% from 12.5%
*Imposition of AIDC of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.
*SAED on unbranded petrol and diesel shall be Rs 11 and Rs 8 per litre respectively.