30 Main points representing the Indian Budget 2021

PM Modi termed it as a proactive, not reactive budget which will boost India's self-confidence..

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During the announcement of the Union Budget 2021, Finance Minister Nirmala Sitharaman presented a slew of taxation reforms along with an increased spending on healthcare with Rs 35,000 crore on Covid-19 vaccine development. PM Modi terms it as a proactive, not reactive budget which will boost India’s self-confidence.

India’s this year’s budget proposals rest on six pillars:

  1. health and well-being,
  2. Physical, Financial Capital and Infrastructure
  3. Inclusive Development for Aspirational India
  4. Reinvigorating Human Capital
  5. Innovation and R&D
  6. Minimum Government & Maximum Governance.

Here are the highlights of Indian Budget 2021:

     1. The Government is to rationalise custom duties on gold, silver

    1. Major boost has been given to healthcare and infrastructure in Union Budget 2021.
    2. No change seen in Income Tax slabs this year.
    3. Atma Nirbhar packages announced equals to 13% of GDP
    4. New policy makes it costly to keep old cars
    5. Fiscal deficit pegged at 9.5% of GDP during current fiscal ending March 31. It is pegged at 6.8% in the next financial year.
    6. Unbranded petrol and diesel will attract basic excise duty of Rs 1.4, and Rs 1.8 per litre respectively.
    7. Custom Duties on Gold and Silver has been rationalised.
    8. Senior citizens of 75 years of age and above exemption from filing their Income Tax return.
    9. Exemption from tax audit limit doubled to Rs 10 crore turnover for companies doing most of their business through digital modes.
    10. Defence budget hiked by just 1.4%, but more money for military modernization
    11. A record sum of Rs 1,10,055 crore to be provided for Indian Railways, out of which Rs 1,07,100 has been reserved for capital expenditure.
    12. MetroLite and Metro New Technologies to be deployed to provide metro rail systems in tier 2 cities and peripheral areas of tier 1 cities,
    13. Ujjwala scheme will be expanded to over one crore more beneficiaries.
    14. One Nation, One Ration Card scheme launched through which beneficiaries can claim their rations anywhere in the country
    15. The states to get 41% share of taxes as per recommendations of the 15th Finance Commission.
    16. The FDI in insurance increased to 74% from 49%.
    17. Allocation to rural infrastructure development increased from Rs 30,000 crore to Rs 40,000 cr in FY21.
    18. The government allocated Rs 3,726 cr for forthcoming Census which will be the first digital census.
    19. To tackle the problem of air pollution in urban areas, the government sanctioned Rs 2,217 crore for 42 urban centres with million plus population.
    20. The definition of small companies to be revised by raising capital base to Rs 2 crore from current limit of Rs 50 lakh.
    21. PM Aatmanirbhar Swasth Bharat Yojana to be launched with an outlay of Rs 64,180 crore over 6 years.
    22. The definition of small companies to be revised by raising capital base to Rs 2 crore from current limit of Rs 50 lakh.
    23. Rs 35,000 crores have been sanctioned for Covid-19 vaccine this year 2021-22.
    24. PM Aatmanirbhar Swasth Bharat Yojana to be launched with an outlay of Rs 64,180 crore over 6 years.
    25. 1,000 more mandis to be integrated with electronic national market.
    26. 100% electrification of broad gauge rail tracks to be done by December 2023.
    27. Over 13,000 km length of roads at a cost of Rs 3.3 lakh crore has already been awarded under Rs 5.35 lakh crore Bharatmala project
    28. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities
    29. The honest Indian taxpayers would be encouraged to come out in bigger number since the number of Income Tax return filers has increased from 3.31 cr in 2014 to 6.48 cr in 2020.

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