Finance Minister Nirmala Sitharaman has presented the General Budget 2021-2022 in Parliament. The General Budget 2021-2022 is presented for the first time in a paperless manner due to the Covid-19 epidemic. The Finance Minister arrived in Parliament with a budget document on a tablet and gave his budget speech. This is the ninth budget of the Modi government, including an interim budget. Let us tell you what important announcements the Finance Minister has made in the General Budget 2021-2022 to fix the severe injury to the economy due to the long lockdown.
Key Highlights of Union General Budget 2021-2022
- CNG and LPG distribution facility to be provided in 100 more districts through gas distribution network
- One crore more beneficiaries will be added under Ujjwala scheme to provide free LPG cylinder
- Privatization of Tier 2 and Tier 3 cities Airports.
- New Metro Technology for Tier 1 Peripheral Areas and Tier 2 Cities – Metro Light and Metro Neo
- National Rail Plan 2030 is ready. Western and Eastern Freight Corridor to be ready by June 2022
- In addition to the National Health Mission, the Finance Minister proposes to start a self-reliant health program with an expenditure of Rs 64,180 crore.
- Announcement of water life mission for 4,378 urban local bodies with an expenditure of Rs 2.87 lakh crore
- Second phase of Swachh Bharat with expenditure of Rs 1,41,678 crore in next five years
- Government to give Rs 35,000 crore for Covid-19 vaccination in 2021-22
- 1.97 lakh crore rupees will be spent in next five years on production based scheme (PLI) starting this financial year
- Announcement of Voluntary Vehicle Scrapping Policy for phasing out of old vehicles, Proposal of 20 years fitness test for private vehicles
- 20 pipelines of GAIL India Ltd., Indian Oil Corporation (IOC) and HPCL to be marketed
- Allocation of 8500 km of road, highway projects by March 2022 to further improve infrastructure
- Declaration of road projects worth Rs 25,000 crore for West Bengal
- Rs 65,000 crore allocated for road, highway projects in Kerala and Rs 3,400 crore allocated for Assam
- Announcement of Rs 18,000 crore scheme to improve public transport system in urban areas
- A framework will be put in place to give electricity consumers the option to choose from more than one Distribution Company.
- Hydrogen energy mission will start in next financial year to produce hydrogen from green energy sources
- Declaration of seven port projects worth over Rs 2,000 crore under Public-Private Partnership (PPP)
- A subsidy scheme will be launched to encourage the flagging of trade-ships in India
- FDI limit in insurance sector raised from 49 percent to 74 percent
- Proposal to provide capital of Rs 20,000 crore to public sector banks
- LIC’s IPO to be launched in 2021-22
- Two public sector banks and one general insurance company will be disinvested.
- It is proposed to start a Hydrogen Energy Mission in the year 2021-22, under which hydrogen can be generated from green power sources
- Rs 18,000-crore plan to strengthen public transport in urban areas.
- FM Nirmala Sitharaman, did not make a change to tax slabs in Income Tax Returns.
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