New Delhi: Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2021 in Parliament.
Here are the key highlights of the Budget 2021:
- The FDI in insurance increased to 74% from 49%. In 2021-22 we would also bring the IPO of LIC for which I am bringing the requisite amendments in this session itself, the finance minister said.
- A total allocation of Rs 2.23 Lakh Cr for healthcare and wellness initiatives in the country during the Union Budget 2021-22, the FM said.
- National Monetization Pipeline of potential brownfield infrastructure assets to be launched, for monetizing operating public infra assets. Asset Monetization Dashboard to track progress and provide visibility to investors, she said.
- Rs 1.97 lakh crore has been allotted for Production Linked Incentive Schemes to create manufacturing global champions for an Aatma Nirbhar Bharat. It will nurture size and scale and create jobs for youth : FM
- Voluntary vehicle scrapping policy to phase out old and unfit vehicles. Vehicles to undergo fitness test in automated fitness centres after 20 years (personal vehicles) and 15 years (commercial vehicles), the Finance Minister announced.
- Outlay for health increased to ₹ 2,23,846 crore, an increase of 137% relative to previous year’s budget.
- Scheme of Mega Investment Textile Parks to be launched, in addition to PLI scheme, to create world-class infra in the textile sector, with plug-and-play facilities, to create global export champions. 7 textile parks to be set up over 3 years.
- Urban Swachh Bharat Mission 2.0 with outlay of ₹ 1,41,678 crore over 5 years from 2021. It is focused on complete fecal sludge management, waste water treatment, source segregation, management of waste from urban construction, bioremediation of legacy dump sites.
- ₹ 2,217 crores have been allocated for 42 urban centers with a million-plus population, to tackle the burgeoning problem of air pollution.
- The Centre is providing a record sum of Rs.1,10,055 crore for Railways , out of which Rs.1,07,100 crore is for Capital Expenditure only”
- Independent Gas Transport System Operator to be set up, for facilitation and coordination of booking of common gas carrier capacity, in all natural gas pipelines, on non-discriminatory and open access basis
- 100 more districts to be added in next 3 years, to City Gas Distribution Network
- Ujjwala scheme which has benefited 8 crore households, will be extended to cover 1 crore more beneficiaries
- Ship Recycling Capacities of around 4.5 million Light Displacement Tonnage to be doubled by 2024, expected to generate around 1.5 lakh jobs for our youth
- Scheme for promoting flagging of merchant ships in India to be launched, by providing subsidy support to Indian shipping companies in global tenders floated by Ministries and CPSEs. ₹ 1,624 crore over 5 years for this Comprehensive National Hydrogen Energy Mission to be launched, as per PM @narendramodi ‘s announcement at 3rd REINVEST conference in Nov 2020.
- Revamped, reforms-based, result-linked Power Distribution Sector Scheme to be launched, with outlay of ₹ 3,05,984 crore over 5 years Will provide assistance to distribution companies for infrastructure creation
- For 2021-22 I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores, 34.5% more than BE 2020-21 We will provide over Rs 2 lakh crores to states and autonomous bodies for their capital expenditure: FM
- MetroLite and Metro New Technologies to be deployed to provide metro rail systems in tier 2 cities and peripheral areas of tier 1 cities, at much lesser cost, with same experience, convenience and safety
- New scheme at a cost of ₹ 18,000 crore for augmentation of public bus transport services Will facilitate deployment of innovative PPP models enabling private players to finance, acquire, operate and maintain over 20,000 buses
- Record sum of ₹ 1,10,055 crore to be provided for Indian Railways, out of which ₹ 1,07,100 is for capital expenditure only