#Budget2021: Key Highlights

Article by Nanda Gopal Published on: 10:00 am, 1 February 2021 | Updated on 3:23 pm, 3 February 2021

Union Finance Minister Nirmala Sitharaman is presenting Union Budget 2021. Nirmala Sitharaman on Monday began her Budget 2021 speech by saying that the coronavirus pandemic “is the dawn of a new era, one in which India is poised to be a land of new hope”. Below are the key highlights from FM’s budget speech.

  • Higher Education Commission, an umbrella body, to be set up.  
  • 7 textile parks to be set up in 3 years.
  • Customs duty on cotton raised to help farmers.
  • First unmanned  satellite mission in December 2021.
  • Rs 1,10,055 crore for Indian Railways
  • Over Rs 1 lakh crore allocated for highway projects in Tamil Nadu
  • Tax holiday for affordable housing projects
  • Record GST collections in the last few months, says FM.
  • The I-T exemption for start-ups has been extended up to March 31, 2022.
  • Dispute resolution panel for small tax payers.
  • Highway infra work proposed includes building 8,500-km of highways by March 2022. This includes 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at investment of Rs 65,000 crore, 675 km in West Bengal at a cost of Rs 95,000 crore.
  • Senior citizens older than 75 years old with only pension as the source of income need not file income tax return.
  • Union finance minister Nirmala Sitharaman set the agriculture credit target at 16.5 lakh crore.
  • FDI in insurance was increased to 74 percent from 49 percent
  • Life Insurance Corporation (LIC) would go for IPO in 2021-22 for which requisite amendments would be made.
  • Government allots Rs 20,000 crore for bank recapitalisation.
  • Proposal to launch hydrogen energy mission next fiscal for generating hydrogen from green power sources.
  • Centre to provide Rs 18,000 crore for public buses.
  • City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts.
  • Rs 3,768 crore allocated for Digital census  to be held in FY 2021-22
  • Virology Centers: In the wake of Covid-19 pandemic that wreaked havoc in people’s lives and economy across the world, regional institutes for virology would  be set up across the country.
  • 750 new Ekalavya model schools to be set up
  • Development of world-class fintech hub
  • Rs 2,217 for urban centres to check pollution
  • Multi-purpose seaweed park to come up in Tamil Nadu.
  • FY22 agriculture credit target at Rs 16.5 lakh crore.
  • 5 major harbours to be developed in the country.
  • 100 new Sainik Schools to be set up. 
  • Petroleum and Natural gas: Ujwala scheme benefiting 8 crore people till now to be extended for 1 crore beneficiaries.
  • Gas pipeline project to be taken up in J&K.
  • Rs 1,14,678 crore for Swachh Bharat Mission.
  • Rs 5.54 lakh crore allocated for capital expenditure
  • New economic corridors planned to boost road infrastructure
  • Outlay of Rs 25,000 crore for road projects in West Bengal
  • Over Rs 64,180 crore earmarked for new health scheme
  • 100% electrification of broad gauge routes will be completed by 2023.
  • Mega textile parks to be launched.
  • Outlay of Rs 25,000 crore for road projects in West Bengal.
  • Metro lite and Metro Neo will be introduced in tier-2 cities
  • Chennai and Kochi, Nasik and Nagpur metro phase -II get budget allocation
  • Rs 1,18,000 crore for ministry of roads
  • Rs 2.87 lakh for Urban Jal Jeevan Mission
  • Rs 64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to National Health Mission, announces Finance Minister Nirmala Sitharaman.
  • Nirmala Sitharaman announces outlay of Rs 2.87 lakh crore for Jal Jeevan Mission.
  • During the lockdown last year, PM Modi announced the Pradhan Mantri Gareeb Kalyan Yojna worth 2.76 lakh crore for the poor and the needy, says FM.
  • The total financial impact of all Aatmanirbhar Bharat packages, including measures taken by RBI, was about Rs 27.1 lakh crore, more than 13% of GDP, says FM.
  • Nirmala Sitharaman says 217 projects worth over Rs 1 lakh crore completed under National Infrastructure Pipeline.
  • Income taxpayers listening to expenditure proposals and wondering
  • FM Sitharaman announces new scrappage policy – 20 years in case of personal vehicles and 15 years in case of commercial vehicles.
  • The total budget outlay for healthcare is 2.23 lakh crore. This is an increase of 137% from last year, says FM.
  • FM announces Rs 35,000 crore for Covid-19 vaccines.
  • Today, India has two vaccines available and has begun safeguarding not only its citizens but also those from hundreds of other countries.
  • Rish of not having lockdown in India is far too high, says FM.
  • The Aatmanirbhar packages introduced by the government were like 5 mini budgets themselves

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