INDIA’S UNION BUDGET 2021| FOR THE FIRST TIME EVER – ‘A PAPERLESS DIGITAL BUDGET’ | FIND WHAT’S IN IT FOR YOU

Smt Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, On Monday, introduced to Parliament the Union Budget 2021-22, which is the first budget of this new decade and also a digital one in the light of an ongoing COVID-19 crisis.

“This is an expression of 130 crore Indians who have full confidence in their capabilities and skills,” Union Finance Minister, Nirmala Sitharaman.

Finance Minister further added to her statement saying, “Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others. Additionally, also on the path to fast-implementation are the 13 promises of Budget 2015-16-which were to materialize during the AmrutMahotsav of 2022, on the 75th year of our Independence. They too resonate with this vision of AatmaNirbharta (Self Reliance).”

The Budget proposals for 2021-22 rest on 6 pillars.

1. Health and Wellbeing

Investment in health facilities has risen significantly and the expenditure outlay for health and welfare is Rs 2,23,846 crore in BE 2021-22 compared to this year's BE of Rs 94,452 crore, an improvement of 137 percent. A new centrally funded scheme, PM AatmaNirbhar Swasth Bharat Yojana, will be initiated with an outlay of around Rs 64, 180 crore over 6 years, the Finance Minister declared. The capability of primary, secondary and tertiary health care services will be developed, existing national institutions to strengthen, and new institutions formed to handle the diagnosis and treatment of new and emerging diseases. This will be in addition to the National Health Mission.

1. Physical & Financial Capital, and Infrastructure

The Minister of Finance said that our manufacturing sector needs to expand in double digits on a sustained basis for a USD 5 trillion economy. To become an important part of global supply chains, our manufacturing firms need to have core expertise and cutting-edge technologies. To achieve all of the above, PLI schemes have been declared for 13 sectors to build global manufacturing champions for AatmaNirbhar Bharat. For this, in the next 5 years beginning FY 2021-22, the government has dedicated almost Rs.1.97 lakh crore. This program will help add scope and size to key industries, develop and nurture global champions, and provide our youth with jobs.

1. Inclusive Development for Aspirational India

Under the Progressive Growth Pillar for Aspirational India, the Minister of Finance declared that it will include the agriculture and allied industries, the welfare of farmers and rural India, migrant workers and labour, and financial inclusion.

1. Reinvigorating Human Capital

The Minister for Finance said that the newly announced National Education Policy (NEP) has been well-received, adding that more than 15,000 schools will be qualitatively improved to incorporate all components of the National Education Policy. In collaboration with NGOs/private schools/states, she also announced that 100 new Sainik Schools would be created. She also suggested the creation of an Indian Higher Education Commission as an umbrella entity of four separate vehicles for standard-setting, accreditation, regulatory, and funding. The government has suggested the creation of a Central University in Leh for accessible higher education in Ladakh.

1. Innovation and R&D

The Minister of Finance said she had announced the National Research Foundation in her July 2019 Budget Speech and added that over 5 years, the NRF outlay will be Rs. 50,000 crore. It will ensure that the country's overall research environment is strengthened with an emphasis on the identified national priority thrust areas.

A new National Language Translation Mission (NTLM) program will be carried out by the government. This would allow the richness of Internet-related governance-and-policy information to be made accessible in major Indian languages.

The launch of the PSLV-CS51 will be carried out by the New Space India Limited (NSIL), a PSU under the Department of Space, carrying the Amazonia Satellite from Brazil along with a few other smaller Indian satellites.

As part of the Gaganyaan mission operations, four Indian astronauts are being trained in Russia on the aspects of Generic Space Travel. The first unmanned launch is expected to take place in December 2021.

1. Minimum Government and Maximum Governance

Coming on to the last of the six pillars of the budget, the Minister of Finance has proposed to take a range of steps over the last few years to bring about changes in the Tribunals for the timely delivery of justice and intends to take more steps to rationalize the operation of the Tribunals. The Government has launched the National Commission for Allied Healthcare Practitioners Bill in Parliament with a view to ensuring that 56 allied healthcare professions are governed transparently and efficiently. She also declared that the upcoming Census will be the first digital census in India's history and allocated Rs. 3,768 crore in the year 2021-2022 for this monumental and milestone-marking mission.

The Social Media Response

“Hon. PM Shri @narendramodi Ji's remarks on Union Budget 2021-22. #AatmanirbharBharatKaBudget,” tweeted BJP Party President, JP Nadda.

“The Contingency Fund of India is being proposed to be augmented from Rs 500 crore to Rs 30,000 crore. In accordance with views of the 15th Finance Commission, we're allowing a normal ceiling of net borrowing for the states at 4% of GSDP for 2021-22,” said CP Joshi, Member of Parliament.

“Karnataka Chief Minister B S Yediyurappa says Union Budget for 2021-22 presented by Finance Minister Nirmala Sitharaman in Parliament has come as catalyst that can revive this sluggish economy,” a tweet from PTI.

“Finance Minister @nsitharaman, MoS Finance & Corporate Affairs  @ianuragthakur, and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22,” a tweet from the official Twitter account of Rashtrapati Bhavan.

“Delhi: FM Nirmala Sitharaman and MoS Finance Anurag Thakur leave from Ministry of Finance. FM will present #UnionBudget 2021-22 at Parliament today. For the first time ever, the Budget will be paperless this year due to COVID. It will be available for all as a soft copy, online,” tweeted ANI from its official Twitter handle.

The Union Minister of Railways, Mr. Piyush Goyal shared the video link for the complete budget speech at the parliament, as shown below.

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