New Delhi: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2021-22 in Parliament. This is the third budget of Nirmala Sitharaman continuously. There was a meeting of the Union Cabinet before the budget was presented in Parliament, in which it got the approval. Speaking on the government’s health care spending, Sitharaman announced spending around Rs 2 lakh crore on healthcare, along with Rs 35,000 crore on the Covid-19 vaccine program.
Meanwhile, Finance Minister Nirmala Sitharaman said that the government’s self-reliant India package of Rs 27.1 lakh crore to counter the Covid-19 epidemic has given a boost to structural reforms. Sitharaman proposed to introduce self-sustaining health programs in the general budget with an outlay of Rs 64,180 crore. She said that this would be in addition to the National Health Mission. The Finance Minister also said that there are two Covid-19 vaccines in India and two other vaccines will be offered soon.
Sitharaman, in her speech so far, announced a new vehicle scraping policy that aims to boost the auto sector. It has also announced the establishment of a development financial institution. In the power sector, Sitharaman announced the government’s proposal to create a framework that would give consumers the option to choose from more than one electricity distribution company. With elections going to be held in four states this year, the Finance Minister has announced in her budget significant expenditure on highways connecting these states.
After an estimated 7.7 percent contraction in 2020-21, the Finance Ministry’s Economic Survey states that India’s real GDP will register 11 percent growth in 2021-22. The nominal GDP growth has been projected at 15.4 percent, estimating an inflation perception of 4.4 percent during the year.
Sitharaman has raised hopes by calling the budget of 2021-22 as ‘Budget as before’. Expectations are high that the government will promote economic revival by focusing on infrastructure, health, agriculture, rural economy, MSME sectors affected by the Covid-19 epidemic and lockdown restrictions.
This will be Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. In a significant departure from tradition, this year’s budget will be unique because it will be paperless.
What did the finance minister give in the budget of 2021-22
Finance Minister said that the Railways will make special corridors made separately for goods trains on the market. In the 2021-22 budget speech, the Finance Minister said that 20 pipelines of GAIL India Ltd., Indian Oil Corporation (IOC) and HPCL will be marketed. The Finance Minister set a capital expenditure target of Rs 5.54 lakh crore for the next financial year against Rs 4.39 lakh crore in the current financial year.
Nirmala Sitharaman said that the National Rail Scheme 2030 is ready. Capital of Rs 1 lakh 10 thousand 55 crore has been allocated for the railways. . It has been announced to start a new rail scheme from 2030.
Announcement of National Highway Project in West Bengal. The Finance Minister said that a 675 km highway would be constructed in West Bengal at a cost of Rs 25,000 crore. At the same time, 1,100 km of national highways will be constructed in Kerala with an investment of Rs 65,000 crore.
She said that 3,500 km of national highways in Tamil Nadu will be built with an investment of Rs 1.03 lakh crore.
1.97 lakh crore rupees will be spent on production based scheme (PLI) in next five years starting this financial year.
The Finance Minister said that the second phase of Swachh Bharat will be implemented in the next five years with an expenditure of Rs 1,41,678 crore.
64,180 crore has been provided by the government for this and the health budget has been increased. With this, the WHO’s local mission will be launched in India by the government. Not only this, the Finance Minister announced to carry forward the Swachh Bharat Mission. He said that the Urban Clean India Mission 2.0 would be implemented over a period of 5 years by 2021 with a total financial allocation of Rs 1,41,678 crore.
She said that the budget proposals are based on six pillars including health and public welfare, physical and financial capital. Proposal of 6 pillars in the budget for 2020-21 1. Health and welfare 2. Physical and financial capital and infrastructure 3. Inclusive development for aspiring India 4. Communicating innovation in human capital 5. Innovation and R&D 6. Minimum Government and Maximum Governance.
The Finance Minister proposed the introduction of a self-reliant health program with an outlay of Rs 64,180 crore in addition to the National Health Mission. The Finance Minister announced the Water Life Mission for 4,378 urban local bodies with an expenditure of Rs 2.87 lakh crore.
Nirmala Sitharaman said that so far the economy has declined only three times. She said that the government has used its resources as fully as possible to help the poor. The government is fully prepared to support the economy for sustainable and reliable growth.
Announced 35 thousand crores for the Corona vaccine. The Modi government allocated an amount of Rs 35,000 crore to develop the Covid vaccine. Finance Minister Nirmala Sitharaman said that if more money is needed than this, then that will also be provided.
Nirmala Sitharaman announced the Self-Reliant Healthy India Plan. He said that a capital expenditure of 64 thousand crores will be spent on this. Sitharaman said that the government announced Rs 27.1 lakh crore as a self-sufficient package to deal with the Covid-19 epidemic. The self-sufficient India package accelerated the pace of structural reforms.
Finance Minister said that two more vaccines will be launched in India soon. She said that India has two vaccines available today. We have started protecting our own citizens against Covid-19 from the point of view of medicine. It has also provided security to people of 100 or more countries.
Nirmala Sitharaman said that PM Modi opened the treasury for the poor. Pradhan Mantri Garib Kalyan Yojana, self-reliant scheme is like mini budget. The self-contained package carried forward the reform.
Finance Minister said that the way the budget was created this time, it was a big challenge as never before. Last time when we were presenting the budget, it was not known where the global economy was going to go. We did not imagine that we were moving towards a health crisis. He said that the Pradhan Mantri Garib Kalyan Yojana was launched during the complete lockdown. This helped 80 crore poor. Eight crore families received free gas cylinders.
Nirmala Sitharaman Lok Sabha during her budget speech said that Prime Minister Narendra Modi has given many economic packages to the country to get the country out of Corona infection. He said that this time budget is digital budget, it is coming at a time when the GDP of the country has gone to minus two times in a row, but the same has happened with the global economy. 2021 is going to be a historic year which the country is eyeing.