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Budget 2021-2022:10 Important Announcement of government budget

Budget 2021-2022: 10 Important Announcement of government budget
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Budget 2021-2022: 10 Important Announcement of government budget

Highlights

Finance Minister Nirmala Sitharaman has presented the country's Union Budget 2021-22 in Parliament on Monday.

New Delhi: Finance Minister Nirmala Sitharaman has presented the country's Union Budget 2021-22 in Parliament on Monday. In the midst of the economic recovery after Coronavirus, the Finance Minister said that this time budget is going to find opportunity in disaster. She said that this budget has been prepared with a focus to support the steps being taken for the improvement of the economy. In this budget, the government has given a lot of emphasis on health sector and infrastructure. In her speech, the finance minister mentioned that this year's budget proposals rest on six pillars that is 1.health and well-being, 2.physical, financial capital and infrastructure, 3.inclusive development for aspirational India, 4.reinvigorating human capital, 5.innovation and R&D and minimum government, 6.maximum governance.

10 big announcements of Modi government budget:-

1. Relief to taxpayers over 75 years of age

The government has given relief to taxpayers over 75 years of age. Sitharaman also announced in his budget speech for FY 2021-22 that only senior citizens above 75 years of age with pension and interest income would not be required to file income tax returns. Banks paying interest will deduct tax on their behalf. In addition, Finance Minister Nirmala Sitharaman on Monday reduced the time limit for re-opening of income tax assessment cases from six years to three years. Also, in such serious cases related to tax fraud where the hidden income is 50 lakh rupees or more, this period will be 10 years. She said that the timeframe for reducing the uncertainty in the minds of taxpayers regarding reopening of assessment cases would be three years from the earlier six years. The Finance Minister said that the tax department will notify the rules to remove double taxation difficulties of NRIs.

2. Proposal for a plan of 1500 crores to promote digital payments

The Central Government on Monday proposed a plan of Rs 1500 crore to promote digital payments in the country. Finance Minister Nirmala Sitharaman said that digital payments have increased manifold in the recent past. Presenting the budget of 2021-22, she said, "To further promote digital transactions, I propose a plan of Rs. 1500 crores. Through which financial incentives will be given to promote digital payments.

3. Gold-silver will be cheaper, mobile will be expensive

This budget of the government has shocked those who want to buy mobiles. Finance Minister Nirmala Sitharaman announced an increase in custom duty on mobile devices. She said that the custom duty on mobile devices will now be up to 2.5 per cent. At the same time, custom duty has been reduced in copper and steel. Not only this, custom duty has also been reduced from gold and silver. This means that gold and silver will now be cheaper and mobile will be more expensive.


4. Digital Census in the country for the first time

Finance Minister Nirmala Sitharaman said on Monday that the government has allocated Rs 3,726 crore for the upcoming census and for the first time there will be a digital census in the country. While presenting the general budget for 2021-22, the Finance Minister said that the government is also working on a national language translation initiative. Sitharaman also announced the operation of the deep ocean mission with an outlay of over Rs 4,000 crore in five years. She said that the government has established a system of reconciliation for the speedy resolution of contractual disputes.

5. Cess increases on diesel petrol, no change in tax slab

Finance Minister Nirmala Sitharaman announced imposition of agricultural cess of Rs 2.50 on petrol and Rs 4 on diesel. However, it is being said that it will not affect consumers. It is believed that these cess companies will have to pay. Also, the income tax payers did not get any relief from this budget. Finance Minister Nirmala Sitharaman did not make any changes in the tax slab this time. In this way, middle class people have to follow the tax rules as before. People over the age of just 75 are relieved.

6. Ujjwala scheme will cover one crore more beneficiaries

The government said on Monday that the free LPG scheme (Ujjwala) will be expanded and one crore more beneficiaries will be brought under its purview. Finance Minister Nirmala Sitamaran announced this on Monday. Presenting the general budget for 2021-22, the Finance Minister said that uninterrupted supply of fuel was continued during the Covid-19 epidemic. She said that the city gas distribution network of delivering gas through pipes to households and providing CNG to vehicles would be expanded to cover 100 more districts. She also announced the Transport System Operator (TSO) for the regulation of general carrying capacity to promote a gas-based economy.

7. Announcement of 35000 Crore for Corona Vaccine

Presenting the general budget for 2021-22, Nirmala Sitharaman said that I have made a provision of Rs 35,000 crore for Covid-19 vaccines for 2021-22. I commit to give more money when needed. She said that India has already approved the use of two vaccines of Covid-19 and Two more vaccines may soon be included in the vaccination campaign in the country.


8. Announced around Rs 2000 crore for seven port projects

The government announced seven port projects with an investment of over Rs 2000 crore. Finance Minister Nirmala Sitharaman said in her budget speech that these projects would be implemented under the Public-Private Partnership (PPP). Presenting the first paperless general budget in Lok Sabha, Finance Minister Sitamaran said that she has proposed seven port projects with an investment of more than Rs 2000 crore through PPP mode. There are currently 12 major ports in India which are under the control of the Central Government. These include Deendayal (formerly Kandla), Mumbai, JNPT, New Mangalore, Kochi, Chennai, Paradip, Kolkata (including Haldia).

9. Government proposes to increase FDI limit in insurance sector from 49 to 74 per cent

The government has proposed to increase the FDI limit in the insurance sector to 74 per cent. This move is aimed at attracting foreign companies for investment. Finance Minister Nirmala Sitharaman, while presenting the paperless budget for the first time on Monday, said that an investor charter will be introduced for all financial products. This will be the right of all financial investors. She proposed to amend the Insurance Act-1938 to increase the FDI limit in the insurance sector from 49 per cent to 74 per cent and to allow foreign participation and control with safeguards. Presenting the General Budget 2021-22, Sitharaman said that under the new structure, most of the directors and officers of the board and management level would be resident Indians. At least 50 per cent of the directors will be independent directors. In addition, a certain percentage of the profits will be kept as a general reserve fund.

10. What did the railways get?

Sitharaman has proposed a record one lakh 10 thousand 55 crore rupees for the railway department, of which one lakh seven thousand 100 crore rupees will be spent on infrastructure. She said that by December 2023, all broad gauge rail lines in the country will be electrified.

Finance Minister Nirmala Sitharaman said on Monday that the government's self-reliant India package of Rs 27.1 lakh crore to counter the Covid-19 epidemic has boosted structural reforms.

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