It is the time when all eyes are at the first-ever digital Union Budget presented by the finance minister Nirmala Sitharaman for the year 2021 and fiscal year 2022 in Parliament. This budget session is essential as it is presented after the Corona Virus pandemic. Since the Indian GDP in first quarter shrunk by 23.9% in last year, this paperless budget will focus on strengthening the economy of the country. Special attention is paid on physical and financial capital, health and wellbeing, infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and Maximum Governance and Minimum Governance. This budget favours the Aatma Nirbhar Bharat which will support 130 Crore Indians. There will be a doubling of farmers income a good governance system, opportunities for youth, women empowerment, healthy India and education system for all.
Big take away of budget 2021 is 137% hike in health allocation. ₹64,180 crores to Aatma Nirbhar Health Yojana for building the health sector self-sufficient and self-reliant. Another focus because of the time of pandemic is made on the vaccine, where ₹35,000 crores allocated for Covid vaccine, two of which has already been rolled out. This budget is called infrastructure rich budget because, for highways and metros, 1.93 lakh crore has given in this sector to highways in Tamil Nadu and other states down South. FDI in insurance has been increased from 49% to 74%. 2.5 lakh crore paid to the farmers for wheat and rice. The budget mentions tax relief for senior citizens above the age of 75 comes as a big relief for them and no double taxation for NRI’s.
Fatima Tuz Zahra