Budget 2021 Highlights: Rs 35,000-cr shot for vaccine, no changes in tax slabs; farm cess of Rs 2.5/litre on petrol
Budget 2021 Highlights and Important Points: Nirmala Sitharaman said the budget for 2021-22 rests on six pillars – from healthcare to infrastructure. She also announced a total spend of around Rs 2 lakh crore on healthcare.
Union Budget 2021 | FDI limit in insurance hiked to 74%
he government on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent, a move aimed at attracting overseas players.
In the first paperless Union Budget, Finance Minister Nirmala Sitharaman also said investor charter would be introduced as a right of all financial investors across all financial products.
Nirmala Sitharaman proposed to amend the Insurance Act 1938 to “increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards”.
“Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50 per cent of directors being independent directors and specified percentage of profits being retained as general reserve,” Nirmala Sitharaman said while presenting the Budget 2021-22.
Budget LIVE: As in income tax, no slab changed ન no exemption; 1.5 lakh extra rebate on interest for home increased by 1 year, 75+ pensioners exempted from filing IT returns
With the help of NGOs, the state government and the private sector, 100 new military schools will be started
20,000 crore will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.
Finance Minister Nirmala Sitharaman is presenting the budget. The ads so far have focused more on health and infrastructure. The finance minister has announced to spend Rs 2.27 lakh crore on road infrastructure in the four states to be elected this year, Tamil Nadu, Keran, Bengal and Assam. It focuses more on Tamil Nadu than on Bengal.
▪️On the 75th anniversary of our independence, we want to provide relief to senior citizens aged 75 and above. He no longer needs to file an IT return. At present, a case can be opened even after 6 years of tax reassessment and 10 years in a serious case. It is now being reduced to 3 years. In a serious case, if the issue is to hide more than Rs 50 lakh in a year, the case can be opened for 10 years. Only the commissioner will approve it.
▪️Tax disputes of Rs 85,000 crore have come to an end recently. A Dispute Resolution Committee will be formed, people with income up to Rs 50 lakh and disputed income up to Rs 10 lakh will be able to approach the committee. There will be a National Faceless Appellate Tribunal.
At present, if the turnover exceeds Rs 1 crore, a tax audit will have to be done. The exemption for 95% digital transactions was increased to 50 million last time. It is now being increased to Rs 10 crore.
▪️TDS will no longer be levied on dividend payments. Home is a priority for everyone. A provision of Rs 1.5 lakh was made in interest on home loan. Now an extra rebate of Rs 1.5 lakh in interest for affordable housing has been kept till March 31, 2022.For farmers
▪️The agriculture credit target for 2021-22 is Rs 16.5 lakh crore. Operation Green Scheme will cover 20 crops that are deteriorating rapidly.
GUJARATI NEWS Read
▪️APMC will also have access to the Agriculture Infrastructure Fund. 5 big fishing harbors will be built in cities like Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat. A multipurpose sea-weed park will be set up in Tamil Nadu. For the poor One Nation, One Ration Card will be approved in 32 states. 86% of people are covered in it. The benefits of the Ujjawala scheme will be extended to 1 crore more women.For education With the help of NGOs, the state government and the private sector, 100 new military schools will be started.
▪️Central University will be set up in Leh for higher education in Ladakh.
▪️Facilities will be improved at 750 Eklavya Model School in the tribal area.
▪️35219 crore will be spent in 6 years for 4 crore children of Scheduled Castes.
▪️Post-matric scholarships will also be offered for tribal children.
▪️For the insurance and banking sectors Insurance X 1938 will be amended. FDI in the insurance sector will be increased from 49% to 74%.
▪️IDBI will be investing in two banks and one public sector company as well. The law will be amended for that. An IPO for LIC will also be brought.
▪️20,000 crore will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.
Emphasis will be placed on nutrition. Mission Nutrition 2.0 will be launched. Water supply will be increased
Water-life missions will be launched in urban areas. 1.48 lakh crore will be spent on Urban Clean India Mission in 5 years
The pneumococcal vaccine will be launched across the country. It will save the lives of 50,000 children every year.
With a budget of Rs 64,180 crore, the Prime Minister’s Self-Reliant Healthy India Scheme will be launched, in the same budget new diseases will be treated.
Critical Care Hospital will be started in 602 districts. The National Center for Disease Control will be strengthened.
An Integrated Health Information Portal will be launched to connect public health labs. 15 Health Emergency Operation Centers will be started.
There is a need for a Development Financial Institute for the infrastructure sector. A bill will be brought for him. Rs 20,000 crore will be spent on it to build a lending portfolio of Rs 5 lakh crore in 3 years.
The focus will be on monetizing public infrastructure. The National Monetization Pipeline will be launched. It will have a dashboard to keep an eye on these matters.
The National Highways Authority will also attract international investment. Railways will also monetize the freight corridor. Monetization will also be the focus of any future airport.
Railways has formulated the National Rail Plan 2030. So that the Futur Regi railway system can be built and the logistical cost can be reduced. By June 2022 the Erston and Verston Dedicated Fred Corridor could be ready. Somnagar-Gomo Saxon will be built in PPP mode.
The Gomo-Damakuni section will also be made this way. Future Ready Corridor will be constructed at Kharagpur-Vijayawada, Bhusawal-Kharagpur, Itarsi-Vijayawada. By December 2023, 100 percent broad gauge electrification will be done.
Vista Dom coaches will be launched to give passengers a better experience. Train protection system will be introduced on high density network, high utilized network. This system will be developed in the country.
1.10 lakh crore is being given to railways. 1.07 lakh crore is for capital expenditure only