Union Budget 2021-22: Key highlights

Finance Minister Nirmala Sitharaman on Monday announced higher capital expenditure for the FY 202122 and focused on providing a major boost to healthcare and infrastructure buildingIn her Budget speech Sitharaman mentioned that this years budget focused on six pillars Health and Wellbeing Physical and Financial Capital and Infrastructure Inclusive Development for Aspirational India Reinvigorating Human Capital Innovation and RampD and minimum government and maximum governancePresenting the firstever digital Union Budget the minister stated that Indias fight against COVID19 continues into 2021 and that this moment in history when the political economic and strategic relations in the postCOVID world are changing is the dawn of a new era one in which India is wellpoised to truly be the land of promise and hopeKey highlights of Union Budget 202122A new Centresponsored scheme Prime Minister Atmanirbhar Swasthya Bharat Yojana with an outlay of Rs 64180 crores to boost healthcare infrastructure across the country amid ongoing COVID19 pandemicSenior citizens above 75 years of age having pension and interest income exempted from filing tax returnsA National Faceless Income tax Appellate Tribunal Centre shall be established and all the communication between the Tribunal and the appellant shall be made electronicallyIn order to provide transparent tax appellate mechanism it is proposed to make the Income Tax Appellate Tribunal faceless and jurisdictionlessFor reducing litigation and to give an impetus to the dispute resolution for small taxpayers a Dispute Resolution Committee is proposed to be constitutedTo incentivise digital transactions and to reduce the compliance burden of the person who is carrying almost all of their transactions digitally it is proposed to increase the limit for tax audit for persons who are undertaking 95 per cent of their transactions digitally from Rs 5 crore to Rs 10 croreRs 1000 crore to be provided for welfare scheme for tea workers of Assam amp West Bengal especially women and childrenNational Infrastructure Pipeline NIP expanded to 7400 projectsRs 223846 crore outlay for Health and Wellbeing in Budget Estimates BE 202122 as against Rs 94452 crore in BE 202021 an increase of 137 per centRs 35000 crore for COVID19 vaccine in Budget Estimates 202122Rs 64180 crore outlay over 6 years for PM AatmaNirbhar Swasth Bharat Yojana ndash a new centrally sponsored scheme to be launched in addition to NHMRs 287000 crore over 5 years for Jal Jeevan Mission Urban to be launchedRs 141678 crore over 5 years for Urban Swachh Bharat Mission 20Rs 2217 crore to tackle air pollution for 42 urban centers with a millionplus populationVoluntary vehicle scrapping policy to phase out old and unfit vehicles After 20 years in case of personal vehicles and 15 years in case of commercial vehiclesRs 197 lakh crore in the next 5 years for Production Linked Incentive scheme PLI schemes in 13 SectorRs 20000 crore to set up and capitalise a Development Financial Institution DFI ndash to act as a provider enabler and catalyst for infrastructure financingRs 554 lakh crore capital expenditure in BE 202122 a sharp increase of 345 per cent over Rs 412 lakh crore allocated in BE 202021Rs 118101 lakh crore highest ever outlay for Ministry of Road Transport and Highways of which Rs 108230 crore is for capitalRs 110055 crore for Railways of which Rs 107100 crore is for capital expenditureRs 305984 crore over 5 years for a revamped reformsbased and resultlinked new power distribution sector schemeCapital infusion of Rs 1000 crore to Solar Energy Corporation of India and Rs 1500 crore to Indian Renewable Energy Development AgencyFDI limit in Insurance Sector increased from 49 per cent to 74 per centRural Infrastructure Development Fund to be enhanced to Rs 40000 crore from Rs 30000 croreRs 15700 crore budget allocation to MSME Sector more than double of this years BEAn agriculture Infrastructure and Development Cess of Rs 25 per litre has been imposed on petrol and Rs 4 per litre on diesel Unbranded petrol and diesel will attract basic excise duty of Rs 14 and Rs 18 per litre respectively100 per cent Agriculture Infrastructure and Development Cess on Alcoholic beveragesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever