Hello Readers!
The Union Budget for the fiscal year 2021-22 has been announced today by our Honorable Finance Minister Smt. Nirmala Sitharaman. This year the budget was completely paperless in the context of the COVID-19 pandemic. The Finance Minister carried a tablet inside a red case bearing the Government of India emblem to Parliament to present the budget. The Budget 2021 will be available online for everyone in PDF form.
Budget 2021 focused on infrastructure development to boost growth and create jobs. However, has been no relief for the middle class as I-T slabs remain unchanged.
Here are the BIG ANNOUNCEMENTS of Budget 2021 announced by our Finance Minister.
PM Aatmanirbhar Swastha Bharat!
New Scheme named PM Aatmanirbhar Swastha Bharat will be launched soon with a total outlay of Rs 64,180 crores, over the next 6 years. This step has been taken in the context to improve healthcare facilities in India.
Voluntary Vehicle Scrapping Policy!
Finance Minister announced that vehicles will have to undergo a fitness test after a certain period. The time period of the fitness test was set as 20 years for passenger vehicles and 15 years for commercial vehicles. She further said that brief details of the scrappage policy will be announced shortly.
Fund For COVID-19 Vaccines!
COVID-19 vaccines took a major part in the Budget for 2021-22. Finance Minister announced an additional fund for COVID-19 vaccines worth Rs 35,000 crore. This step is of complete worth as in the context of the pandemic and the loss it has down to the economy, it is much prior for the government to accelerate the production and supply speed of COVID-19 Vaccines, to make it reach to every individual of this country as soon as possible.
Development Financial Institution!
Finance Minister announced that soon a bill will be introduced, that will mention setting up a DFI (Development Financial Institution). This will be set up with a total capital expenditure of Rs 20,000 crore. Further, she added that Rs 5 lakh crore will be lent by DFI in the coming next 3 years.
Enhance Digital Payments!
Digital India also got an important place in the Budget 2021. Finance Minister announced a package of Rs 1,500 crore that will be used to promote digital payment platforms. As per Finance Minister, a scheme will be proposed to provide financial incentives to promote digital modes of payment.
Jal Jeevan Mission!
At many locations in India, people struggle for water supply. In the context of this Finance Minister announced the launch of Jal Jeevan Mission with a total outlay of Rs 2.87 lakh crore for the next five years. The finance minister further announced that this mission will aim to provide a universal water supply in all 4,378 urban local bodies.
National Rail Plan for India
The Union Budget 2021 provided a package of Rs 1,10,055 crore to railways. A part of this package equal to Rs 1,07,100 crore will be for capital expenditure. The Finance minister said that behind this step, the government has planned to create a future-ready railway system by 2030 and to bring down the logistic cost for the industry. All these are strategies will be used to promote Make In India.
Tax Relief To Senior Citizen!
In the budget 2021, there was a kind of tax relief for the senior citizens of India. Finance Minister announced that senior citizens above the age of 75 who have the source of income in the form of pension and interest income will be devoid of income tax filling, which means they will be not required to pay the tax.
Stay tuned for more details on Budget 2021!
For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).