- First paperless budget in the country
- Emphasis on Aatma Nirbhar Bharat
- Market welcomes budget by surging ahead
Niramala Sitharaman, Union finance minister, presenting her third budget on Monday, 1 Feb 2021, spoke of the unprecedented Covid pandemic and the consequent contraction in global economy. She created history of sorts by presenting a paperless budget for the first time in Parliament. She spoke at length on Aatma Nirbhar Bharat and provided details of the funds spent and allocated for this project. She said her budget proposals are meant to sustain the economic recovery. Government had rolled out Aatama Nirbhar packages worth Rs. 27.1 lakh crores, she said. This is 13 per cent of the GDP. The vision of the budget is to achieve Aatma Nirbharata Bharat.
The Niramala Sitharaman said her budget proposals this year rest on six pillars- Health and well-being, physical and financial capital infrastructure, inclusive growth for Aspirational India, Reinvigorating Human Capital, Innovation and Research & Development, Minimum government and maximum governance. She said capital expenditure would be increased to Rs. 5.54 lakh crore in 2021-22 budget.
Public health cenetres in all districts
Emphasizing on health care, the finance minister promised to expand integrated health portal. She said Rs. 64 lakh crore would be earmarked for Aatma Nirbhar health scheme. She said the Centre would launch public health centres in each district of the country. She announced Rs. 35,000 crore for Covid-19 vaccines saying that two vaccines are expected to be produced this year in the country besides Covaxin by Bharat Biotech and Covishield by Serum Institute at Pune.
If India were to become a $ 5 trillion economy, the manufacturing sector has to grow in double digits, Sitharaman said. She also announced vehicle scapping policy. Vehicles will be subjected to fitness test after 20 years of use if it a passenger vehicle and 25 years if it is a commercial vehicle.
Relief for senior citizens
Finance Minister proposed to give a big relief for senior citizens who are 75 years and above saying that they need not file income tax returns. Income Tax regime remains unchanged.
The Indian equity benchmark continued to rise as investors cheered Niramal Sitharam’s budget proposals which are expected to revive growth n the pandemic-hit economy. The S&P BSC Sensex climbed by more than 2000 points and Nifty index moved beyond 14,200 mark. People have been showing interest in buying.