Highlights:
- With an outlay of about ₹64,180 crores, the minister declared the centrally sponsored PM Atmanirbhar Swasth Bharat Yojana
- The budget expenditure announced for 2021-22 by the finance minister is around ₹2 lakh 23 thousand crore
- In the insurance sector, the FM said it has also increased FDI from 49 percent to 74 percent.
The much anticipated ‘never before seen’ budget 2021-22 was introduced on Monday by Union finance minister Nirmala Sitharaman. The Minister started with her speech, quoting Rabindranath Tagore, thanking everyone for suffering the consequences of the coronavirus pandemic and economic crisis.
Here is the list of schemes initiated by the Ministry of Finance:
In order to deal with the coronavirus pandemic effect, the Aatmanirbhar package amounting to ₹27.1 lakh crore was launched. The minister has said that the country has two vaccines against coronavirus and will have two more. The Minister added that PM Garib Kalyan Yojana and three Atmanirbhar Bharat packages in themselves are like five mini budgets.
The finance minister declared the centrally funded PM Atmanirbhar Swasth Bharat Yojana with an outlay of about ₹64,180 crores levied over 6 years.
The Minister has proposed an increase of 137% in capital expenditure for the health sector. The budget expenditure declared by the minister for 2021-22 is ₹2 lakh 23 thousand crore.
To cover 1 crore more beneficiaries, the Ujwala scheme will be extended. The urban gas distribution network will be expanded to an additional 100 towns. The Minister for Jammu and Kashmir has also announced a gas pipeline project.
With an outlay of ₹2.87 crore, Jal Jeevan Mission-Urban was also announced.
The Fintech Hub has also been proposed to instil trust among corporate bond market participants. the body will assist, in the growth of bond markets.
The Minister also announced a scheme for textile parks with the goal of developing 7 textile parks over the next three years.
The Minister has also raised Foreign Direct Investment (FDI) from 49 percent to 74 percent in the insurance sector.
Data Analytics, AI (Artificial Intelligence), Machine Learning- driven MCA-21 version 3.0 will be introduced with additional modules for e-adjudication, consultation and compliance management.
Disinvestment: In 2021-22, the minister said, the IDBI Bank, Air India etc. will be completed.
IPO of LIC in 2022 for which the minister has already suggested legislative changes.
The government would also propose a Centre-to-State incentive package for disinvestment in public sector enterprises.
In 2021-22, the minister has projected ₹1.75 crores from disinvestment.
Inclusive growth is the goal of the third pillar of Aatmanirbhar Bharat, the finance minister said. The third pillar focuses on financial inclusion, migrant workers, labour, agricultural development and rural sector development.
Gig and platform staff will also be provided with social security for financial inclusion, and women will be able to work night shifts with proper security.
The finance minister raised the capital expenditure for MSME (Ministry of Micro, Small & Medium Enterprise) to approximately ₹15,17 thousand crores, which is completely double the expenditure projected last year.
The Minister said a central university would also be built in Leh for accessible higher education in Ladakh to further the National Education Policy under the reinvigorating human resources under the Aatmanirbhar Bharat mission.
For the protection of deep ocean habitats, the finance minister announced an outlay of ₹4,000 crores for deep ocean surveys spread across five years.
