In India, Union Finance Minister Nirmala Sitharaman presented the General Budget for the year 2021-22 on Monday, 01 February 2021. The health budget was increased by 137%. A proposed allocation of Rs 2,23,846 crore was made for the health budget. FDI limit in insurance companies will be increased from 49% to 74%. Life Insurance Corporation of India IPO will come in the year 2021-22. People 75 years and above will be exempted from filing income tax returns.

Self-sufficient packages increase the pace of structural reforms: Nirmala Sitharaman

India's Union Finance Minister Nirmala Sitharaman has said that "PMGKY, the three self-sufficient packages and subsequent announcements made by the government to support the most sensitive sections, were in themselves like five mini budgets." Self-sufficient packages increased our pace of structural reforms ''.

India is giving COVID-19 security cover to more than 100 countries: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman while talking on COVID vaccine has said that the Government of India is providing relief to not only the citizens of India but also people of 100 other countries from COVID 19.

He said, "India currently has two vaccines available with the help of which Indian citizens have been started to provide security cover." With this, more than a hundred countries have also been given protection from COVID-19. It is a relief to know that two other vaccines are going to be available soon.''

New general budget rests on six pillars: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that "the budget of 2021-22 rests on 6 pillars". The first pillar is health and welfare, the second - physical and financial capital and infrastructure, the third - inclusive growth for aspirational India, communicating innovation in human capital, fifth - innovation, research and development, sixth pillar - minimum government and maximum governance.''

Water life mission to be launched: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said in her budget speech that "Jal Jeevan Mission (Urban) will be launched, its objective is to provide universal water supply to 2.86 crore domestic tap connections in 4,378 urban local bodies".

64,180 crores to be spent on self-sufficient healthy India scheme: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said in her speech, "A new scheme of the Center will be launched the Prime Minister's Self-Reliant Healthy India Scheme, which will cost about 64,180 crores in 6 years."

25 thousand crores to be spent on road construction in West Bengal: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has announced in her budget speech that 675 km of highway will be constructed in West Bengal at a cost of Rs 25000 crore.

2.23 lakh crore rupees to be spent on health sector: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that in the year 2021-22, health and family welfare will cost 2,23,846 crore.

In addition, he has said that "in the year 2021-22, Corona has provided Rs 35,000 crore for the vaccine. He is committed to provide funds if needed even further.

Disinvestment of State Governments Undertaking will be allowed: Nirmala Sitharaman

Nirmala Sitharaman said that "The deposit insurance cover was increased from 1 lakh to 5 lakh. For this I will propose to amend the law of 1961. This will benefit the depositors of those banks which are under stress.''

"2217 crore was allocated to combat air pollution."

1,10,055 crore has been proposed for the Railways. National Rail Plan 2030 is ready. It has a focus on Make in India. The Western and Eastern Freight Corridor will be ready by June 2022.

"There is an additional provision of 1,18,101 crore for the Ministry of Road Transport".

Several announcements were made under the self-reliance scheme. The government has allowed this policy. This will pave the way for disinvestment in PSUs. The policy to be implemented in this direction is given in this budget. State governments will also be allowed to disinvest in their ventures.''

LIC IPO to come in 2021-22: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that "Life Insurance Corporation's IPO will be brought in the year 2021-22, for which we are making necessary amendments in this session".

FDI in insurance companies to be increased from 49% to 74%: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said in her budget speech that a provision has been made to increase FDI in insurance companies from 49% to 74%.

He has also said that one crore more beneficiaries will be included in the Ujjwala scheme.

Government continues to double farmers' income: Nirmala Sitharaman

The government is set to double farmers' income by 2022.

63 thousand crores was spent on the purchase of paddy in 2013-14, which has been increased to 1 lakh 45 thousand crores. This year, this figure can reach 72 thousand crores. 1.2 crore farmers benefited from it last year, 1.5 crore farmers have benefited from it this year.

The government spent Rs 33,000 crore on wheat in 2013-14. 63 thousand crores in 2019 and now it has increased to 75 thousand crores rupees. 43 lakh farmers have benefited from this in 2020-21.

In the case of pulses, Rs 236 crore was paid in 2013-14. This amount had increased to Rs 8,285 crore in 2019-20 and now in 2020-21 this amount has reached Rs 10,530 crore, which is 40 times more than in 2013-14.

The amount received by cotton farmers has increased significantly. It has now increased to Rs 25,974 crore (as on 27 January 2021) from 90 crore in 2013-14. Its details are given in Annex IV.

To provide adequate loans to farmers, we have increased the target of agricultural credit to Rs 16.5 lakh crore in the financial year 2022. Our focus is to provide more credit in the field of animal husbandry, dairy and fisheries.

Hundred new military schools to be opened in India: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that hundred new Sainik Schools will be opened in India with private sector partnership. With this, a Central University will be opened in Ladakh.

The Ujjwala scheme benefiting 8 crore families will continue. 1 crore more people will be benefited. In the City Gas Distribution Network, we will add 100 more districts in the next three years. The gas pipeline project will be extended to Jammu and Kashmir.

A new framework will be prepared in the energy sector: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that a framework will be prepared in the energy sector in which consumers will be given the option to choose from more than one supplier company.

Hydrogen energy mission to begin: Nirmala Sitharaman

The Union Finance Minister has announced that it is proposed to start a Hydrogen Energy Mission in the year 2021-22, under which hydrogen can be generated from green power sources.

7 textile parks to be set up in three years: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the Mega Investment Textiles Park Scheme should be launched in addition to the PLI scheme to make the textile industry globally competitive. With this, 7 textile parks will be set up over a period of 3 years.

Revised Custom Duty from 01 October 2021: Nirmala Sitharaman

GST has been four years. Several measures have been taken to make it easier. Monthly payments, inputs, pre-filled GSTNs, increased capacity, tax evaders are being caught by the system of AI, a lot of recovery in a few months.

As the President of the Council, I assure that it will be made more convenient. We have made many changes in the custom duty regime.

The utility of 80 schemes that were overhauled have been removed. Exempt exemptions over 400 will be reviewed. Revised Custom Duty will be introduced from 1 October 2021.

Some important proposals of Nirmala Sitharaman in Budget-2021

The electronic, mobile industry has grown very rapidly within the country. Some discounts are being eliminated. Some of its parts will be brought under the tax net.

The rise in iron and steel prices has caused hardship to many sectors. I declare concessions in many duties. Concessions on some steel and ADD and CBD are being eliminated.

Fabric related proposal: BCD is being reduced to 5% on nylon chip, nylon fiber. In this, the system related to chemicals is also being improved.

Gold and Silver: Gold and silver prices have increased significantly in the country. The government is going to reduce its duty.

Capital Equipment in Auto Part: Concession on Tunnel Boring Machine is being abolished. Several steps are being taken to promote MSMEs.

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