1 Feb 2021

2021 Budget To Uplift Economy To 5 Trillion: Finance Minister Nirmala Sitharaman

As per reports coming in finance minister Nirmala sitharaman is presenting the budget for the financial year 20-21 in which she has provided many sanctions and upliftment in the economy of the country which includes school infrastructure IPO's and share market.

Special infrastructure has been given two schools as 100 new Sainik schools will be set up in partnership with NGOs, private schools, and states. 

We would be introducing the legislation this year to implement the setting-up of Higher Education Commission of India as presented by the FM Nirmala Sitharaman in  Budget 2021.

For accessible higher education in Ladakh. I propose to set up a central university in Leh as per Finance Minister Nirmala Sitharaman

As per reports coming in the Finance Minister has stated that to further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building/construction workers among others. 

This will in turn help formulate health, housing, skill, insurance credit and food schemes for migrant workers.

Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. 

Women will be allowed to work in all categories and also in night shifts with adequate protection by FM Nirmala Sithraman for the Budget 2021 

Mega Investments in Textile Parks scheme to be launched to create world-class infrastructure by the Ministry of Finance.

We have launched one nation, one ration card scheme through which beneficiaries can claim their rations anywhere in the country. 

Migrant workers in particular benefit from scheme. One nation, One ration card plan is under implementation by 32 states and UTs as per FM Nirmala Sithraman.

I am proposing substantial investments in the development of modern fishing harbours and fish landing centres. 

5 major fishing harbours - Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat will be developed as hubs for economic activities.

I propose to amend the Insurance Act 1938 to increase the permissible FDI limit from 49% to 74% in insurance companies and allow foreign ownership and control with safeguards.

Our Govt is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities as per Finance Minister Nirmala Sitharaman. 

Procurement has also continued to increase at a steady pace. This has resulted in increase in payment to farmers substantially. 

In case of wheat, total payment paid to farmers in 2013-14 was Rs Rs 33,874 cr. In 2019-20 it was Rs 62,802 cr. In 2020-21, it was Rs 75,060 crores.

Ujjwala scheme will be expanded to over 1 crore more beneficiaries. We will add 100 more districts in the next three years to the city gas distribution network. 

A gas pipeline project will be taken up in Jammu and Kashmir as stated by the Finance Minister Nirmala Sitharaman while speaking in for Union Budget2021.

In 2021-22 we would also bring the IPO of LIC for which I am bringing the requisite amendments in this session itself.

Finance Minister Nirmala Sitharaman further stated that I am providing a record sum of Rs 1,10,055 crores for Railways of which Rs 1,07,100 crores is for Capital Expenditure only.

Indian Railways has prepared a National Rail Plan for India 2030. The plan is to create a future-ready railways system by 2030 - bringing down logistic cost for industry is at the core of a strategy to enable Make in India as Finance Minister Nirmala Sitharaman

Safety measures undertaken in past yrs have borne results. To further strengthen, high-density network and highly utilised network routes of Railways will be provided with indigenously developed automatic train protection system that eliminates train collision due to human error by FM

The pneumococcal vaccine, limited to only 5 states at present, to be rolled out across the country. This will avert more than 50,000 child deaths annually

For a 5-trillion dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains.

I have provided Rs 35,000 crores for COVID19 vaccine in this year 2021-22. I am committed to provide further funds if required as per Finance Minister Nirmala Sitharaman. 

Finance Minister proposes tax holiday for capital gains for aircraft leasing companies,tax exemption for aircraft lease rentals paid to foreign lessors;tax incentive for relocating foreign funds in IFSC&to allow tax exemption to investment division of foreign banks located in IFSC.

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