The Union Budget 2021-22 was introduced in the Lok Sabha on 1 February by Finance Minister Nirmala Sitharaman. Although this budget is remarkable for a myriad of purposes, along with the first paperless budget. Considering the same, take a look at FM's all-important updates on her budget speech today.
FM Nirmala Sitharaman has summarized her statement in Parliament on the Union Budget 2021-22. Through her Union Budget 2021-22 statement for the Union Budget 2021-22, FM Nirmala Sitharaman declared that the insurance FDI ceiling will be lifted to 74 per cent from the current 49 per cent.
In insurance with protections, the Govt has authorized foreign investment. A Securities Market Code, including the SEBI Act, Govt Sec Act, Depositories Act, will also be introduced by the Govt. SEBI will be informed as a gold regulatory body. FM stated that the government is demanding that 2 PSU banks and 1 general insurance firm be strategically divested.
The IPO of LIC will also be adopted in 2021-22, for which it would carry the needed adjustments in this session only, she added. The government will also facilitate one-person businesses now. She added that the NCLT framework will be improved, e-Courts will be introduced, and an alternative debt settlement process will be developed. She has declared the LLP Act decriminalization too.
Talking on the subject of farmers, FM Nirmala Sitharaman stated the Modi Govt is devoted to farmers' wellbeing. In order to ensure a value that is at least 1.5 times the cost of output for all products, the MSP framework has witnessed a reform, she added. Rs 75,060 crore will be paid to farmers in 2020-21 for wheat procurement, she said.
Under the Atma Nirbhar program, FM Nirmala Sitharaman has also declared initiatives. She said that Kalyan Yojana's early PM garib was almost proposing 5 "mini budgets'' in 2020. She recommended the enhancement of Atma Nirbhar Bharat's Sankalp. It focuses on six pillars: Health & Well-being, Inclusive Growth, Human Resources, Innovation and R&D respectively. FM stated that the government is completely prepared to help and foster economic development and that Atma Nirbhar Swastha Bharat Yojana is being launched with an expenditure of Rs 64,180 crore.
FM stated India now has two vaccines at its hands and has started to cover not only its own population from COVID-19, as well as those in 100 or more nations. The ease of ensuring that two more vaccines are already due shortly has been introduced.
FM stated that Jal Jeevan Urban Initiative will be initiated over 5 years with an expenditure of Rs 2.87 lakh crore targeted at standardized water source across all 4,378 urban local authorities with 2.86 crore residential water supplies and liquid waste management across Atal Mission for Rejuvenation and Urban Transformation (AMRUT). She also declared Urban Swachh Bharat Mission 2.0 to concentrate on full fecal sludge treatment wastewater disposal, root isolation, waste management by urban development, bioremediation of legacy waste areas with an expenditure of Rs 1,41,678 crore across 5 years from 2021.
Unveiling a significant improvement in infrastructure, FM proposed highway operations in various states, such as a 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at an expenditure of Rs 65,000 crore, 675 km in West Bengal at a value of Rs 95,000 crore and 1,300 km in Assam over the next three years. Govt declared the Atma Nirbhar Bharat project in the last Budget Year 2020, we have rolled out two more Atma Nirbhar initiatives to maintain the recovery forward. The overall financial influence of all multipacks, including RBI initiatives, was calculated to be approximately Rs 27.1 lakh crores, said Sitharaman.
The FM reported that Indian Railways will seek a National Rail Plan for 2030 under the Railway Budget. FM stated the next batch of airports would be privatized in Tier 2 and Tier 3 towns and cities for the aviation industry. FM also said the health & well-being outlay budget approximation in FY22 is up 138 percent, and is at Rs 2,23,846 crore. Govt has assigned Rs 35,400 crore to FY22 COVID-19 vaccines and is pledged to more if needed.
The Modi Govt is focused on achieving the objectives set out in the national infrastructure pipeline. The Ujjwala framework will be applied to more than 1 lakh more recipients. In the next three years, we will connect 100 more districts to the city's gas distribution channel. A gas pipeline initiative in Jammu and Kashmir will also be covered, FM stated.