Submitted | 1 February 2021 |
---|---|
Submitted by | Nirmala Sitharaman (Minister of Finance) |
Submitted to | Parliament of India |
Presented | 1 February 2021 |
Passed | 17 March 2021 |
Parliament | 17th (Lok Sabha) |
Party | Bharatiya Janata Party |
Finance minister | Nirmala Sitharaman |
Total revenue | ₹31.67 trillion (US$380 billion) (23.4%) |
Total expenditures | ₹37.7 trillion (US$450 billion) (1%) |
Tax cuts | None |
Deficit | 6.71%[1] |
Website | www |
‹ 2020 2022› |
The 2021 Union Budget of India was presented by the Minister of Finance on 1 February 2021. The budget is the first one to be presented orally due to ongoing COVID pandemic.[2]
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government under the Indian Constitution; presenting a budget is a compulsory task of the government.
There was huge speculation that government may increase tax rates to decrease its fiscal deficit so, there was a dip in BSE Sensex after touching the 50,000 marks other than that many economic journals also suggested introducing a new tax on High net worth individuals. The demand in the Indian market was low and the unemployment rate was very high so, the Budget has to Increase both the demand and new jobs.[citation needed]
The Government of India allocated Rs. 2,23,846 crore in this financial year which is increase of 137% from the previous financial year, of which 35,000 crore rupees is allocated for Covid-vaccines, 64,180 crore rupees is allocated for PM Aatma Nirbhar Swasth Bharat Yojana and other announcements are -
The Government of India pledged to allocate Rs. 2,87,000 crore in next 5 financial year for jal jeevan mission which will serve 2.86 crore household.[4]
Swachch Bharat mission 2.0 was launched and pledged to allocate RS. 2,87,000 crore in next financial year which will mainly focus on faecal sludge management, waste water treatment and Bio-remediation of all legacy dump sites.
The Government allocated Rs. 2,217 crore to tackle air pollution, for 42 urban centers with a million-plus population.
The Government launched Voluntary vehicle scrapping policy, By this policy the Government will make automated fitness centers to identify old and unfit vehicles, the government will also give incentive to scrap those cars and buy new cars.
Finance minister Nirmala Sitharaman pledged to Invest Rs. 1.97 Lakh crore in PLI Scheme for next 5 years in 13 sectors to promote Atmanirbhar Bharat and make India a Global manufacturing Hub.
Mega Investment Textile Parks(MITRA) scheme is launched by Indian government to make 7 Textile parks in three years and attract investment in the textile sector.
The National Infrastructure Pipeline is extended to 7400 Projects and focused on 3 areas to increase the funding
The Ministry of Road Transport and Highways outlaid Rs. 1.18 lakh crore worth projects, which is highest and the Government of India is also going to make 3.3 lakh crore worth of Roads under Bharatmala Pariyojna .
Finance minister allocated Rs. 1.1 lakh crore of which Rs. 1.07 lakh crore is for capital spending, the government has planned make Indian Railways future Ready by 2030s, Electrify all Broad Gauge lines by December 2023, Add vistadome coaches in Tourist Routes, Use Indigenously developed automatic train protection system and proposed three new Dedicated freight corridors.
Nirmala Sitharaman confirmed in her budget speech that 2021 census will be first ever digital census in India.[5] The Finance Minister allocated ₹ 3,768 crore for carrying out the census in 2021 Union budget of India.[6]
Sitharaman announced special provisions for the strengthening of cooperatives, which was ultimately taken up by setting up the Ministry of Co-operation.[7]
The market welcomed the budget. The BSE Sensex closed with over 5% gain, the highest gain since the "dream budget" of 1997.[8]