Question

summary of budget 2021​

Answer 1

Answer:

Budget 2021 Highlights and Important Points: Nirmala Sitharaman said the budget for 2021-22 rests on six pillars – from healthcare to infrastructure. She also announced a total spend of around Rs 2 lakh crore on healthcare. Finance Minister Nirmala Sitharaman presented Union Budget 2021-22.

Explanation:

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Answer 2

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The Union Budget 2021-22, which has come at a time when India’s economy is reeling under the aftereffects of the Covid-19induced lockdown, was presented by Union Finance Minister Nirmala Sitharaman at Parliament Monday. During her speech, Sitharaman announced a total spend of around Rs 2 lakh crore on healthcare, Rs 35,000 crore for the Covid-19 vaccine, Rs 1.10 lakh crore outlay for railways and said the government aims to complete 11,000 km of national highway infrastructure this year. The budget for 2021-22, meanwhile, imposed a Rs 2.5 per litre agri infra cess on petrol and Rs 4 on diesel.

Sitharaman also scrapped income tax for senior citizens under certain conditions and said new rules will be notified for removal of double taxation for NRIs, and also announced a reduction in the time period of tax assessments among other measures.

During her Budget speech, Sitharaman said that the government is committed to farmers’ welfare, adding that the MSP regime has undergone a “sea change” to assure price at least 1.5 times of production cost with sharp increase in procurement of foodgrains and payment to farmers. She also said the procurement of crops like paddy, wheat, pulses and cotton has jumped manifold in the last six years.

According to the Economic Survey 2020-21, which was tabled by the Finance Minister in the Lok Sabha Friday, the government sees the Indian economy growing at 11 per cent in the financial year 2021-22 (FY22). However, the GDP growth rate is estimated at minus 7.7 per cent for the ongoing fiscal. The annual document by the Ministry of Finance under the guidance of Chief Economic Advisor KV Subramanian provides a summary of annual economic development across the country during the financial year 2020-21.

This was Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. In a significant departure from the tradition, this year’s Budget was unique as it was paperless. The papers did not get printed for the first time since Independence, due to the COVID-19 pandemic. Last year, the Finance Minister had ditched the leather briefcase for a traditional “bahi khaata” — or red, handmade ledger — saying that it was “high time we move on from the British hangover, to do something on our own”.