Union Budget 2021-2022 Highlights

Health and Sanitation:

A new scheme - PM Atma Nirbhar Swasthya Bharat Yojana, to be launched to develop primary, secondary and tertiary healthcare.
Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
Modernising of existing health units at 32 airports, 15 seaports and land ports.
Jal Jeevan Mission Urban aimed at better water supply nationwide.
Strengthening of Urban Swachh Bharat Mission

Education:

Infrastructure:

Vehicle scrapping policy to phase out old and unfit vehicles – all vehicles to undergo fitness test in automated fitness centres every 20 years (personal vehicles), every 15 years (commercial vehicles)
100% electrification of Railways to be completed by 2023
Gas pipeline project to be set up in Jammu and Kashmir
Pradhan Mantri Ujjwala Yojana (LPG scheme) to be extended to cover 1 crore more beneficiaries

TAX

No IT filing for people above 75 years who get pension and earn interest from deposits
Reopening window for IT assessment cases reduced from 6 to 3 years. However, in case of serious tax evasion cases (Rs. 50 lakh or more), it can go up to 10 years
Duty of copper scrap reduced to 2.5%
Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15%
All nylon products charged with 5% customs duty
Customs duty on cotton raised from 0 to 10%

Economy and Finance:

Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22
Proposal to allow States to raise borrowings up to 4% of GSDP this year
An IPO of LIC to debut this fiscal
A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws
Proposal to increase FDI limit from 49% to 74%
Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors
Proposal to decriminalize Limited Liability Partnership Act of 2008
Two PSU bank and one general insurance firm to be disinvested this year
Strategic sale of BPCL, IDBI Bank, Air India to be completed
Rs. 1,500 crore for promotion of Digital Payments

Agriculture:

Agriculture credit target set by government to Rs. 16.5 lakh crore
Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure
1,000 more Mandis to be integrated into the E-NAM market place
Five major fishing hubs, including Chennai, Kochi and Paradip, to be developed
A multipurpose seaweed park to be established in Tamil Nadu

Employment:

A portal to be launched to maintain information on gig workers and construction workers
Social security to be extended to gig and platform workers
Margin capital required for loans via Stand-up India scheme reduced from 25% to 15% for SCs, STs and women

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