Union Budget 2021 Highlights

February 01, 2021 16:31
Union Budget 2021 Highlights

(Image source from: Twitter.com/ANI)

Union Budget 2021 Highlights:- Union Finance Minister Nirmala Sitharaman introduced the budget 2021 and presented it in the Parliament house. For the first time, a paperless budget was announced. Nirmala Sitharaman announced that Rs 35,000 crores will be spent for coronavirus vaccine development. She announced that the income tax would be scrapped for senior citizens and announced new rules for the removal of double taxation for NRIs. Here are the highlights of the Union Budget 2021:

The Indian fiscal deficit jumped to 9.5 percent of the Gross Domestic Product. This is higher than 3.5 percent of GDP.

Rs 2 lakh crore will be spent on healthcare with Rs 35,000 crores on the development of vaccination for coronavirus.

1 crore families will get benefited through Ujjwala scheme in the country.

The Indian government has proposed a farm cess of Rs 2.5 per litre on petrol and Rs 4 on diesel.

The customs duty on cotton is increased to 10 percent and solar lanterns is cut by 5 percent.

Rs 1.5 lakh deduction on payment of interest for affordable housing that is extended by 1 year.

The tax holiday for all the startups will be extended for over a year and exemption on capital gains on investment on startups too is extended by a year.

The customs duty on the auto parts will be raised by 15 percent.

NRIs allowed operating one person companies in the country. They will be spared from double taxation.

Indian government proposes a deep ocean mission with an outlay of more than Rs 4000 crores for five years.

Rs 80,000 crores borrowed to fund the deficit this year.

Rs 300 crores allocated for Goa on the occasion of the state celebrating 60th anniversary of the liberation from the rule of the Portuguese.

Rs 40,000 crores allocated for the rural infra development.

Leh to get a Central University.

Operation green scheme is set to cover 22 perishable commodities.

Rs 3768 crores are allocated for the forthcoming census which happens to be the country's first digital census.

The fiscal deficit is estimated at 9.5 percent of the GDP for the year 2020-21.

Rs 1000 crores allocated for the tea workers of Assam and West Bengal.

15 million gig workers across the country to get benefited through social security net.

Rs 1500 crores allocated for promoting the digital modes of payment.

Over 15,000 schools to get strengthened under the National Education Policy.

Rs 1.75 lakh crores allocated for the fiscal year as disinvestment receipts beginning from April 1st this year.

Rs 75,060 crores paid for the farmers for the procurement of wheat for the year 2020-21.

Rs 2.87 crores for five years are allocated for Jal Jeevan Mission that will be launched soon and it will supply water for 4378 urban bodies.

(Video Source: ABN Telugu)

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