Rs. 2.2 lakh crore for health; Rs. 35k crore for COVID vaccines
Coronavirus Update, COVID-19, News

Rs. 2.2 lakh crore for health; Rs. 35k crore for COVID vaccines

February 1, 2021

Rs. 1.1 lakh crore for Railways

New Delhi: The Government has put a big focus on healthcare in the Union Budget amid the Coronavirus pandemic. In the Union Budget 2021 presented this morning, Finance Minister Nirmala Sitharaman announced the ‘PM Aatmanirbhar Swasth Bharat’, to be launched with an outlay of Rs. 64,180 crore over six years.

A supplementary sum of Rs. 35,000 crore has also been proposed, which will be used to procure and distribute COVID vaccines in the country. “The overall health and welfare budget outlay for the year 2021-22 is pegged at Rs. 2,23,846 crore. This will develop the capacity of primary and secondary care, besides strengthening the national institutions,” Sitharaman said while announcing that the Government will set up 15 health emergency centres across the country.

“The Government is committed to provide more funds. The Budget outlay for health and welfare is Rs. 2,23,846 crore, an increase of 137 per cent,” she added. Sitharaman also said that the Budget proposals will strengthen the ‘Sankalp of Aatmanirbhar Bharat’.

Nirmala Sitharaman allocated a record amount of Rs. 1.1 lakh crore for the Indian Railways. “Out of the total, Rs. 1,07,100 crore will be provided for capital expenditure in 2021-22,” the Finance Minister said. She further said that Indian Railways have prepared a national rail plan for India 2030. The plan is to create a future ready Railway system by 2030. “Bringing down the logistic costs of an industry is at the core of our strategy to enable Make in India,” Sitharaman said.

BUDGET HIGHLIGHTS

  • Customs duty on some auto parts to be raised to 15 percent.
  • Late deposit of employee’s contribution to PF by employers will not be allowed as deduction to employer.
  • Tax holiday for start-ups increased by one more year – till March 31, 2022.
  • Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakh to be extended for loans taken till 31st March, 2022.
  • Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
  • Relief to Trusts – Charitable Trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
  • Forthcoming Census could be India’s first digital Census and Rs. 3,768 crore has been allocated for FY21.
  • Allocation to rural infra development increased to Rs. 40,000 crore in next fiscal from Rs. 30,000 crore in FY21.
  • NRIs to be spared from double taxation. New rules will be notified.
  • Tax audit limit increased from Rs. 5 crore to Rs. 10 crore.
  • 1,000 more mandis will be integrated with electronic national market.
  • Over 15,000 schools to be qualitatively strengthened under National Education Policy (NEP).
  • Operation green scheme to cover 22 more perishable commodities.
  • Rs. 1,500 crore for promoting digital mode of payment.
  • Disinvestment receipts at Rs. 1.75 lakh crore for fiscal year beginning April 1, 2021.
  • Setting up of conciliatory mechanism for quick resolution of contractual disputes.
  • Introduction of National Nursing and Midwifery Commission Bill.
  • National language translation initiative proposed.
  • 100 new Sainik Schools will be opened.
  • Dividend payments to REIT (Real Estate Investment Trusts) and Infrastructure Investment Trusts exempt from TDS.
  • To further ease filing of IT Returns, details of capital gains and interest from banks, post offices, etc., will be pre-filled. 
  • Faceless dispute resolution mechanism for small tax-payers.
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