Union Budget 2021 highlights – sector-wise : Catch up on all the 2021budget highlights sector wise

Here are the Union Budget 2021 highlights sector-wise. We have tried to cover only the budget 2021 highlights sector-wise so that you can have all the relevant information at a quick glance.

Union Budget 2021 highlights sector-wise

Railways

• Rs.1,10,055 crores provided for Railways of which Rs 1,07,100 crores are for Capital Expenditure.
• To further strengthen the safety of the railways, a high-density network and highly utilized network routes of Railways will be provided with an indigenously developed automatic train protection system to eliminate train collisions due to human error.
• 100% electrification of rail board gauge routes to be completed by December 2023.

Clean Urban India

• Urban Swachh Bharat Mission 2.0 would begin with an outlay of Rs 1,41,678 crore to promote clean urban India, the focus would be on wastewater treatment, source waste segregation, air pollution reduction.

Manufacturing

• A Mega Investments Textile Park scheme to be launched.
• Seven textile parks to be established over the next 3 years.

Union Budget 2021 highlights sector-wise

Health & Well-being

An overall provision for Health and Well-being in Union Budget 2021 has been kept at Rs.2,23,846 crore, marking an increase of 137% from the previous budget.

Health Sector

• Atmanirbhar Swasth Bharat Yojna will be launched over 6 years with an outlay of Rs.64,180 crores. This will be in addition to National Health Mission .
• Pneumococcal vaccine, currently limited to only 5 states, to be rolled out across the country.
• 17 new health emergency centres will be opened.
• Mission poshan 2.0 – Jal Jeevan Mission urban will be launched.

To fight Coronavirus

• Rs.35,400 crores have been provided for the coronavirus vaccine in the budget. More funds will be provided if required.

Union Budget 2021 highlights sector-wise

To tackle Air Pollution

• Rs.2,217 crores allocated for 42 urban centres with a million-plus population.

Roads & Transport

• By March 2022 another Rs.8,500 crores will be awarded & an additional 11,000 km of National Highway Corridor will be completed. Over 13,000 km of roads at a cost of Rs 3.3 lakh cr has already been awarded under Rs 5.35 lakh cr Bharatmala project of which 3,800 km have been constructed.
• Highway infrastructure work proposed includes 3,500 km corridor in TamilNadu, 1,100 km in Kerala at cost of ₹65k crores, 675 km in West Bengal at a cost of ₹95k cr, and 1,300 km in Assam in the next 3 years.
• MetroLite and Metro New Technologies will be deployed to provide a metro rail system in tier 2 cities as also in the peripheral areas of tier 1 cities.
• Vehicle scrappage policy has been announced to phase out old vehicles. Voluntary vehicle scrapping policy announced to phase out old vehicles. Personal vehicles should undergo a fitness test after 20 years in automated fitness centres while commercial vehicles after 15 years.

J&K, Leh, Laddakh

• Gas pipeline project will be taken up in J&K.
• Central University proposed to be set up in Leh to make higher education accessible in Ladakh.

Union Budget 2021 highlights sector-wise

Agriculture

• Agriculture Infrastructure Fund would be provided to the APMCs for augmentation of their facilities.
• 1,000 more mandis would be integrated with electronic national markets (e-NAMs).
• Agriculture credit target raised to Rs.16.5 Lakh crore in 2021-22.
• MSP assured at price 1.5 times the cost of production across all commodities.

Fishing sector

• Substantial investments proposed for the development of modern fishing harbours & fish landing centres.
• 5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs for economic activities.

Unorganized sector

• Its been proposed to launch a portal to collect relevant information on gig workers, building/construction workers etc. This will help formulate health, housing, skill, insurance credit, and food schemes for migrant workers.
• Social security benefits will be extended to gig and platform workers.
• Minimum wages will apply to all categories of workers.
• Women will be allowed to work in all categories and also in night shifts with adequate protection.
• Migrant workers can claim ration under ‘One Nation, One Ration Card’. Now 32 states & UTs are under the scheme.

Union Budget 2021 highlights sector-wise

FDI

• FDI in insurance companies proposed to be increased from the current 49% to 74%, subject to specific compliances.

MSME sector

• Rs.15,700 crores provided to the MSME sector.

Income Tax

• No income tax return to be filed by senior citizens above 75 years of age having only pension, interest income.
• IT Appellate Tribunal is proposed to be made faceless for small taxpayers. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible can approach this faceless dispute resolution committee.
• The time limit for the reopening of tax assessments is reduced to 3 years from the present 6 years. However, serious tax offences of concealment of income of over Rs.50 Lakh can be reopened.
• For companies doing most of their business through digital modes, exemption from tax audit limit has been doubled to Rs.10 crore turnover.

Government stakes & Disinvestment

• Policy for strategic disinvestment in public sector enterprises has been approved. The government is estimating a receipt of Rs.1,75,000 crores from disinvestments.
• Government stake in 2 PSBs and one General Insurance company will be divested.
• IPO for LIC is proposed.

Union Budget 2021 highlights sector-wise

Startups

• Incentives will be provided on the incorporation of one-person companies.
• Tax holiday exemption has been extended by one more year.

Rural India

• Ujjwala scheme will be expanded to over 1 crore more beneficiaries.
• 100 more districts to be added in the next three years to the city gas distribution network.

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