Union Budget 2021 highlights: From ITR compliance, Fiscal deficit, Railways, infrastructure, health sector outlay, air pollution, vehicle scrappage policy, this is what all FM Sitharaman said

Union Budget 2021 highlights: Finance Minister Nirmala Sitharaman on Monday commenced presentation of the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours. Here are the Union Budget 2021 highlights below:

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• For a 5-trillion dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains: Finance Minister Nirmala Sitharaman.

• Insurance Act 1938 to be amended, to increase permissible FDI limit in insurance companies from 49% to 74% and allow foreign ownership and control with safeguards

• To further reduce litigation for small taxpayers I propose to constitute a dispute resolution committee which will be faceless to ensure efficiency, transparency. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible to approach committee: FM

• Fiscal deficit in 2020-21 pegged at 9.5% of GDP. We would need another Rs 80,000 crores for which we would be approaching the market in these two months: FM Nirmala Sitharaman

• Launch of portal to collect relevant information on gig workers, building/construction workers among others, to further extend efforts towards unorganised labour force. It'll help formulate health, housing, skill, insurance credit &food schemes for migrant workers: FM

• Proposal to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years

• Compliance burden on senior citizens who are 75 years of age and above - for senior citizens who only have pension and interest income, exemption proposed from filing their Income Tax return: FM Nirmala Sitharaman

• Revamped, reforms-based, result-linked Power Distribution Sector Scheme to be launched, with outlay of ₹ 3,05,984 crore over 5 years. Will provide assistance to distribution companies for infrastructure creation

• Comprehensive National Hydrogen Energy Mission to be launched, as per PM Narendra Modi's announcement at 3rd REINVEST conference in Nov 2020. Mission will help generate hydrogen from green power sources

• High density rail networks and highly utilized rail routes to be provided with indigenously developed automatic train protection system which will eliminate train collision due to human error
  100% electrification of rail broad gauge routes to be completed by December 2023

• For 2021-22 I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores, 34.5% more than BE 2020-21

• We will provide over Rs 2 lakh crores to states and autonomous bodies for their capital expenditure: FM.

• Framework to be put in place, to provide consumers alternatives to choose from, from among more than one power distribution company

• Five operational roads being transferred to NHAI

• Rs 7,000 crore assets to be transferred to PGCIL

• Record sum of ₹ 1,10,055 crore for Indian Railways, of which ₹ 1,07,100 is for capital expenditure only

• 100% electrification of rail broad gauge routes to be completed by December 2023

• Railways to monetize dedicated freight corridor assets for O&M, after commissioning 

• Next lot of airports to be monetized for ops & mgmt. concessions

• National Monetization Pipeline of potential brownfield infrastructure assets to be launched, for monetizing operating public infra assets. Asset Monetization Dashboard to track progress and provide visibility to investors.

• Professionally managed Development Financial Institution to be set up, to provide, enable & catalyze infra financing. Rs 20,000 crore to capitalize this institution. Aim is to have lending portfolio of at least ₹ 5 lakh crore in 3 years

• Outlay for health increased to Rs 2,23,846 crore, an increase of 137% relative to previous year's budget
• Supplementary Nutrition Programme and POSHAN Abhiyaan to be merged, Mission POSHAN 2.0 to be launched
• To strengthen nutritional content, delivery and outcome
• Intensified strategy for improving nutritional outcomes in aspirational districts
• Main interventions under #PMAatmanirbharSwasthBharatYojana include:
• Support for Health and Wellness Centres
• Setting up Integrated Public Health labs in all districts
• Critical care hospital blocks
• Strengthening of NCDC
• New Centrally Sponsored Scheme PM Aatmanirbhar Swasth Bharat Yojana to be launched, outlay of RS 64,180 crore over 6 years
• To develop capacities of health care systems, develop institutions for detection & cure of new and emerging diseases
• Voluntary vehicle scrapping policy to phase out old and unfit vehicles
• Vehicles to undergo fitness test in automated fitness centres after 20 years (personal vehicles) and 15 years (commercial vehicles)
• Rs 2,217 crore for 42 urban centres with million plus population, to tackle burgeoning problem of air pollution