Budget 2021 Highlights: From Railways, Highways, Coronona vaccine and more, know what benefits FM Nirmala Sitharaman announced today
Finance Minister Nirmala Sitharaman on Monday unveiled the budget for fiscal 2021-22, that aims to shore up an economy badly-hit by the novel coronavirus pandemic.
The economy is projected to contract 7.7% in the current fiscal year, although the government forecasts growth of 11% for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments. These are the initial highlights from Sitharaman`s fiscal 2021-22 budget speech:
2.2 trillion rupees on healthcare
India to allocate 2.2 trillion rupees ($30.20 billion) for healthcare in 2021/22
New federal health scheme
India to launch new federal health scheme with outlay of around 641 billion rupees ($8.80 billion) over the next six years.
350 billion rupees for COVID-19 vaccines
To allocate 350 billion rupees ($4.81 billion) for COVID-19 vaccines, and allocate more funds if needed
New vehicle scrapping policy
Finance Minister said India to launch new vehicle scrapping policy
Monetising infrastructure assets
India to monetise infrastructure assets, said Finance Minister
2.87 trillion rupees ($39.40 billion) for clean water
To allocate 2.87 trillion rupees ($39.40 billion) for clean water supplies over the next five years.
Two more vaccines
Finance Minister Sitharaman says expect two or more COVID-19 vaccines soon
No tax on REITs, InViTs dividend
Finanne Minister also announced that there will be no tax on REITs, InViTs dividend
No change in Income tax slab
In a major announcement, Finance Minister said there will be no change in Income tax slab
Import duty on gold and silver
The government on Monday said that impot duty on gold and silver will be rationalised.
New structure of custom duty
FInance Minister Nirmala Sitharaman said that new structure of custom duty will be implemented from October 1 and GST will be made even more simple.
No tax for startups for another year
Wity the aim to promoto startups, Sitharaman said startups will not have to pay tax for another year.
Budget 2021: Affordable housing
Union Finance Minister Nirmala Sitharaman on Monday extended tax rebate for 1 more year on affordable housing.
Budget 2021:Old Income Tax matters
With the aim to promote tax culture and avoid unnecessary harassament of commom man, Sitharaman said matter related to income tax older than three years will not be opened going forward.
No tax for those above 75 years
Senior citizens above 75 years will be exempted from paying income tax, said Nirmala Sitharaman
Budget 2021: 100 new Sainik school coming
Focussing on senior and Upper senior secondary schools, Union Finance Minister Nirmala Sitharaman said the government will open 100 new Sinik schools across India.
No extra tax on cigarette in Budget 2021
Finanace Minister in Budget 2021 imposed no extra tax on cigarette, while she announced to increase import on LED lights parts from 5 to 10 per cent