Zoom News : Feb 01, 2021, 11:39 AM
New Delhi: Finance Minister Nirmala Sitharaman on Monday began her Budget 2021 speech by saying that the coronavirus pandemic "is the dawn of a new era, one in which India is poised to be a land of new hope".During the lockdown last year, PM Modi announced the Pradhan Mantri Gareeb Kalyan Yojna worth 2.76 lakh crore for the poor and the needy, says FM.The risk of not having a lockdown was far too high, says FM.The Aatmanirbhar packages introduced by the government were like 5 mini budgets themselves, says FM.Today, India has two vaccines available and has begun safeguarding not only its citizens but also those from hundreds of other countries, says FM."The preparation of this budget was undertaken in circumstances like never before, in view of calamities that have affected a country or a region within a country. But what we have endured with Covid-19 to 2020 is sui generis."Only 3 times in the past the budget has followed a contraction in Indian economy. This time it's because of a global pandemic like in other countries. The government is fully prepared to support and facilitate the economic reset, says Sitharaman.FM Sitharaman quotes Rabindranath Tagore in Budget speech: 'Faith is the bird that feels the light when the dawn is still dark'The total financial impact of all Aatmanirbhar Bharat packages, including measures taken by RBI, was about ₹27.1 lakh crore, more than 13% of GDP: FM.Since the presentation of last budget on 1 Feb, 2020 there have been five mini-budgets in the form of stimulus packages, says FM.₹64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to National Health Mission, announces Sitharaman.The government stretched its resources for the benefit of the poorest of the poor, says FM.Union Budget 2021: Health outlay to be used to establish critical care units and hospital blocks, says Sitharaman.Finance Minister announces outlay of ₹2.87 lakh crore for Jal Jeevan Mission.Sitharaman proposes ₹2,217 crore outlay for 42 urban centres to tackle air pollution.FM announces ₹35,400 crore for Covid-19 vaccines and said government is committed to provide more if required.Sitharaman announces new scrappage policy - 20 years in case of personal vehicles and 15 years in case of commercial vehicles.FM says 217 projects worth over ₹1 lakh crore completed under National Infrastructure Pipeline.Seven textile parks to come up over three years, says FM.Govt will introduce a bill to set-up a development finance institution, capitalised with ₹20,000 crore. A professionally managed DFI is needed for infrastructure financing. A bill will be passed to set up the DFI with a target lending portfolio of ₹5 lakh crore in 3 years, says FM.The manufacturing sector needs to grow in double digits on a sustained basis, says FM.FY22 outlay (budget estimate) for health & well-being up 138% at ₹2,23,846 crore.Government to award 8,500-km of highways by March 2022. 11,000-km of national highway corridor to be completed, says FM.