Union Budget 2021 Highlights: FDI in insurance raised to 74% from 49%, says FM

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".

Here are the highlights from Sitharaman's speech:

• 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. Highway works proposed by the Centre include 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at an investment of ₹65,000 crore, 675 km in West Bengal at cost of ₹95,000 crore and 1,300 km in Assam in the next 3 years.
• Will work towards raising the share of public transport with an outlay of ₹18,000 crore, says FM.
• Metrolite and Metroneo technologies will be deployed in Tier-2 cities and along the periphery of Tier-1 cities: FM.
• Hydrogen energy mission to be launched by the Indian govt in 2021-22, says FM.
• Scheme to assist Discoms will be launched with an outlay of over ₹3 lakh crore: FM.
• Record ₹1,10,055 crore provided for railways, of which ₹1,07,100 cr for capital expenditure in 2021-22: FM.
• FM proposes sharp increase in capital expenditure for next fiscal. Capital expenditure budget to increase to ₹5.54 lakh cr in FY22 from ₹4.39 lakh cr in RE for FY21.
• Govt to provide ₹2 lakh cr to states and autonomous bodies to meet capital expenditure: FM.
• Railway to monetise dedicated freight corridors, says FM Sitharaman in her Budget speech on monetisation of assets.
• Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, says FM in Budget for 2021-22.
• PLI scheme with outlay of ₹1.97 lakh crore for 5 years starting this fiscal: FM.
• Swachh Bharat 2.0 will be implemented with outlay of ₹1,41,678 crore over 5 years: FM.
• Framework will be put in place to allow electricity consumers to choose from more than one distribution company: FM.
• FM announces 7 port projects worth more than ₹2,000 crore via PPA mode.
• Finance Minister says 100% electrification of broad gauge rail tracks will happen by December 2023.
• Power sector seen many reforms in last six years, 138 GW of installed capacity added, says FM Nirmala Sitharaman.
• Govt proposes further recapitalisation of state-owned banks, earmarks ₹20,000 crore: FM.
• Free cooking gas LPG scheme Ujjwala to be extended to 1 crore more beneficiaries: FM.
• Govt proposes investor charter across financial products: Sitharaman.
• FDI in insurance increased to 74% from 49%: FM.
• Asset reconstruction and management company to be set up for stressed assets of banks: FM.
• FM announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost gas-based economy.
• In 2021-22 we would bring the IPO of LIC for which I am bringing the requisite amendments in this session itself: FM.
• FY22 farm credit target at ₹16.5 lakh crore. Additional allocations for rural infrastructure and irrigation.
• All divestments announced so far to be completed in FY22. BPCL, CONCOR, Pawan Hans, Air India divestments to be completed in FY22.
• Amount paid to farmers for wheat procurement was increased. ₹75,060 crore paid to farmers for wheat procurement in 2020-21: FM.
• Agri procurement has increased steadily, benefiting farmers, says FM amid opposition slogan shouting against three farm laws.
• 43.36 lakh wheat growing farmers benefited from govt procurement under MSP as against 35.57 lakh previously: FM
• FM says NITI Aayog to be asked to work on next list of central public sector companies for disinvestment.
• For accessible higher education in Ladakh. I propose to set up a central university in Leh: Finance Minister Nirmala Sitharaman.
• The forthcoming census would be the first digital census in the history of India. For this monumental task, I have allocated 3,768 crores in this year 2021-22
• The tax system has to be transparent. Should not burden taxpayers
• Relief to the senior citizen for tax: Senior citizens with pension income and interest income are exempted from tax payment.
• Serious tax offenses of concealment of income of over ₹50 lakh can be reopened after 10 years.
• I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years.
• A dispute resolution committee will be constituted to reduce litigation for small taxpayers
• Anyone with a taxable income up to ₹50 Lakhs & disputed income up to ₹10 Lakhs eligible to approach committee
• Every possible step will be taken to smoothen GST collection