The Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2021-2022 today commencing at 11 AM in the Lok Sabha. She stated the 6 pillars that the budget rests on. They are mentioned and explained below –
- Health and well-being – The government has introduced PM Aatmanirbhar Swasth Bharat Yojna with an outlay of Rs 64,180 crore over 6 years to bring impetus to the healthcare industry and bring about a positive change. The health and well-being of citizens has been brought to importance during the COVID-19 pandemic when hospitals were in utmost of need. This scheme attempts to strengthen primary, secondary and tertiary healthcare in the country.
- Financial capital and infrastructure – FM Nirmala Sitharaman announced that there will be an introduction of a bill to establish a development financial institution. This institution will be launched with Rs 20,000 crore to finance infrastructure projects and further the infrastructural growth. Along with that, capital expenditure has been raised which provides a positive impact for firms supplying capital goods. This adds onto the infrastructure growth as well.
- Inclusive Development for Aspirational India – As part of Inclusive Development for Aspiration India, the FM proposed 9 measures to promote the agricultural sector –1) SWAMITVA Scheme 2) Agricultural credit target increased to Rs 16.5 lakh crore in FY22 3) 33% increase in Rural Infrastructure Development Fund 4) Micro Irrigation Fund has been doubled 5) Operation Green Scheme – ‘TOPS’ will include 22 more perishable products 6) 1,000 more mandis to be integrated with e-NAM 7) APMCs will get access to Agriculture Infrastructure Fund 8) Development of 5 major fishing harbours proposed 9) Multipurpose Seaweed Park to be established in Tamil Nadu.
- Reinvigorating Human Capital – The government aims to revitalize human capital by reimagining Human Resources in the world of technology.
- Innovation and Research & Development – Innovation and R&D have been offered a boost. The very first example can be the outlay of Rs 35,000 crore given to vaccines for COVID-19.
- Minimum Government, Maximum Governance – The principle of minimum and maximum government means that despite being less interventionist in nature, the government will aim to meet all goals and outcomes. Minimum government emphasizes reducing layers of decision-making to fasten processes and reduce red tape. PM Modi has previously stated his belief in Minimum Government, Maximum Governance to run the country.
The FM Nirmala Sitharaman’s budget has been graced with a warm-hearted welcome and hopes for a better economy.