Context: The Union Budget is focussed on post-Covid growth, building back lives and livelihoods.
Features of the Budget: helping in the revival of the economy
Displays the philosophy of “sharing is caring”: India believes in “sharing is caring” philosophy, which runs counter to the “me-first approach” (by ensuring vaccine delivery to various countries).
The focus on boosting health and nutrition is noticeable to the tune of Rs 2.2 lakh crores.
Strengthened Atmanirbhar Bharat Mission: To expand the ambit of our actions in the global arena; cementing India’s role as the “factory of the world”, in addition to “the pharmacy of the world”.
Employment generation: by –
Boosting infrastructure: through allocations in roads and highways construction, metros, gas distribution networks, dedicated freight corridors and future-ready railway system by 2030.
Improving Education and skill development: Formation of the higher education commission and realigning the national apprenticeship scheme to train engineering graduates.
Momentum to manufacturing:
Production linked incentives Scheme in 13 sectors with an outlay of Rs 1.97 lakh crores.
Protection to Domestic industry:
Creation of a Mega Investment Textile Park will protect domestic manufactures.
Revised income duty: will protect the domestic industry.
Raising capital:
Through Asset Reconstruction and Managament Company and implementation of projects under the National infrastructure Pipeline.
Capital Expenditure has been increased to Rs 5.54 lakh crore (35% more)
Facilitating Ease of doing business: through -
Decriminalization of the Limited Liability Partnership Act.
Removal of restrictions on one-person companies relating to paid-up capital and turnover.
The amendment in the definition of small companies.
Reforming financial sector: By
Amending Deposit Insurance and Credit Guarantee Corporation (DICGC) Act 1961 and the Insurance Act 1938. (enabling easy and time-bound access to depositors)
Allowing Foreign Direct Investment to 74 % and foreign ownership and control with safeguard.
Empowering farmers: with particular focus on doubling income.
Enhancing the agricultural credit target to Rs 16.5 lakh crore and focusing on credit flow to animal husbandry, dairy, and fisheries.
Expanding the coverage of the Survey of Villages and Mapping with Improvised Technology in village areas (SVAMITVA) scheme to all states/UTs.
Empowering weaker sections:
Reduced Margin Money required for Stand Up India.
Revamped post-matric scholarship for Scheduled Castes students.
Increased allocation for establishing 750 Eklavya Model Schools.
Conclusion: The measures undertaken in the budget will help to achieve the Sustainable Development Goals and building a better India through “Sabka Saath, Sabka Vishwas and Sabka Vikas”.