The Union Budget by the Narendra Modi government 2021 brings a paradigm shift for India’s economy. The government, through various measures has ensured that Budget 2021-22 helps in improving the economy of India and also kick-starts the industry, which has been hit due to the outbreak of Covid19.
In the aftermath of the global pandemic, this budget was the hope for all citizens. With the vision of ‘self-reliance’ the Union Budget underscores the principles of new opportunities for growth, a new dimension to human resources, developing new areas for infrastructure, move towards modernity and introduction of new reforms.
It is also pertinent to note, that this was India’s first budget that didn’t use a single page of paper making it the first digital budget.
The Government, to ensure better health for the citizens has allocated Rs, 2,23,846 Crore in the Health sector. The Union Budget also provides importance to public healthcare institution at the village, block and Panchayat level under the newly launched PM Aatmanirbhar Swasth Bharat Yojana. Starting with Rural and Urban Health Wellness Centres, integrated public health labs, in all districts, public health units will reach to the block level, critical health care hospitals, Mobile Hospitals, Emergency operation centres and the increase of Research Platforms will help our country.
Provision of Rs 35,000 crore was made for Covid-19 vaccine in the Union budget and the Government also rolled out the Pneumococcal Vaccine, a Made in India product, which will be of tremendous help to save the child deaths. To strengthen the nutritional intake of children across India,the Government has merged the Supplementary Nutrition Programme and the PoshanAbhiyan and launched the Mission Poshan 2.0 which will develop practices that will nurture health, wellness and immunity of children.
Taking forward PM Narendra Modi Ji’s vision of Ensuring India’s water security and providing access to safe and adequate drinking water to all Indians, the JalJeevan Mission (Urban) has been allotted Rs. 69053.02 crore, to provide tap water to every household.
The Aatmanirbhar Bharat-Production Linked Incentive Schemes, upholding the values of Aatmanirbhar Bharat and Vocal for Local, the Government came forward to protect the domestic markets of the country. The Government paid special emphasis to the products manufactured by MSMEs such as iron and steel, mobile parts, auto parts, agricultural products, renewable energy, textile etc. in order to boost country manufacturing.
The Government has invested in the infrastructural development of India for a long-term goal that will benefit all the major sectors such as Energy, Roads, Urban Development, Railways, where capital expenditure constitutes a major part of the scheme. The Budget announced more than 13,000 km length road under Bharatmala Pariyojana.
The Finance Minister also enhanced outlay of Rs. 1,18,101 lakh crores for Ministry of Road Transport and Highway. The Budget also provided a record sum of Rs. 1,10,055 crores, for Railways of which Rs. 1,07,100 crore is for capital expenditure. The government is also working to increase the share of public transport in urban areas through expansion of metro rail network and augmentation of city bus service. A new scheme will be launched at a cost of Rs. 18,000 crores to support augmentation of public bus transport services. As India, under the able-leadership of PM Narendra Modi ji, moving towards cleaner energy goals the Ministry of Power has been allotted Rs. 15,322.00 crores for improving the transmission lines, and for initiatives like National Hydrogen Energy Mission, for generating hydrogen from green power sources and to reduce petroleum use, greenhouse gas emissions and air pollution.
The budget has also emphasised on the Agriculture sector which is the most important sector in the Indian economy because it employs a huge amount of labour. The Agriculture Ministry has been allocated Rs. 1,31,531.19 crore. With the Launch of SWAMITVA Scheme and the enhancement of Rural Infrastructure Development Fund from Rs 30,000 crores to Rs 40,000 crores, the Micro Irrigation Fund, with a corpus of Rs 5,000 crores has been created under NABARD and union budget proposed to double it, by augmenting it by another Rs 5,000 crores.
The Finance Minister Nirmala Sitharaman announced the National Research Foundation and added that the NRF outlay will be of Rs. 50,000 crores, over 5 years.It will ensure the strengthening of the research ecosystem in our nation with focus on identified national priority thrust areas. Further, National Research Foundation would also contribute to thrust forward the nation’s economy, enhance its security, promote well-being and societal progress, and grow India’s position as a global leader.
It is not wrong to say that the Budget 2021-22 is a futuristic budget for the country. All the schemes and initiatives taken by the government will lead to a better economy in the days to come.
The Central government has taken the much-needed steps for the country to revive after the pandemic and the budget was an honest attempt by the Finance Ministry to help the industry and ensure overall development in the country. Therefore, we can conclude that this Budget will herald India into a new era of development where the needs and aspirations of all communities will be taken into account and that the welfare measures reach the last person in the society.
Views expressed above are the author’s own.
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