Budget 2021: Key takeaways from Finance Minister Nirmala Sitharaman's Union Budget 2021-22 speech

Finance Minister Nirmala Sitharaman on Monday (February 1) tabled the Union Budget 2021-22 in Parliament. In her Budget speech, Sitharaman mentioned that this year`s budget focused on six pillars - Health and Wellbeing, Physical and Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D and minimum government and maximum governance. Presenting the first-ever digital Union Budget, the minister stated that India's fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era - one in which India is well-poised to truly be the land of promise and hope.

Key highlights of Union Budget 2021-22:

1. A new Centre-sponsored scheme Prime Minister Atmanirbhar Swasthya Bharat Yojana with an outlay of Rs 64,180 crores to boost healthcare infrastructure across the country amid ongoing COVID-19 pandemic.

2. Senior citizens above 75 years of age, having pension and interest income exempted from filing tax returns.

3. A National Faceless Income tax Appellate Tribunal Centre shall be established and all the communication between the Tribunal and the appellant shall be made electronically.

4. Rs 1,18,101 lakh crore, highest ever outlay, for Ministry of Road Transport and Highways - of which Rs 1,08,230 crore is for capital.

5. To incentivise digital transactions and to reduce the compliance burden of the person who is carrying almost all of their transactions digitally, it is proposed to increase the limit for tax audit for persons who are undertaking 95 per cent of their transactions digitally from Rs 5 crore to Rs 10 crore.

6. Rs 1,000 crore to be provided for welfare scheme for tea workers of Assam and West Bengal especially women and children.

7. An agriculture Infrastructure and Development Cess of Rs 2.5 per litre has been imposed on petrol and Rs 4 per litre on diesel. Unbranded petrol and diesel will attract basic excise duty of Rs 1.4 and Rs 1.8 per litre, respectively.

8. 100 per cent Agriculture Infrastructure and Development Cess on Alcoholic beverages.

9. Rs 2,23,846 crore outlay for Health and Wellbeing in Budget Estimates (BE) 2021-22 as against Rs 94,452 crore in BE 2020-21 - an increase of 137 per cent.

10. Rs 35,000 crore for COVID-19 vaccine in Budget Estimates 2021-22.

11. Rs. 2,217 crore to tackle air pollution, for 42 urban centers with a million-plus population.

12. Voluntary vehicle scrapping policy to phase out old and unfit vehicles (After 20 years in case of personal vehicles and 15 years in case of commercial vehicles).

13. Rs 1,10,055 crore for Railways of which Rs. 1,07,100 crore is for capital expenditure.

14. Rs 20,000 crore to set up and capitalise a Development Financial Institution (DFI) - to act as a provider, enabler and catalyst for infrastructure financing.

15.  Capital infusion of Rs 1,000 crore to Solar Energy Corporation of India and Rs 1,500 crore to Indian Renewable Energy Development Agency.

(With ANI inputs)