(Image source from: news.abplive.com)
The Union budget for the year 2021 was presented by the Modi Led government this year. Viewers from all over India were watching the Budget 2021 today. The purpose of the budget is to get India back on track as the world’s fastes growing economy, boosting the spending on job-creation and rural development while simultaneously fighting the COVID-19 vaccines.
At 11 AM, the Budget Speech began in Delhi. Finance Minister Nirmala Sitharam stated that this year’s budget will be like nothing ever seen before in the previous years.
Some of the key developments from the Budget 2021 were,
- 9.5% of GDP as fiscal deficit for FY21
- Maintaining the quality of expenditure
- 1000 crore rupees will be provided for the welfare of tea workers in the country
- There will be a new need for customers to be given a choice to choose a service provider.
- 69 crore beneficiaries or 86% of the beneficiaries in the nation are covered under one nation, one ration.
- 43.36 lakh wheat growing farmers will benefit from the government procurement
- Farmers have paid 75,100 crore on wheat MSP
- Social security benefits will be extended for all workers for the first time ever. Minimum wage will apply to all category of workers throughout the country.
- The government will be very committed to the welfare of the farmers.
- The credit target for the agricultural sector will be 16.5 lakh crore rupees
- For bank recapitalization, the government is allotting 20,000 crore rupees
- India will be promoting merchant ships in India and will launch subsidiary support this year.
- The government will also be launching hydrogen energy mission in the next quarter for generating hydrogen from green power sources, promoting neat energy sources for the future for the country.
- The government is introducing the Jal Jeevan Mission with an investment of 2.87 lakh crore for 4,378 urban local bodies.
- The central government will also provide 18,000 crore rupees for public buses.
- Indian manufacturing chains will become an integral part of the global supply chains.
The Union Budget 2021 deals with six major pillars for the country: Health and well being, Infrastructure, Inclusive development, Development of the human capital and research and development.
More information regarding the Union budget 2021 in detail, can be read from here:
The Government has multiple plans to make India a much more developed and economically growing country.
By Meena Atmakuri