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Union Budget of India 2021 : AtmaNitbhar Bharat Budget


 The budget is not just a collection of numbers, but an expression of our values and aspirations. 
 -  Jack Lew 丨 76th United States Secretary of the Treasury



Budget 2021

Intro  :

    The Union Budget for the financial year 2021-22 has been presented by FM Nirmala Sitharaman in the Lok Sabha on the 1st of February. It offers a direction for growth and strong intent for reforms. The Budget rests on six pillars - 

1. Health and well-being.

2. Physical and financial capital and infrastructure.

3. Inclusive development for aspirational India.

4. Reinvigorating human capital.

5. Innovation and research and development.

6. Minimum government and maximum governance. 


History :

    The Annual Budget thing is a British era practice. First Budget was introduced on 7th April 1860 after the transfer of Indian administration from East-India Company to British Crown. The Union Budget of India also referred to as the Annual Financial Statement of independent India was presented by R. K. Chetty on 26 November 1949. The total expenditure was estimated at Rs. 197.29 crore with defense expenditure at Rs. 92.74 crore. 

    For the first time on 1st February 2021, Finance Minister Sitharaman presented the paperless budget. This was done due to the ongoing Covid-19 pandemic in India.


Content  :

    This year government proposes to spend Rs. 34,83,236 crore in 2021-22. The key highlight is Health, the 137% increase in healthcare budget allocation this year has been warmly welcomed by the country. FM Sitharaman quoted that the Atmanirbhar Bharat announcements were like five mini budgets themselves.

Appreciation  :

  • Health  -  
    1. This year Budget proposes a massive hike of 137% to Rs 2,23,846 crore in 2021-22 compared with Rs 94,452 crore in 2020-21. 
    2. A new centrally sponsored scheme, PM AtmaNirbhar Swasth Bharat Yojna, will be launched with an outlay of about Rs. 64,180 crores over six years. This will develop capacities of primary, secondary, and tertiary health care systems. 
    3. The Budget provides Rs. 69,000 crore for expanding Jan Aushadhi Kendras in all districts of the country.
    4. The government has provided Rs. 35,000 crore for Covid vaccines and committed to providing further funds if required.
  • Defense -
    1. The Defence Budget has hiked 19%, a total of 4.78 lakh crore budgetary outlay provided including 1.15 lakh crore for payment of pensions.
    2. Government unveils that Rs. 20,776 crore was spent to buy military hardware in the face of the Ladakh border standoff with China.
    3. A total of Rs. 1,35,060 crore has been set aside for capital expenditure that includes the purchase of new weapons, warships, and other military hardware.
    4. With planning to acquire an Aircraft Carrier for the Indian Navy, fighter planes, Assaults Rifles, war machines, the government will provide more funds if required.

  • Finance  -

    1. No provision for a change in the tax slab.
    2. No, IT filing for the people above 75 years who get pension and earn interest from deposits.
    3. Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15% to promotes domestic production.
    4. A proposal is raised to allow states to raise borrowings up to 4% of GSDP this year alone to increase state revenue.
    5. FDI in the insurance sector is increased from 49% to 74%. It is estimated that only 8% of the Indian population is ensured.
    6. The government has proposed a bad bank-like structure to better manage non-performing loans. According to the RBI report, gross bad loans of banks could sharply rise to 13.5% by end of 2020.
  • Policies and Schemes  -
    1. Vehicle Scrapping Policy to phase out old and unfit vehicles. All vehicles to undergo a fitness test in automated fitness centers every 20 years (personal vehicle), every 15 years (commercial vehicle).
    2. Pradhan Mantri Ujjwala Yojana (LPG Scheme) to be extended to cover 1 crore more beneficiaries. 
    3. National Hydrogen Mission to be launched to generate hydrogen from green power sources to promote green energy.
    4. FM introduces Jal Jeevan Mission Urban with an outlay of Rs. 2.87 lakh crore. The mission aims to provide clean water through the tab to every household.
    5. The MSP regime has undergone a sea change to assure price that is at least 1.5 times the cost of production across all commodities.
    6. 1,000 more Mandis to be integrated into the E-NAM market place. Five major fishing hubs, including Chennai, Kochi, and Paradip to be developed.

Criticism   :

  • Education  -
    1. The center has slashed allocation for education by about 6%. 
    2. The allocation for the Education Ministry has been cut to Rs. 93,223 crore from Rs. 99,311 crore as per the budgetary proposals.
    3. The allocation consists of Rs. 54,874 crore for Department of School Education and Literacy and Rs. 38,350 crore for the Department of Higher Education. 
    4. Although the National Education Policy 2020 aims to increase public investment in education to 6% of GDP, currently, it is 4.4%.
    5. The government has set aside funds for 750 Eklavya schools in tribal areas and a central university in Ladakh.
    6. For Employment a portal to be launched to maintain information on gig workers and construction workers.
  • Infrastructure  -
    1. the Budget announced a number of multi-crore, central infrastructure allocations to election-bound states of West Bengal, Kerala, Tamil Nadu, and Assam.
    2. A total of 2,30,000 crore has been allocated to these states for the highway development program.
    3.  Metro services announced in 27 cities, plus additional allocations for Kochi Metro, Chennai Metro, Bengaluru Metro, Nashik, and Nagpur Metros.
    4. A Gas pipeline project to be set up in Jammu and Kashmir worth Rs. 30757 crore and Rs. 5958 crore for UT Ladakh.
    5. A National Rail Plan created to bring a future-ready Railway system by 2030, also 100% electrification of the Railway to be completed by 2023.
  • Privatization -
    1. Government facing strong scrutiny for selling a stake in the public sector units. 
    2. The government has set a target of raising Rs. 2.1 lakh crore from privatization and sale of minority stakes in state-owned companies. 
    3. This includes Rs. 1.2 lakh crore from selling a stake in CPSEs and Rs. 90,000 crore from stake sale in financial institutions. 
  • Fiscal Deficit and Borrowings -
    1. The government had pegged the fiscal deficit 9.5% of the GDP for 2021-22.
    2. There is also the argument that in the pandemic time, the government should borrow more for the middle class without worrying about the fiscal deficit.

Summary  -

The Indian government aims to achieve a $5 trillion (5 lakh crore) economy by 2026-27, in this aspect the Bidget looks promising. PM Modi quoted the Budget as 'A budget with a vision and action'. The coming four decades would testify to India's vision through actions. 
























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