On 1st February 2021, Union Budget is presenting by Finance Minister Nirmala Sitharaman in Parliament after a year of bad effect on the Indian economy due to the Covid 19 situations. In this budget, she has set a target of Rs. 16.5 lakh crore as agriculture credit. She declared foreign control investment (FDI) peregrination in insurance to 74 per cent from 49 per cent with foreign control under safeguards. During her speech on the budget, she said ” The total impact of Atmanirbhar Bharat and measures by RBI was Rs. 25.2 lakh crore, which amounts to 30 per cent of GDP.
According to her ” 2021 is a year of many milestones and it will be going to boost the economy. The govt also initiate a Securities Market Code which comprises SEBI Act, Govt Sec act, Depositories Act. SEBI will apprise as a transformer for gold exchange. In the budget session, FM Nirmala Sitharaman declared total expenses of around Rs 2 trillion on healthcare and mega national highway projects in the states of Tamil Nadu, West Bengal, Assam, and Kerala.
The budget session also includes the issue of water and declared that Jal Jeevan Mission Urban will be introduced with an expenditure of Rs. 2.87 lakh crore over 5 years with the aim of universal water supply in all 4,376 urban local bodies, with 2.84 crore household tap connections and liquid waste management in 500 AMRUT cities. She also brings out Urban Swachh Bharat Mission 2.0 with expenses of 1,41,688 crore over 5 years of concentrate on complete faecal sludge management, wastewater treatment, source segregation, management of waste from urban construction, bioremediation of legacy dumpsites.
A gas pipeline project will also be introduced in Jammu and Kashmir. In her budget session, she gives relaxation to depositors, investors, and taxpayers. In her budget session, she focuses on the tax burden of the taxpayers. This time she did not make any changes in income tax slab rates.