COVID-19 pandemic impacted Indian economy where revenues of and expenditures by the Government during the current fiscal saw a huge mismatch and where almost all sectors of the economy barring our agriculture suffered enormously, presenting a Budget under such circumstances cannot be anything less than a ticklish job and how much the Finance Minister Nirmala Sitharaman succeeded in her efforts towards giving a push to economic activities with emphasis on generating demand, encouraging consumption and creating job opportunities can well be perused in the Budget presented by her for the fiscal 2021-22. This Budget has the distinction of being the first ever digital Union Budget where while fight against the COVID-19 pandemic would continue, various measures , projections and allocations were made to primarily counter the effects of its impact, at the same time keeping the goals of growth and progress of the economy duly focussed on to be attempted to reach.
That being a prelude to appraising the Union Budget, let it be admitted that sincere efforts have been made to give a push to raising infrastructure in the country with a Mission Revival. Almost every sector of the economy is attempted to be touched right from agriculture to power, education to banks, MSMEs to NRIs, tea garden workers to migrant labourers, new gas pipelines to fish farming , taxation to maximum governance and the like. However, the middle class – the slightly neglected class has again remained neglected in this budget also since no relief has been proposed for this class as perhaps it could not be managed under the persistent COVID-19 crisis . However, claiming additional deduction for interest of Rs.1.5 lakh paid for home loans is extended by one more year up to March 2022. The measure was an incentive to purchase affordable houses . The senior citizens above 75 years are exempted from filing their annual IT Returns but no relief otherwise in taxes etc. Not filing Returns was, however, proposed to give them relief from extra burden of avoidable obligation. It is another thing that negative and perverted comments have ”greeted” this budget by a few by pooh poohing the ”need” to allocate Rs. 35000 crore for COVID vaccines ”since the pandemic has now on its own shown signs of subsiding”. Poll bound states like Tamil Nadu, West Bengal, Assam and Kerala are getting ”special” attention by bonanza allocations for rail projects and schemes for construction of National Highways, roads and corridors. Rs.1,10,055 crore for Railways of which capital expenditure is Rs.1,07,100 crore; National Railway Plan by 2030 and 100 percent electrification of broad-gauge lines by the year 2023 , construction of 1016 kms of metro under construction to be expedited, are some other main features of the Budget.
To start with, the Budget gives an inclination, smell and the feel to march towards Atma Nirbhar Bharat or self reliant India which has been raised on six pillars topping which is health and well being, the lessons taught to us by the Corona pandemic have perhaps made us wiser and for that vital ”pillar”, an amount of Rs.2,23,846 crore, highest so far or in other words a massive increase by as much as of 137% as compared to 2020-21, has been proposed to be spent which will take care of preventive, curative and well being aspects of health and Rs.35000 crore for COVID-19 vaccines alone depicts the unending resolve to fight the virus from all sides. It may be noted that this massive investment in this sector besides creating the requisite infrastructure, was poised to generate employment opportunities as well. PM Atma Nirbhar Swatch Bharat Yojna a new centrally sponsored scheme in addition to National Health Mission with an amount of Rs.64100 crore was aimed at opening of more health centres, hospitals, laboratories and in particular Nutrition under Mission Poshan 2.0 which has been proposed to be launched.
The second pillar is that of physical and financial capital and infrastructure which aims at Production Linked Incentive Scheme (PLI) covering 13 sectors , provide jobs for the youth, bringing scale and size in key sectors, helping manufacturing companies becoming integral part of global supply chains . Cutting edge technology and core competence are stressed upon. In giving boost to textile sector, 7 Textile Parks over a period of 3 years are proposed. The third and fourth pillars are Inclusive Development for Aspiration(al) India and Reinvigorating Human Capital while fifth and sixth pillars are Innovation and R&D and Minimum Government and maximum Governance respectively. School education under Reinvigorating Human Capital, is proposed to get due attention by opening 15000 such type of schools which will act as exemplar schools in the region plus opening up of more than 100 new Sainik Schools in partnership with NGOs etc. It is noteworthy that Higher Education Commission of India is proposed to be set up for which necessary legislation is to be introduced. In brief, hardly any sector is there which has not been touched in order to revive the economy to reach as fast as to pre-COVID position although GDP is pegged at 6.8% in 2021-22.
For Jammu and Kashmir, there is a special proposal all to cheer up for and that is taking up of a maiden gas pipeline project for the development of the UT. It is a part of the mega plan of the Union Government to add 100 more districts of the country in next three years under the scheme. City Gas Distribution network, therefore, was going to address various problems the consumers were facing especially in hilly areas in conditions of inclement weather and other constraints. UT of Ladakh was going to get a Central University which will be set up in Leh. These two measures are in addition to other Budget proposals which would benefit the two Union Territories.
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