New Delhi, February 1: Finance minister Nirmala Sitharaman presented the Union budget today at a time when the country's economy is trying to recover from the impact of COVID-19.

Talking about the development of vaccines, FM said, "India has 2 vaccines available and has begun safeguarding not only her own citizens against COVID-19 but also those of 100 or more countries. It has added comfort to know that two or more vaccines are also expected soon." Union Budget 2021 Goes Digital! Tab Replaces Traditional 'Bahi Khata' as Finance Minister Nirmala Sitharaman Gets Set to Present First Paperless Budget in Parliament Today.

The six pillars of Union Budget 2021 Bill are Health and Wellbeing, Infrastructure, Inclusive development, Development of human capital, Research and development, Minimum government and maximum governance. Budget 2021-22:No Income Tax Return Filing For Senior Citizens Above 75 Years Having Only Pension, Announces FM Nirmala Sitharaman.

Highlights of Budget 2021-22:

    • Health & Wellbeing: The First Pillar of the budget is health and wellness. FM laid out a Rs 64,180 crore spending plan for healthcare over the next six years. Government to set up 15 health emergency centres across the country. Rs 2.87 crore has been allocated for Jal Jeevan Mission. Additional funds of Rs 35,000 crores has been allocated for COVID-19 Vaccines.The pneumococcal vaccine, limited to only 5 states at present, to be rolled out across the country. This will avert more than 50,000 child deaths annually. There has been a 137 percent increase in Health Spend. The investment in health infrastructure has increased substantially in view of the coronavirus pandemic.

    • Textile Parks: 7 textile parks to be launched over the next 3 years.

    • Voluntary vehicle scrapping policy announced. Vehicles to undergo fitness tests after 20 yrs for PVs, 15 years for CVs.

    • There has been a sharp rise in capital Budget.

    • Government to set-up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore.

    • FY22 capital expenditure up 34.5% (Vs FY21 BE), at Rs 5.54 lakh crore.

    • FM Sitharaman committed Rs 1.97 trillion to the manufacturing sector over 5 years.

    • There has been a sharp increase in capital expenditure to Rs 5.54 trillion for FY22.

    • Rs 65,000 crore for highway projects in Kerala.

    • Rs 25,000 crore for highway projects in Bengal.

    • Rs 35,000 crore for Assam highway projects.

    • Rs 14,788 crore for Bengaluru Metro.

    • Eastern and western dedicated freight corridors to be commissioned by June 2022.

    • Indian Railways has prepared a national railways plan by 2030. It will bring down the logistics cost.

    • Ujjwala scheme will be extended to cover 1 crore more beneficiaries, gas pipeline project for Jammu and Kashmir.

    • Insurance Sector FDI limit has been increased from 49 percent to 74 percent. Government to amend the Insurance Act to allow higher FDI

    • Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, said FM.

    • The government provides relief to stressed banks.

    • Air India divestment to be completed by FY22. Proposals to divest two PSU banks were also announced. All divestments announced to be completed by FY22.

    • Asset reconstruction company to be set up.

    • LIC IPO in FY22

    • Government to now allow one-person companies

    • The government also announced a mega agriculture push at a time when farmers are protesting against the farm laws. Enhanced agri credit target for FY22 has been announced.

    • 100 new Sainik schools to be set up, Bill for establishing new higher education body to be tabled this year, according to FM.

    • Finance Minister Nirmala Sitharaman earmarks Rs 1,500 crore for promoting a digital mode of payment.

    • MSME allocation to be doubled. Government to set aside Rs 15,700 crore in FY22.

    • Minimum wages to now apply to all categories of workers. Women to be allowed to work in all categories with adequate protection.

    • Government announces multi-state co-operative for ease of doing business.

    • Net borrowing at states capped at 4%

    • Fiscal deficit for 2020-21 pegged at 9.5% of GDP. Fiscal deficit for 2021-22 estimated at 6.8% of GDP.

    • FM announced relief for senior citizens.  No, IT Filing for senior citizen having only pension.

    • No double taxation for NRI

    • Aviation gets a boost, Sitharaman gives tax holiday for aircraft leasing business in Gift city

This year, the Union budget was delivered in paperless form for the first time due to coronavirus pandemic. The presentation of the budget comes a day after the government announced an all-time high Goods and Services (GST) collection of Rs 1.20 lakh crore. Union Budget 2021 Goes Digital! Tab Replaces Traditional 'Bahi Khata' as Finance Minister Nirmala Sitharaman Gets Set to Present First Paperless Budget in Parliament Today.

Watch FM Presenting Budget Live:

The Finance Minister read out the Budget for the financial year 2021-22 through a tab, making it the first digital budget on the Indian government. Traditionally, the budget was made in a form of 'Bahi Khata', written or typed on papers.

Sitharaman had recently launched the "Union Budget Mobile App" to give hassle-free access to Budget documents to Members of Parliament (MPs) and the general public.

(The above story first appeared on LatestLY on Feb 01, 2021 12:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).