Amity School of Economics Organized ASE Circle Meet on Union Budget for India 2021-22

Amity School of Economics Organized ASE Circle Meet is to enhance knowledge on current economic issues and the capabilities of ASE students in academic and non- academic activities on 10th Feb 2021.

In this discussion, we discussed about The Union Budget of India for 2021–2022” and The Union Budget of India for 2021–2022 was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2021. The budget is the first one to be presented as paperless due to ongoing COVID pandemic.

Also, Discussed, about the various schemes launched by the government.Like

Health & Wellbeing: PM Atma Nirbhar Swasthya Bharat Yojana – will be launched with an outlay of about Rs 64,180 crore over 6 years. This will develop capacities primary, secondary and tertiary healthcare System.

Government will merge the Supplementary Nutrition Progranne and Poshan Abhiyan and launch the Mission Poshan 2.0.

Roads and Highways Infrastructure: More than 13,000km length of roads, at a cost of 3.3 lakh crore, has already been awarded under the 5.35 lakh crore Bharatmala Pariyojana project of which 3,800km have been constructed.

Urban Infrastructure: A new scheme will be launched at a cost of Rs 18,000 crore to support augmentation of public bus transport services.

Economy and Finance: Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22. Proposal to increase FDI limit from 49% to 74%. Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors.

Petroleum and Natural Gas: Ujjwala Scheme which has benefited 8 crore household will be extended to 1 crore more beneficiaries. Government will add 100 more districts in next 3 years to the city gas distribution network. National Hydrogen Mission to be launched to generate hydrogen from green power sources.

Agriculture: Ensured Minimum Support Price (MSP) at minimum 1.5 times the cost of production across all commodities. 1,000 more mandis to be integrated with the National

This is the first budget in the post-COVID scenario and that there are a lot of new challenges which this budget is expected to address. Some of the positive points are- focus on capital investment to push growth, re-introduction of developmental financial institutions, allocation for COVID vaccination, industry and sector-specific interventions offers hope if matched with allocation, bold decision to expand fiscal deficit to provide growth impetus and a medium and long-term vision for self-reliant India.

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