Highlights of Budget 2021

The Prime Minister has set a goal of making India self-reliant in every field. Union Finance Minister Nirmala Sitharaman, presented the budget for the year 2021.22, the main points of which are as follows.

Availability of verdant Equipment is becoming a general interrupt in the direction of self-reliant India. What has happened in the budget in this direction?

Indeed, that there is still a shortage of raw materials for most of the industry in the country. To overcome this and to make the raw material industry in the country available at a lower price, the budget has reduced import duties on several important raw materials. The problems of MSMEs associated with Loha and Ispat were also mentioned by Union Finance Minister Nirmala Sitharaman in his budget speech. Anti-dumping duty, basic customs duty and countervailing duty have been rationalized on many items.

What is in the budget to boost the manufacturing sector?

To fulfill the dream of self-reliant India, the government has taken many strong steps by announcing the budget. It has announced an investment of Rs 1.97 lakh crore over five years under the Production Linked Incentive (PLI) scheme covering 13 major segments of manufacturing. Along with this, the government has also announced to set up 7 large investment textile parks in three years. It is noteworthy that the textile sector gets employment on a large scale as it uses mostly labor intensive technology.

Freight carriage in India is higher than the global average. What steps have been taken in this direction?

At this time the freight in India is indeed higher than the global average. But to lighten it, a network of national expressways and highways is being laid.  Also, to reduce the cost of logistics at the center of the budget, the strategy of Make in India has been laid. Commonly that transport is cheaper by rail than roadways. Therefore, this time a record provision of Rs 110 lakh crore has been made for the Railways in the budget. Out of this, over one lakh crore rupees will be spent on capital works. Both will be ready by the end of next year as dedicated freight corridors. This will not only increase the speed of freight but also reduce costs.

There is still a severe lack of basic facilities in our country. What has happened in this direction?

It is the final stage of central government of setting up infrastructure projects worth more than rupees 100 lakh crore to promote self-reliance and make in India. There is no shortage of funds for infrastructure projects, so a development financial institution will be set up for financing infrastructure-related projects. 20,000 crore rupees will be invested in it. It is estimated that its loan portfolio will reach Rs five lakh crore in three years. It is believed that investment will accelerate the development of the country rather than consumption.

Many universal offshoots have shining that without increasing living on R&D, the reverie of a self-reliant India will not come true. What has happened in this direction?

The role of R&D is indeed very important towards preparing a global champion and becoming self-reliant. Therefore, during the next five years in the budget, a provision has been made that the National Research Foundation will use Rs 50,000 crore. It will also promote an international level of development activities and research here.