Union Budget 2021 On Farm laws.

Union Budget 2021 On-Farm laws.

 

FM Nirmala Sitharaman in her Union Budget 2021-22 speech within the parliament announced FDI limit in insurance to be increased to 74% from now existing 49%. Govt has allowed foreign ownership in insurance with safeguards.

The govt. also will launch a stock exchange Code which can include SEBI Act, Govt Sec act, Depositories Act. SEBI are going to be notified as a regulator for gold exchange.

FM said that the govt. is proposing to strategically divest 2 PSU banks and 1 general insurance firm.

In 2021-22, the would also bring the IPO of LIC that it'll be bringing the requisite amendments during this session itself, she said. the govt. will now also incentivize one-person companies.

She added that the NCLT system is going to be strengthened, e-Courts are going to be adopted and alternate mechanisms of debt resolution are going to be found out. She also announced the decriminalization of LLP Act.

Speaking on the farmer's issue, FM Nirmala Sitharaman said that the Modi Govt is committed to the welfare of farmers.

The MSP regime has undergone a change to assure price that's a minimum of 1.5 times the value of production across all commodities, she said. Rs 75,060 crore is paid to farmers for wheat procurement in 2020-21, she added.

 

FM Nirmala Sitharaman has also announced measures under Aatmanirbhar Package. She said the first PM Garib Kalyan Yojana amounted to almost presenting 5 “mini budgets” in 2020.

She proposed strengthening of ‘Sankalp of Aatmanirbhar Bharat’. specialize in 6 pillars, which include – Health & Well-being, Inclusive Development, Human Capital, Innovation, and R&D.

FM added that the govt. is fully prepared to support and facilitate the economic process and that they are introducing Aatmanirbhar Swastha Bharat Yojana with an outlay of Rs 64,180 crore.

 FM said that today India has two vaccines available and has begun safeguarding not only her own citizens against COVID-19 but also those of 100 or more countries. it's added comfort to understand that two more vaccines also are expected soon.

FM announced that Jal Jeevan Mission Urban are going to be launched with an outlay of ₹ 2.87 lakh crore over 5 years which is aimed toward a universal water system altogether 4,378 urban local bodies, with 2.86 crore household tap connections and liquid waste management in 500 AMRUT cities.

She also announced Urban Swachh Bharat Mission 2.0 with an outlay of ₹ 1,41,678 crore over 5 years from 2021 focused on complete fecal sludge management, wastewater treatment, source segregation, management of waste from urban construction, bioremediation of legacy dump sites. Announcing a serious infrastructure boost, FM announced highway works in various states including 3,500 km corridor in Tamil Nadu 1,100 km in Kerala at an investment of Rs 65,000 crore, 675 km in West Bengal at a price of Rs 95,000 crore, and 1,300 km in Assam within the next 3 years.

In May 2020, Govt announced the Atmanirbhar Bharat package, to sustain the recovery further we also unrolled two more Atmanirbhar packages. the entire financial impact of all packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores, Sitharaman added

For Railways Budget, the FM announced that Indian Railways will have a National Rail Plan for up to 2030. For the aviation sector, FM said that a subsequent lot of airports are going to be privatized in tier 2 and three towns and cities.

FM said that in FY22 outlay (budget estimate) for health & well-being is up 138% and is at Rs 2,23,846 crore.

 Govt has also allocated Rs 35,400 crore towards COVID vaccines for FY22 and is committed to more if required.

She said the Modi govt is committed to achieving targets laid out under the national infrastructure pipeline. Ujjwala schemes are going to be expanded to over 1 crore more beneficiaries. we'll add 100 more districts within the next three years to the town gas distribution network.

A gas pipeline project is going to be haunted in Jammu and Kashmir, FM said.