Government measures for strengthening ‘health and wellbeing’: A Production linked incentive scheme is announced to boost the manufacture of pharmaceutical and medical devices. 35000 crore rupees has been allocated for the development of COVID-19 vaccine. Mission COVID Suraksha has been launched to improve indigenous vaccine testing and development. Further coverage of pneumococcal vaccine will also be enhanced. Pradhan …
Concerns regarding the budget: Adherence to incrementalism: Given the abnormal times for the economy, which requires non-standard policy responses, the Budget maintains incrementalism and continues with business as usual. Insufficient public expenditure: There is very little increase in the overall expenditure of the government. Only 1% increase in overall expenditure. Though capital expenditure has increased by …
Provisions: Development Finance Institution: A new development finance institution is being set up to fund infrastructure projects under the National Infrastructure Pipeline. It will help meet the infrastructure’s long term debt financing needs. The goal is to have a lending portfolio of at least Rs. 5 lakh crore in three years. Highways: The Ministry of …
Provisions: The Budget has announced setting up of a Single Security Market Code by consolidating the provisions of : SEBI Act, 1992, Depositories Act, 1996, Securities Contracts (Regulation) Act, 1956 and Government Securities Act, 2007. The budget has also proposed to create a permanent institutional framework to govern the corporate bond market. To provide protection …
Provisions: The budget proposes a Rs. 3.05 lakh-crore scheme, spread over five years, to revive discoms. The DISCOMS have been making huge losses and have been cash-strapped. Total outstanding dues of the discoms towards power-generating firms stood at over ₹35 lakh crore as of December. The budget also proposes a framework to provide electricity consumers …
Provisions: National Research Foundation: The budget has earmarked Rs. 50,000 crore over five years for the creation of the National Research Foundation. The National Research Foundation (NRF) would act as an umbrella body to fund research across a range of disciplines, from science and technology to humanities. The NRF would be an autonomous body and …
Provisions: Seven major ports will see their operations privatised in the year 2021-2022. India has 12 major ports under the control of the Centre. These major ports handle about 60% of its total cargo traffic. The budget has announced a subsidy scheme of Rs. 1,624 crore for a period of five years for Indian shipping …
Provisions in Budget 2021: 7 Mega Investment Textile Parks would be set up over the next three years with plug and play facilities. To rationalise duties on raw material inputs for man-made textiles, the Budget proposed to bring nylon chain on a par with polyester and other man-made fibres by reducing the basic customs duty …
Vehicle Scrappage Policy: Vehicle scrappage policy aims to phase out old and unfit vehicles. Vehicles would undergo fitness tests after 20 years in automated fitness centres in the case of personal vehicles (PV), and after 15 years in the case of commercial vehicles (CV). Significance: The policy would help in encouraging fuel-efficient, environment-friendly vehicles, thereby …
Provisions in Budget 2021: Agriculture Infrastructure Development Cess would be levied on petrol, diesel, gold and other imports, to improve facilities for production, conservation and processing of farm produce. APMCs have been allowed to tap into the Rs.1 lakh crore Agriculture Infrastructure Fund (AIF) which was created last year, as part of the COVID-19 stimulus …
Budget 2021 : Agriculture & allied sectors – UPSC GS3 Read More »