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FM Sitharaman while presenting the Union Budget 2021-22 to Parliament expressed that the budget for 2021-22 rests on six pillars from healthcare to infrastructure.
The Union Budget 2021 is expected to provide relief to a pandemic-hit common man, as well as to focus more on driving economic recovery through higher expenditure on health care, infrastructure and defence in the face of rising tensions with neighbours.
FM Sitharaman recommended that the agricultural credit goal be raised to Rs 16.5 lakh crore. “The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities. The total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21.”
Government is committed to the wellbeing of farmers, FM said in protests from opposition politicians. “MSP has gone through a sea change. Over Rs 75,000 crore paid to wheat farmers in 2020-21, 43.36 lakh benefited from this” she says. To fix the burgeoning issue of air pollution, Rs 2,217 crore has been allocated to 42 urban centres with a million-plus population. After deliberating on this for years, Finance Minister finally announced a Bad Bank. A new asset reconstruction and asset management company announced.
FDI in insurance sector proposed to be hiked to 74 percent from 49 percent now
Rs 1,000 crore to solar energy corporation and Rs 1,500 to a renewable energy development agency, said FM.
Finance Minister Nirmala Sitharaman announced a new gas pipeline project for Jammu and Kashmir
Coming to the power sector, FM announced Rs 3.05 lakh crore outlay. She also added that 100 more cities to be added in the next 3 years to the gas distribution network
Rs 63,000 crore allocated for Chennai metro and Rs 25,0000 crore allocated for West Bengal projects.