Union Budget Capsule: Massive Highway Projects Announced in Poll-Bound Kerala, West Bengal, Assam

Healthcare: The government on Monday proposed Rs 2,23,846 crore Budget outlay for health and well- being for 2021-22, compared to Rs 94,452 crore in the current fiscal, an increase of 137%.

Sitharaman also proposed Rs 35,000 crore outlay for COVID-19 vaccines for the next fiscal and announced the rollout of pneumococcal vaccines across the country to help save over 50,000 deaths annually.

"I have provided Rs 35,000 crore for COVID vaccines for 2021-22. I commit to provide further funds if required," the Finance Minister said while presenting the Budget for 2021-22.

The pneumococcal vaccine is effective against potentially fatal pneumococcal infections like pneumonia, septicaemia and meningitis.

Fiscal Deficit: Committed to bringing down fiscal deficit below 4.5% of GDP by 2025-26. Fiscal deficit pegged at 9.5% of GDP during current fiscal ending March 31.

Govt Borrowing: About Rs 12 lakh crore to be borrowed in FY22; expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending.

Rural Infra: Rural infrastructure development has been increased to Rs 40,000 crore for the next fiscal from Rs 30,000 crore in FY21. Agriculture infrastructure fund outlay will be increased to Rs 40,000 crore, and micro-irrigation corpus will be doubled to Rs 10,000 crore.

Disinvestment Target:  Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, in the next fiscal year. Privatisation of BPCL, Shipping Corp to be done.

Ports: Seven port projects worth more than Rs 2000 cro via public-private partnership proposed.

Start-Ups: Tax holiday for startups extended by 1 yr; exemption on capital gains on investment in startups extended by 1 yr.

Census: The government has allocated Rs 3,726 crore for forthcoming Census, which will be the first digital census.

Tax Exemption: Senior citizens above 75 yrs of age with only pension income exempted from filing tax returns.

Duty Exemption: Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc.

Fuel Cess: Budget for 2021-22 imposes a Rs 2.5 per litre agri infra cess on petrol, Rs 4 on diesel.

Agri Infra Cess:  30% on kabuli chana, 10% on peas, 50% on bengal gram/chick peas, 20% on lentil (masoor); 5% on cotton imposed in Budget. 

2.5% cess imposed on gold, silver and dore bars; 35% on apples; 5% on specified fertiliser; 1.5% on coal, lignite and peat.

New Agri Infra Development Cess to be applicable from February 2, 2021.