The “Analysis of Union Budget 2021” session was organized by the department of MBA BNM institute of technology on 05 February 2021 at the auditorium of BNMIT, Bangalore between 10:00 am to 11:15 am, to understand the key highlights of union budget 2021. Resource person was CA.N.NITHYANANDA who is a well-known Chartered Accountant and founder of NITHYANANDA AND CO.
The session gave the overview of the project to be undertaken by the government and the related finance deficit and tax structures. The budget emphasis on the economic reforms which encompasses on pillars which is a major sector of economies.
Health and Wellbeing :- Has been taken a major portion of the budget this year with an incremental of 137% to the previous year budget.
India will spend 23 lakhs crore on health care. An amount of Rs 35000 crores will be spent on covid – 19 vaccines as a part of above.
The new centrally sponsored scheme “PRADHAN MANTRI ATMANIRBHARSWASTH BHARAT YOJANA” with an outlay of INR 64,180 crore over 6 years will be running alongside the National Health Mission.
To strengthen the nutritional content the supplementary nutrition program and the “Poshan Abhiyan” and the launch of “Mission Poshan 2.0”.
Urban Swachh Bharath Mission : focus on complete sludge and waste water management, segregation of garbage, reduction in single use plastic, etc., with a total financial allocation of Rs.141678 crores over a period of 5 years from 2021- 2026.
Capital and Infrastructure Reforms:-Budget secondly concentrate more on infrastructure reforms
Atmanirbhar bharat – PRODUCTION LINKED INCENTIVE(PLI) scheme is proposed to launch to provide an employment opportunities.
MEGA INVESTMENT TEXTIAL PARKS( MITRA): Will be launched to setting up 7 textile parks .
NATIONAL MONETIZATION PIPELINE AND NATIONAL RAIL PLAN FOR INDIA 2030 : To create future ready railway ready system by 2030.
SECURITIES MARKET CODE: Proposed to be introduced to conflate SEBI Act.
FDI limit in insurance sector increased from 49% to 74%.
ASSETS RECONSTRUCTION COMPANY LIMITED AND ASSETS MANAGEMENT COMPANY is proposed to be setup to takeover stressed debts and dispose it to the suitable investors.
AGRICULTURAL INFRASTRUCTURE FUND will be made available to APMC’s
Fresh and substantial investments in developing modern fishing harbours.
National Education Policy will be continued.
Budget also made an amendment to “DIRECT TAX LAWS” –
Exemption for senior citizens (75 years or more) from filling income tax returns having income from pension and bank interest.
National Faceless procedures proposed for income tax Appellate Tribunal and dispute resolution committee.
Deduction towards interest paid on loan availed for purchase of affordable housing projects extended till 31 March 2022.
Budget also propounded a key amendments made to the “Companies Act and LLP “:-
Small company are amended to increase the share capital to Rs.2 crores
NRI arepermitted to open one person company with a condition to stay in India for a period of 120 days in a year or more.