Modi Govt has presented the Union Budget 2021-22 in Parliament on dated 1Feb 2021.
The budget proposes to spend $500 billion /35 lakh Crore in 2021-22 & promised to provide further funds if require.
I think budget 2021-22 one of the growth oriented budget.this budget not only populist but also focus on growth.
The union budget 2021-22 focus on Healthcare, Railways infrastructure, Highways, Textile and MSMEs sector.
Health allocation up
Health care top priority of modi govt. Health allocation jumped 137% to $32billion/RS 2.23 lakh cr in this budget from $13.5billion/ 94k crore 2020-21 & promised to provide further funds if require.
We know Modi govt has taken several initiatives to boost healthcare, one of them is world large health assurance scheme ,Aushman Bharat Yojana.
The main aim to provide free access to healthcare for 50 crore/500 million of people in the country, cover of Rs 5lakh per family per year.
We know 55 million/5.5 cr Indians were pushed into poverty in a single year because of having to fund their own healthcare and 38 million /3.8 cr of them fell below the poverty line due to spending on medicines alone, a study by three experts from the Public Health Foundation of India has estimated.
Railways infrastructure budget up
Union Budget 2021-22 allocated $15.9billion /Rs 1.10 lakh crore to Railways, out of which $15billion /Rs 1.07 lakh crore will be utilised for capital expenditure for 2021-22 to expand rail infrastructure in India. With this, the railways has now highest ever total plan capex of $30.5 billion / Rs 2,15,058 crore in for FY22.
This budget is going to be spending on major infrastructure projects of the railways including the construction of new lines, doubling, tripling and electrification, overhauling of the existing signalling and telecommunication system, station redevelopment.
Highway Project
Highway construction one of the priority areas of modi govt.2021-22 Budget allocated Rs 1.03 lakh crore for 3500 km of national highway for Tamil Nadu ,Rs 65,000 crore for 1100 km of national highways for Kerala. In West Bengal, Rs 25,000 crore allocated for 675 km highway works, while in Assam 1,300 km of national highway would be built in the coming three years at a cost of rs 34,000 crore.
These allotment could boost Construction equipment industry, steel, cement industry. ....it can attract FDI . ....it can generate millions of new jobs.
Textile Budget up
7mega textile parks to be established in three years....to become globally competitive , attract large investments, boost employment generation, and exports.
We know modi Govt has set a target $600 billion textile and apparel export from current $40 billion by 2025.
MSMEs budget up
Modi Govt alloted $2.2 billion /Rs15,700 crore for the Micro, Small and Medium Enterprises (MSME) sector in the Union Budget 2021-22.....which is more than double the previous year.
We know MSMEs one of the growth engines of indian economy, contribute 40% of the overall exports,110 millions or 11 cr jobs in india.
I think the budget 2021-22 will help to fulfill the dream of USD 5 trillion economy by 2024.
