On Monday, February 1, Finance Minister Nirmala Sitharaman presented the Union Budget 2021.
The Union Finance Minister greatly emphasized on the healthcare and infra sectors, especially in view of the pandemic. Moreover, an array of other announcements was made on the divestment front, including the coming IPO of Life Insurance Corporation.
Here are some of the key highlights of Budget 2021:
- In her Budget 2021 speech, Sitharaman has proposed to extend the timeline for availing home loan by another year for claiming an additional deduction on interest payment on such home loans to March 31, 2022.
- Meanwhile, Dr Harsh Vardhan, Union Minister for Health and Family Welfare lauded the Union Budget 2021 that included a ‘remarkable’ 137 per cent increase for health and wellbeing sector.
- Moreover, with regards to the budget, the Union Finance Minister mentioned the six pillars of the economy namely the Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Govt, Maximum Governance.
- Furthermore, in a move to boost start-ups, the Finance Minister proposed to extend the eligibility for claiming tax holidays for startups by one more year, till March 31, 2022.
- With regards to vaccines for the coronavirus, Sitharaman asserted that the government plans to vaccinate 3 crore healthcare and frontline workers by August this year, however, it is unclear as of now if the vaccines are to be provided free of cost, as demanded by the Maharashtra government before.
- However, apart from the Covishield and Covaxin vaccines currently being administered in the country, Sitharaman stated that at least two more vaccines are also likely to be authorised for use in India soon.
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