The Budget 2021 was presented laying importance on six pillars - -Health and Wellbeing, Physical & Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, Minimum Government and Maximum Governance.
"Now, just as it had happened after the two World Wars, there are signs that the political, economic, and strategic relations in the post COVID world are changing. This moment in history is the dawn of a new era – one in which India is well-poised to truly be the land of promise and hope," Finance Minister Nirmala Sitharaman said.
In the backdrop of border tensions on the eastern front, the Defence sector continued to receive a major (14 percent) share of the Centre's budgetary expenditure to ministries. The Defence sector received Rs 4,78,195.62 crore in allocation for the financial year 2021-22.
The capital allocation for defence sector is Rs 1,35,060.72 crore in 2021-22, an increase of 18.75 percent over 2020-21 and 30.62 percent over 2019-20. This is the highest ever increase in the last 15 years.
The allocation to the health ministry (including health research) increased by 10.16 percent in BE 2021-22 to Rs 73,932 crore over its previous BE allocation. While amidst the pandemic, the overall Health and Wellbeing sector saw 137 percent increase to Rs 2,23,846 crore in BE 2021-22 as against Rs 94,452 crore of BE 2020-21.
"This budget has given special emphasis on equality of health, sanitation, nutrition, pure water and opportunities to make the lives of the common man and women of the country easier," Prime Minister Narendra Modi said.
Rural development as well as agriculture and family welfare, each received 3.8 percent of the budgetary provisions allocated to ministries in FY 2021-22.
"The budget has made a number of systemic reforms along with unprecedented increase in infrastructure spending, which will greatly benefit growth and job creation in the country. Special emphasis has been given to strengthen the agriculture sector in the country, to increase the income of the farmers, and, therefore, a number of provisions have been made in the budget," the PM added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
