वित्त मंत्री निर्मला सीतारमण (Nirmala
Sitharaman) ने वित्त वर्ष 2021-22 का बजट पेश कर दिया. कोविड19 महामारी के बीच आया बजट 2021 इस बात के साफ संकेत दे गया कि ‘स्वस्थ भारत’ और ‘मजबूत बुनियाद’ पर ही देश आगे बढ़ेगा. अर्थव्यवस्था को रफ्तार देने के लिए खर्च करना ही है, सरकार ने जिस तरह राजकोषीय घाटे का लक्ष्य निर्धारित किया है, उससे यह बात साफ है. वित्त मंत्री के बजट में ऐसा कोई नया टैक्स नहीं लगाया जिसका निवेशकों, कारोबारियों या करदाताओं पर नकारात्मक असर हो. यही वजह रही कि शेयर बाजार भी बम-बम करता नजर आया और निवेशकों की दौलत एक ही दिन में 6.8 लाख करोड़ रुपये बढ़ गई. वित्त मंत्री ने फॉर्म क्रेडिट लिमिट को 16.5 लाख करोड़ रुपये करके किसानों को एक अहम संदेश देने की पहल की. हालांकि, वेतनभोगी करदाताओं का इंतजार एक साल और बढ़ गया. यानी, करदाताओं की जेब पर किसी भी तरह की राहत नहीं दी गई.
वित्त मंत्री निर्मला सीतारमण ने 2021-22 के लिए कुल
34,83,236 करोड़ रुपये के व्यय का बजट पेश किया है. यह चालू वित्त वर्ष के संशोधित अनुमान 34,50,305 करोड़ रुपये से थोड़ा ही अधिक है. इसमें पूंजी व्यय 5,54,236 करोड़ रुपये है, जो 2020-21 के संशोधित अनुमान 4,39,163 करोड़ रुपये से कहीं अधिक है. बजट दस्तावेज के मुताबिक, राजस्व खाते पर व्यय 29,29,000 करोड़ रुपये अनुमानित है जबकि 2020-21 के संशोधित अनुमान के अनुसार खर्च 30,111,42 करोड़ रुपये दिखाया गया है.
वित्त मंत्री ने बजट में 6 पिलर्स के नाम, स्वास्थ्य और कल्याण, भौतिक और वित्तीय पूंजी, और अवसंरचना, आकांक्षी भारत के लिए समावेशी विकास, मानव पूंजी में नवजीवन का संचार करना, नवप्रवर्तन और अनुसंधान एवं विकास और न्यूनतम सरकार और अधिकतम शासन, गिनाए. बजट में आयकर दाताओं को बजट में किसी भी तरह अहम राहत का एलान नहीं किया गया है. इनकम टैक्स स्लैब में किसी भी तरह का बदलाव नहीं किया गया है. हालांकि, वरिष्ठ नागरिक जो 75 साल से अधिक हैं और उनकी पेंशन व जमा से आय है तो उनकी इनकम टैक्स रिटर्न से छूट देने का एलान किया.
Union Budget
2021-22: Key Highlights
Focus is on
strengthening the ‘Sankalp of Aatmanirbhar Bharat’
• Health
& well-being
• Physical
& financial capital and infrastructure
• Inclusive
development for aspirational India • Reinvigorating human capital
• Innovation
and R&D
• Minimum
Government & Maximum Governance
Continues to
lay a focus on supporting the farmers and rural sector, with several
micro-level initiatives.
Emphasis on
privatization, digitization and infrastructure sector spends.
Fiscal Policy Outlook
The revised
fiscal spend is pegged at Rs.34.50 lakh crores (RE) for FY21
against of Rs.30.42 lakh crores (BE) Fiscal deficit estimated at 9.5% of GDP for
2020-21 and at 6.8% for 2021-22 BE
estimates for expenditure in 2021- 22, are Rs.34.83 lakh
crores, which
includes Rs.54 lakh crores as capital
expenditure, an increase of 34.5% over the BE figure of 2020-21.
Set the
disinvestment target Rs.1.75 lakh crore for 2021-22
Specific Proposals
·
An outlay for health and well-being at Rs.2,23,846
crore in the 2021-22, a 137% increase from previous year.
·
PLI launched across 13 sectors with amount committed Rs.1.97 lakh crore in next 5 years.
·
Increased permissible FDI limit from 49% to 74% in Insurance
Companies .
·
Stressed asset resolution by setting by ARC and AMC
·
Recapitalization of PSBs Rs. 20,000 crores
Overview
The first
budget of this new decade and also a digital one in the backdrop of
unprecedented COVID-19 crisis was presented by Smt. Nirmala Sitharaman,
Honorable Finance Minister, Government of India
The budget seems to have targeted growth with a strong fiscal stimulus
and several micro-level initiatives with a mix of welfare and infrastructure
investment measures Some of the key
reforms included where: • A new centrally sponsored scheme, PM AatmaNirbhar
Swasth Bharat Yojana, is proposed to be launched with an outlay of about Rs. 64,180 crore over 6 years to develop capacities
of primary,
secondary, and tertiary care Health Systems, strengthen existing national
institutions (in addition to the National Health Mission) • Rs. 2.87 lakh crore over 5 years for Jal Jeevan
Mission (Urban) - to be launched with an aim to provide: 2.86 crore household
tap connections, Universal water supply in all 4,378 Urban Local Bodies and
Liquid waste management in 500 AMRUT cities • Rs. 1.42 lakh crore over 5 years for Urban Swachh Bharat Mission 2.0 • Rs. 1.97 lakh crore in next 5 years for PLI schemes
in 13 Sectors; to create and nurture manufacturing global champions for an AatmaNirbhar Bharat
Health and Well-being
Rs. 2,23,846 crore outlay for Health and
Wellbeing in BE
2021-22 as against Rs.94,452 crore in
BE 2020-21 –
an increase of 137% Focus on
strengthening three areas: Preventive, Curative, and Wellbeing Rs. 35,000 crore for COVID-19 vaccine in BE 2021-22 Expansion of the Integrated Health
Information Portal to all States/UTs to connect all public health labs Mission Poshan 2.0 to be launched; To
strengthen nutritional content, delivery, outreach, and outcome
Railway Infrastructure
Rs. 1,10,055 crore for Railways of which Rs.1,07,100 crore is for capital
expenditure National Rail Plan for India
(2030): to create a ‘future ready’ Railway system by 2030 100% electrification of Broad-Gauge routes to
be completed by December, 2023 Broad
Gauge Route Kilometers (RKM) electrification to reach 46,000 RKM, i.e. 72% by
end of 2021 Western Dedicated Freight
Corridor (DFC) and Eastern DFC to be commissioned by June 2022, to bring down
the logistic costs – enabling Make in India strategy
Urban Infrastructure
Raising the
share of public transport in urban areas by expansion of metro rail network and
augmentation of city bus service Rs. 18,000 crore for a new scheme, to augment public
bus transport; Innovative PPP models to run more than 20,000 buses A total of 702 km of conventional metro is
operational and another 1,016 km of metro and RRTS is under construction in 27
cities
Power Infrastructure
Rs.3,05,984 crore over 5 years for a
revamped, reforms-based and result-linked new power distribution sector
scheme A comprehensive National Hydrogen
Energy Mission 2021-22 to be launched
Petroleum
& Natural Gas
Extention of
Ujjwala Scheme to cover 1 crore more beneficiaries. To add 100 more districts to the City Gas
Distribution network in next 3 years. A
new gas pipeline project in J&K An
independent Gas Transport System Operator to be set up for facilitation and
coordination of booking of common carrier capacity in all-natural gas pipelines
on a non-discriminatory open access basis
Financial Capital
A single
Securities Markets Code to be evolved
Support for development of a world class Fin-Tech hub at the GIFT-IFSC Capital infusion of Rs.1,000 crore to Solar Energy Corporation of India
and Rs.1,500 crore to Indian Renewable Energy Development Agency Setting up a system of Regulated Gold
Exchanges: SEBI to be notified as a regulator and Warehousing Development and
Regulatory Authority to be strengthened
To increase the permissible FDI limit from 49% to 74% and allow foreign
ownership and control with safeguards
Roads and Highways Infrastructure
Rs. 1,18,101 lakh crore, highest ever outlay, for Ministry of Road
Transport and Highways – of which Rs.1,08,230
crore is for capital Under the Rs.5.35 lakh crore Bharatmala Pariyojana, more than
13,000 km length of roads worth Rs.3.3 lakh crore
awarded for construction: • 3,800 km have already been constructed • Another
8,500 km to be awarded for construction by March 2022 • Additional 11,000 km of
national highway corridors to be completed by March 2022 Economic corridors being planned across
states vis., Tamil Nadu, Kerala, West Bengal, Assam etc.,
Tax Proposals
Direct Taxes
• Exemption
from filing tax returns for senior citizens over 75 years of age and having
only pension and interest income; tax to be deducted by paying bank
• Time limit
for re-opening cases reduced to 3 years from 6 years
• Limit of
turnover for tax audit increased to Rs.10 crore from Rs.5 crore for entities carrying out 95%
transactions digitally
• Additional
deduction of interest, up to Rs.1.5 lakh, for
loan taken to buy an affordable house extended for loans taken till March 2022
• Exemption
limit of annual receipt revised from Rs. 1 crore to Rs. 5 crore for small charitable trusts running schools and
hospitals Indirect Taxes
• GST: -
Electronic invoice system; Pre-filled editable GST return - Use of deep
analytics and AI to identify tax evaders
• Custom
Duty Rationalization: - Proposal to review more than 400 old exemptions this
year - Customs duty reduced uniformly to 7.5% on semis, flat, and long products
of non-alloy, alloy, and stainless steels - Basic Customs Duty (BCD) on
caprolactam, nylon chips and nylon fiber & yarn reduced to 5% - Custom duty
on gold and silver to be rationalized - Duty on some parts of mobiles revised
to 2.5% from ‘nil’ rate - Customs duty on cotton increased from nil to 10% and
on raw silk and silk yarn from 10% to 15%. NRI – Non-Resident Indian, NBFC-
Non-banking Finance Company 1
Reinvigorating Human Capital
15,000
schools to be strengthened by implementing all NEP components. Shall act as
exemplar schools in their regions for mentoring others Legislation to be introduced to setup Higher
Education Commission of India as an umbrella body with 4 separate vehicles for
standard-setting, accreditation, regulation, and funding Central University to come up in Leh for
accessibility of higher education in Ladakh 750 Eklavya model residential schools in
tribal areas; Unit cost of each school to be increased to Rs. 38 crore
Rs.35,219 crore enhanced Central Assistance for 6
years till 2025-2026; 4 crore SC students to benefit
Agriculture
SWAMITVA Scheme to be extended to all States/UTs, 1.80 lakh property-owners in 1,241 villages have already been provided cards Rural Infrastructure Development Fund to be enhanced to Rs.40,000 crore from Rs.30,000 crore To double the Micro Irrigation Fund to Rs.10,000 crore ‘Operation Green Scheme’ to be extended to 22 perishable products, to boost value addition in agriculture and allied products APMCs to get access to the Agriculture Infrastructure Funds for augmenting infrastructure facilities
Sector level actions
|
Sector |
Impact |
Outlook |
|
Banking |
Positive |
Additional
deduction on Interest on affordable home loans; for loan sanctioned up to
March 2022. ARC and AMC will be set up
to consolidate and takeover existing stressed assets Rs. 20,000 crore recapitalization for public sector banks (PSBs) and 2
PSBs to be privatized in FY22
Development financial institution (DFI) will be set up with Rs.20,000 crore capital to fund infrastructure With push on the growth, this space is
likely to get incremental opportunity to lend |
|
NBFCs |
Neutral to
Marginally Positive |
Decrease
in Debt recovery limit : NBFCs with minimum asset size of Rs1bn (v/s 5 bn),
the minimum loan size eligible for debt recovery under SARFAESI reduced from Rs.50 lakhs to Rs.20 lakhs Extension of affordable
housing and rental housing is expected to benefit the sector Proposal to increase safe harbour limit
from 10% to 20% for primary sale of residential units Increase in opportunity to resolve credit
issue as well as grow the balance sheet through lending |
|
Insurance |
Neutral to
Marginally Positive |
FDI limit
in insurance increased from 49% to 74%: neutral impact on large & listed
players, positive for smaller, unlisted players looking to raise capital or
divestment A general insurance company
to be privatized in FY22 Proposed to
allow tax exemption for maturity proceed of only those ULIPs having annual
premium of up to ₹ 2.5 lakh;
marginally negative for life insurance companies |
|
Engineering |
Positive |
Increased
customs duties for products vis., solar inverters and promoting national
hydrogen energy mission would help impetus for make in India initiate |
|
Auto &
Auto components |
Neutral to
Marginally Positive |
Intend to
introduce voluntary scrappage policy but details are not available Custom duty changes are proposed in select
components Increased spend on
infrastructure would support demand in commercial vehicles and tractors |
|
Healthcare |
Neutral |
Healthcare
expenditure budget increased by ~10% YoY (from FY21RE) to Rs.713bn. Additionally, Rs.350bn allocated for Covid-19 vaccination. Budgetary allocation for Jan Aushadhi
increased to Rs.0.65bn from Rs.0.50 bn in FY21 Significant thrust on improving healthcare
infrastructure |
|
Fertilizer |
Positive |
Fertilizer
subsidy allocation for 2020-21 revised at Rs.1,340bn (with additional allocation of Rs.650bn) is likely to benefit the industry as
fertilizer subsidy arrears are expected to be cleared. |
|
Cement |
Positive |
Boost to affordable housing as additional
deduction of interest amounting to INR1.5lakhs for loans taken extended upto
March 2022. Also, affordable housing projects can avail tax holiday for one
more yeartill March 2022. Allocation
towards Pradhan Mantri Awas Yojana (PMAY) stands at INR275bn, reduction of
32% over FY21RE. Awarding of 8500kms
and completion of 11000kms of national highways by March 2022. Allocation towards metro projects increased
to INR190bn, ~3x over FY21RE. FY21 spend was much lower than originally budgeted. Overall, demand outlook remain positive |
|
Building
Materials |
Positive |
Jal Jeevan
outlay of Rs 2,87,000Cr for next 5 years; beneficial for plastic pipe players Focus on affordable housing, Swachchha
Bharat resulting in higher demand for the sector |
|
Metals |
Marginally
Negative |
Reduction
in customs duty on various steel products; marginally negative for steel
players, lower impact due to most imports happen from FTA countries Duty exemption on steel scrap & no CVD
on few steel products; marginally negative for long steel players Higher allocation towards infrastructure
and Jal Jeevan scheme should benefit from overall demand |
|
Real
Estate |
Marginally
positive |
Deadline
for Rs.1.5 lakh extra deduction for housing loans
taken for affordable housing extended by another year
Deadline for tax holiday for developers of affordable housing extended
by another year Safe harbour limit for
primary sales increased from 10% to 20%; marginally beneficial for
residential real estate developers
Proposals from the budget is likely to benefit the real estate
developers at large |
|
Power
Utilities |
Neutral |
Renewables:
Equity infusion of Rs 10bn to SECI and Rs 15bn to IREDA; positive for
renewable developers Proposed
allocation and changes in distribution sector should provide for capital
expenditure and growth opportunities for players in this sector |
