Transfer to states: The central government will transfer Rs 22,74,541 crore to states and UT’s.
Finance overview
Resource Allocation to Various Ministries & Schemes
Tax Provisions
Tax rates unchanged: Direct and indirect tax rates have remained unchanged.
Corporate Taxes:
22% for existing domestic companies.
15% for certain new manufacturing companies
No tax liability for taxpayers with income up to ₹7 lakh under the new tax regime.
Tax benefits to certain entities extended by another year: Entities include (i) startups, (ii) sovereign wealth funds and pension funds, and (iii) some IFSC units.
Performance of the Indian Economy in the last ten years
Status: Transformed from a “fragile five” to a “top five” economy.
Exports: Increased from $450 billion to more than $775 billion.
Sales of Khadi and Village Industries products: Increased by more than 4 times.
Number of people filing Income Tax Returns: Increased from about 3.25 crores to 8.25 crores.
Start-ups: > one lakh today.
People paying GST: > 1 crore 40 lakh.
Direct tax collections have more than tripled in the last 10 years.
Increase in tax buoyancy of State revenue from 0.72 (2012-16) to 1.22 (2017-23) in the post-GST period.
12 lakh electric vehicles have been sold.
Capex has increased 5 times to Rupees 10 lakh crore.
Average inflation rate has been maintained at 5 per cent in the last decade.
4 crore 10 lakhpoor families have got their own pucca houses.
For the first time,piped water has reached about 11 crore rural families.
10 croreUjjwala gas connections have by now been provided.
Since the outbreak of the coronavirus pandemic, 80 crore countrymen have been given free rations. This facility has now been extended for another 5 years.
For the Farmers
Minimum income support to farmers: PM-Kisan Samman Nidhi: Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers.
Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
Unified Agriculture Market:Electronic National Agriculture Market. It has integrated 1361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crore.
The Agricultural Export Policy in the country has led to agricultural exports reaching up to Rupees 4 lakh crore.
So far, around 8,000Farmer Producer Organizations (FPOs) have been formed.
TheMinistry of Cooperation has been established for the first time in the country.
The world’s largest Grain Storage plan has been launched in the cooperative sector.
1.75 lakhPradhan Mantri Kisan Samriddhi Kendra (sales centres for fertiliser) were established.
Fisheries (Achievements in the last few years)
Fish production has increased from 95 lakh MT to 175 lakh MT i.e. almost doubled.
Inland fisheries production has increased from 61 lakh MT to 131 lakh MT.
Exports in the fisheries sector have more than doubled i.e., from 30,000 crore to 64,000 crore.
India won more than 100 medals for the first time in Asian Games & more than 100 medals in Para Asian Games.
India has over 80chess grandmasters compared to little over 20 in 2010.
Praggnanandhaa surpasses Viswanathan Anand to become India’s No.1 chess player.
For Women
Self Help Groups (SHG): The target for LakhpatiDidis enhanced from 2 crore to 3 crore.
Increasing maternity leave from 12 weeks to 26 weeks.
Permanent commission to women for the first time in the Armed Forces.
First time, women cadets were given admission in Sainik Schools and National Defence Academy.
Reservation of one-third seats for women in the Lok Sabha and State legislative assemblies.
Mudra Yojana: Out of 46 crore loans extended, more than 31 crore loans have been given to women.
Female enrolment in higher education: increased by 28% in ten years.
STEM courses: Girls and women constitute 43% of enrolment (one of the highest in the world).
Made ‘Triple Talaq’ illegal.
15000 drones are being provided to groups under NAMO Drone Didi scheme.
Infrastructure Development
Railways
Three major economic railway corridor programmes will be implemented. The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity.
Towards meeting our commitment to net-zeroby 2070, the following measures will be taken.
Viability gap funding for harnessing offshore wind energy (up to 1 giga-watt).
Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.
A phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.
Financial assistance will be provided for procurement of biomass aggregation machinery.
A new scheme of bio-manufacturing and bio-foundry will be launched.It will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
Achievements in the last ten years
Non-fossil fuel-based energy capacity has increased from 81 gigawatts to 188 gigawatts.
Jan AushadhiKendras Citizens save about Rupees 28,000 crore on purchase of medicines.
Prices of coronary stents, knee implants, cancer medicines have also been reduced.
Other initiatives
Jeevan Jyoti Bima Yojana
Suraksha Bima Yojana.
Pradhan Mantri Surakshit Matritva Abhiyan, 100 percent institutional deliveries are taking place.This has resulted in a sharp decline in maternal mortality rate.
New Ministry for development of Ayush.
The WHO’s first Global Centre for Traditional Medicine is being established in India.
Tribes
No significant announcement in the current Budget.
Significant achievements/initiatives in the last ten years.
Establishment of Van Dhan Kendras and MSP on more than 90 forest produce.
PM JANMAN Yojana outlay of around Rupees 24,000 crore for PVTG’s.
Sickle cell anaemia. For the first time, a national mission has been launched to address this. So far, about one crore forty lakh people have been screened under this mission.
Research & innovation
Long-termfinancing or refinancing: A corpus of one lakh crore will be established with fifty-yearinterest free loan to encourage the private sector research and innovation in sunrise domains.
