“Everyone wants to be strong & self-sufficient, but few are willing to put in the work necessary to achieve worthy goals” – Mahatma Gandhi
Swadeshi and Swarajya were two main goals of Mahatma Gandhi ji. Swadeshi remained a distant and unfulfilled goal even after 6 decades of getting swarajya. As a CM Narendra Modi was successful in making Gujarat self-reliant and investment hub of India. Narendra Modi after becoming PM has focused on self-reliance and self-sufficiency of country. The world faced the unexpected crisis in name of COVID. Covid pandemic has devastated lives and livelihoods of crores of people globally. Under such circumstances Narendra Modi govt brought Atma Nirbhar Package, took measures saving lives and livelihoods of crores of Indians and turned crisis in to opportunist. Present budget was brought with the aim to make India self-reliant in all fields and at the same time provide welfare measures to the needy.
The budget is estimated at Rs.39.45 lakh crores. Allotment to various sectors was done mainly aimed at job creation & welfare of poor. Fiscal deficit was pegged at 6.4%.
Huge importance has been given to development of infrastructure. Capital expenditure increased by 35.4% to Rs 7.5 lakh crores and effective expenditure would be 10.68 lakh crores. Amount of Rs.1.4 lakh crores has been allotted to railways, Rs 1.99 lakh crores to National highways ,Rs. 1.05 lakh crores to communications and Rs.1.38 lakh crores to rural development. An amount of Rs. 20000 crores allotted for expansion of 25000 km National highways. Amount of Rs.48000 crores PM Awas Yojana to build 89 lakh houses in 2022-23. 60000 crores Jal Jeevan mission to provide tap water connections to 3.8 crore houses-“Har ghar Nal se jal”. An amount of Rs.86606 crores allotted for health. All these measures will improve lives and livelihoods of people. PM deVINE launched to develop northeast. 100 new cargo terminals to be constructed. Most of these measures are aimed at providing better facilities to poor and also provide lakhs of jobs in due course.
Lot of emphasis has been given to boost “Make in India” initiative and creation of jobs. Amount of Rs.5 Lakh crores will be allotted to hospitality sector and Rs.5.25 lakh crores to defense sector. 68% of defense procurements should be made in India. 400 new Vande Bharath trains to be manufactured in India. Emergency Credit Linked Guarantee Scheme (ECLGS) which was launched in 2020 as part of Atma Nirbhar Abhiyan Bharath to provide credit to MSME sector and as per reports saved 1.5 crore jobs. ECLGS to be extended till march 2023. MSME sector to be boosted with Rs.2 lakh crores. Rs 1 lakh crores 50-year interest free loans allotted to states to catalyze capital investments. Rs.19500 crores subsidy for high efficiency solar modules. RS.19500 crores PLI for polysilicon production. Production linked Incentive Scheme to be implemented in 14 sectors aimed at 60 lakh job creation. Rs 1500 crores allotted for livelihood in north east. Rs.1400 crore sanctioned for national hydro and solar projects. Rs.50000 crores to be given to hospitality sector through ECLGS. Battery swapping policy will be emphasized to promote electrical vehicles.
Narendra Modi government has focused on good governance and ease of doing business or living. This budget further aims at improving governance. One nation One Registration to be promoted. National Digital Health Mission to be launched to maintain online records of health details. E pass ports will be issued by 2022-23. 200 TV channels to be launched for class room learning. Nearly, 1.5 lakh post offices to provide online banking, net banking & ATM services.75 digital banking units to be set up soon in 75 districts. RBI to bring digital rupee with block chain by 2022-23. virtual digital assets shall be taxed at 30%. National tele mental health program to be started. Spectrum auction for 5G to be started.
Modi government has always been pro farmer government. This budget also has measures to empower farmers. Amount of Rs. 2.3 lakh crore has been allotted for Minimum Price (MSP).1000 lakh metric tons paddy to be procured. E way billing system to be initiated for procurement. Financial support to be given to chemical free natural farming, agro forestry and farmers belonging to Scheduled castes & tribes. Incentives will be given on Kisan drones which will be used for crop assessment, digitalization of land records and spraying insecticides. ken Betwa river interlinking project to be taken up with estimated cost of Rs.44605 crores which will provide irrigation benefits to 9 lakh hectares, drinking water to 62 lakh people,103 MW hydropower & 27 MW solar power. startups will be linked with drone shakthi projects. Oilseed cultivation will be promoted with the long-term goal to decrease dependency on imports. Budget of Rs.63232 crores allotted for urea subsidy. Honey to be promoted through e commerce. Food processing units to be promoted. Solar pumps & panels shall be provided to farmers. Railways to develop projects for farmers and MSMEs.
Corporate surcharge decreased from 12 to 7%. State govt employees can also avail tax deduction benefit on NPS accounts. Time of 2 years given to update taxes. One year tax exemption for startups. Surcharges on long term capital gain taxes capped to 15%.
When the world is reeling under covid pandemic, India was able to save lives and livelihoods of citizens due to tireless efforts of Narendra Modi government. Amidst third wave danger presenting a budget is a difficult job. This budget is planned meticulously with the main intent to create jobs, assets & provide welfare to the needy simultaneously. This budget is aimed at fulfilling aspirations of crores of Indians and to make India self-reliant. This budget is the booster which India needed at the right time This to step into “Amrit Kaal” (Golden Times).