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Sector-wise Highlights Of The Union Budget 2021-22
In the Union Budget for 2021-22, the proposals for this financial year rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and 'Minimum Government, Maximum Governance'.
Health and Sanitation
- A new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana, to be launched to develop primary, secondary and tertiary healthcare.
- Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
- Operationalisation of 17 new public health units at points of entry.
- Modernising of existing health units at 32 airports, 15 seaports and land ports.
- Jal Jeevan Mission Urban aimed at better water supply nationwide.
- Strengthening of Urban Swachh Bharat Mission.
- 100 new Sainik Schools to be set up.
- 750 Eklavya Schools to be set up in tribal areas.
- A Central University to come up in Ladakh.
- Vehicle scrapping policy to phase out old and unfit vehicles – all vehicles to undergo fitness test in automated fitness centres every 20 years (personal vehicles), every 15 years (commercial vehicles).
- Highway and road works announced in Kerala, Tamil Nadu, West Bengal and Assam.
- National Asset Monetising Pipeline launched to monitor asset monetisation process.
- National Rail Plan created to bring a future ready Railway system by 2030.
- 100% electrification of Railways to be completed by 2023
- Metro services announced in 27 cities, plus additional allocations for Kochi Metro, Chennai Metro Phase 2, Bengaluru Metro Phase 2A and B, Nashik and Nagpur Metros.
- National Hydrogen Mission to be launched to generate hydrogen from green power sources.
- Recycling capacity of ports to be doubled by 2024.
- Gas pipeline project to be set up in Jammu and Kashmir.
- Pradhan Mantri Ujjwala Yojana (LPG scheme) to be extended to cover 1 crore more beneficiaries.
- No IT filing for people above 75 years who get pension and earn interest from deposits
- Reopening window for IT assessment cases reduced from 6 to 3 years. However, in case of serious tax evasion cases (Rs. 50 lakh or more), it can go up to 10 years.
- Affordable housing projects to get a tax holiday for one year.
- Compliance burden of small trusts whose annual receipts does not exceed Rs. 5 crore to be eased
- Duty of copper scrap reduced to 2.5%.
- Custom duty on gold and silver to be rationalized.
- Duty on naphtha reduced to 2.5%.
- Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15%.
- All nylon products charged with 5% customs duty.
- Tunnel boring machines to attract customs duty of 7%.
- Customs duty on cotton raised from 0 to 10%.
- Agriculture infrastructure and development cess proposed on certain items including urea, apples, crude soyabean and sunflower oil, crude palm oil, kabuli chana and peas.
Economy and Finance
- Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22.
- Proposal to allow States to raise borrowings up to 4% of GSDP this year.
- A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws.
- Proposal to increase FDI limit from 49% to 74%.
- An asset reconstruction company will be set up to take over stressed loans.
- Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors
- Proposal to decriminalise Limited Liability Partnership Act of 2008
- Two PSU bank and one general insurance firm to be disinvested this year.
- An IPO of LIC to debut this fiscal.
- Strategic sale of BPCL, IDBI Bank, Air India to be completed.
- Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure
- 1,000 more Mandis to be integrated into the E-NAM market place
- Five major fishing hubs, including Chennai, Kochi and Paradip, to be developed.
- A multipurpose seaweed park to be established in Tamil Nadu
- A portal to be launched to maintain information on gig workers and construction workers.
- Social security to be extended to gig and platform workers
- Margin capital required for loans via Stand-up India scheme reduced from 25% to 15% for SCs, STs and women.
News Crux Economy
Economic Survey 2020-21 Introduced Bare Necessities Index
- To assess equity, Economic Survey 2020-21 has introduced a bare necessities index.
- The Survey has underlined the need to focus on reducing variations in the access to bare necessities across states, between rural and urban areas, and between income groups.
- Inequalities in access to bare necessities like drinking water, sanitation, hygiene and housing conditions continue to exist between urban and rural India despite “widespread” improvements in each of these aspects, the Economic Survey for 2020-21 has shown.
- The BNI builds on the idea of Thalinomics in the Economic Survey for 2019-20, through which it had sought to examine the access to food in the country.
- The BNI summarises 26 indicators on five dimensions — water, sanitation, housing, micro-environment, and other facilities — and has been created for all states for 2012 and 2018 using NSO data. The index classifies areas on three levels of access — high, medium, low — to bare necessities.
- Government schemes such as the Jal Jeevan Mission, SBM-G (Swachh Bharat Mission-Gramin), PMAY-G (Pradhan Mantri Awaas Yojana), may design appropriate strategy to address these gaps to enable India to achieve the SDG (UN Sustainable Development Goals) goals of reducing poverty, improving access to drinking water, sanitation and housing by 2030.
EDISON Alliance to Ensure Equitable Access to Digital Economy
- At the Davos Summit 2021, the World Economic Forum (WEF) has launched Essential Digital Infrastructure and Services Network, or EDISON Alliance.
- The aim of this alliance is to ensure global and equitable access to the digital economy.
- The EDISON Alliance will prioritize digital inclusion as a platform of partners with a common purpose for achieving the Sustainable Development Goals. In 2021, the Alliance will focus on increasing digital inclusion in healthcare, education and financial services.
Global AI Action Alliance (GAIA)
- At the Davos Summit 2021, the World Economic Forum (WEF) has launched the Global AI Action Alliance (GAIA), an initiative to accelerate the adoption of inclusive, transparent and trusted artificial intelligence.
- The GAIA is a multi-stakeholder collaboration platform designed to accelerate the development and adoption of such tools globally and in industry sectors.
- It brings together over 100 leading companies, governments, international organisations, non-profits and academics united in their commitment to maximising AI's societal benefits while minimising its risks.
News Crux Sports
Jay Shah Becomes President Of Asian Cricket Council
- BCCI secretary Jay Shah has been elected as the President of the Asian Cricket Council (ACC).
- Shah will take over the reins from Nazmul Hassan, President, Bangladesh Cricket Board.
- Shah is the youngest administrator to be appointed as the ACC President.
- Headquartered at Colombo, Sri Lanka, the Asian Cricket Council (ACC) is a cricket organisation which was established in 1983, to promote and develop the sport of cricket in Asia. Subordinate to the International Cricket Council, the council is the continent's regional administrative body, and currently consists of 24 member associations.
News Crux International
UK’s Post-Brexit Tilt Towards CPTPP
The U.K. government has announced that it is applying to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), one of the world's largest free-trade areas made up of 11 developed and emerging economies in the Pacific, under its post-Brexit plans.
- It is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
- It evolved from the Trans-Pacific Partnership (TPP), which never entered into force due to the withdrawal of the United States.
- The Trans-Pacific Partnership agreement was signed on 4 February 2016, but never entered into force, as Donald Trump withdrew the US from the agreement soon after being elected. All original TPP signatories except the US agreed in May 2017 to revive it and reached agreement in January 2018 to conclude the CPTPP.
News Crux Ranking/Report/Survey/Index
Corruption Perceptions Index 2020
- India’s rank has slipped six places to 86th among 180 countries in the Corruption Perception Index (CPI) in 2020.
- India was ranked at 80th position out of 180 countries in 2019.
- New Zealand and Denmark were ranked at first position while Somalia and South Sudan were ranked lowest at 179th position.
- Berlin, Germany based organization - Transparency International – publishes this annual report.
India Justice Report 2020
- The 2nd Edition of India Justice Report (IJR) 2020 has been released by the Tata Trusts with the support of Centre for Social Justice, Common Cause, Commonwealth Human Rights Initiative, DAKSH, Tata Institute of Social Sciences (TISS) – Prayas & Vidhi Centre for Legal Policy.
- Maharashtra (5.77 points) regained the top spot for better justice delivery among 18 large and mid-sized states (population over one crore each), it was followed by Tamil Nadu (5.73) & Telangana (5.64).
- In the category of 7 small states (population less than one crore each), Tripura topped the list followed by Sikkim & Goa.
- The IJR ranks states on the basis of three pillars – Police, Prisons, Judiciary and Legal Aid.
Asia-Pacific Personalised Health Index
- India ranked 10th out of 11 Asia Pacific countries in a newly-launched health index to measure the progress towards personalised healthcare.
- The Economist Intelligence Unit (EIU) report 'Asia-Pacific Personalised Health Index' measures the readiness of 11 health systems across the region — Australia, China, Japan, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand and New Zealand — in adopting personalised healthcare, enabling the right care to be tailored to the right person at the right time.
- The findings further indicated that Singapore performed highest overall of the geographies measured. Taiwan (2nd), Japan (3rd) and Australia (4th) also performed well in overall readiness. Indonesia ranked 11th in the index.
News Crux Social Inclusion
Economic Survey Backs For Social Stock Exchange
- The Economic Survey released by the Union Ministry of Finance on January 29, 2021 highlighted the concept of setting up a social stock exchange (SSE) in India for raising capital by organisations working for the realisation of a social welfare objective.
- It will be under the regulatory ambit of the Securities and Exchange Board of India (SEBI), the survey said.
- A social stock exchange (SSE) enables social enterprises to list their securities or other financial instruments, providing them with an avenue for raising capital for their operations and growth, and reducing their dependency on ad hoc funding like grants or donations. This would operate as a separate segment under existing Indian stock exchanges, enabling socially minded investors to diversify their investment portfolio and developing a strong social securities market in the country.
News Crux National
100 Years Of The ‘Chauri Chaura' Incidence
- To mark 100 years of the ‘Chauri Chaura' incident as a landmark event in the country's fight for independence, the Uttar Pradesh Government has announced to hold year-long centenary programmes and plans to develop the place as a heritage tourist spot.
- The Chauri Chaura incident took place on 4 February 1922 at Chauri Chaura in the Gorakhpur district of the United Province (modern Uttar Pradesh) in British India, when a large group of protesters participating in the Non-cooperation movement, clashed with police who opened fire. In retaliation the demonstrators attacked and set fire to a police station, killing all of its occupants. Mahatma Gandhi, who was strictly against violence, halted the non-co-operation movement on the national level on 12 February 1922, as a direct result of this incident.
News Crux Persons In News
RS Sharma To Head Pradhan Mantri Jan Arogya Yojana
- The National Health Authority (NHA) has appointed RS Sharma as the new Chief Executive Officer (CEO) of country’s flagship public health insurance scheme Ayushman Bharat, also called Pradhan Mantri Jan Arogya Yojana.
- He would replace Indu Bhushan, who is serving as the Chief Executive of the Ayushman scheme since its inception in 2018.
- Ayushman Bharat, a flagship scheme of Government of India, was launched as recommended by the National Health Policy 2017, to achieve the vision of Universal Health Coverage (UHC).