Raman Suri
India, like rest of the world, passed through a very tough phase of dealing with COVID-19 pandemic in 2020. Those eying the Union Budget 2021-22 had expected the Union Government to impose heavy taxes on people and corporate sector in order to make up the gap and plan its spending accordingly. Another set of people were optimistic of Prime Minister Narendra Modi and his team, including Union Finance Minister Nirmala Sitharaman, repeating previous regimes’ tactics to give subsidies and win over masses for votes.
However, the Union Budget 2021 proved everyone wrong, especially when it didn’t cut grants of states, placed defence, health and infrastructure sectors on top priority, reduced levy on imports of precious metal, taxed electronic goods, taxed imported clothes, increased Foreign Direct Investment (FDI) in insurance sector, simplified tax system, and exempted people above 75 years from filing Income Tax returns.
This is like an icing on the cake. An insight into the entire budget and its analysis establishes that there is nothing which indicates that the budget was prepared to please any section of society at tax payers’ money. Infact, the end result of above mentioned few points of budget are indicative enough to understand that these decisions are ultimately aimed at making India self-reliant, for which popular term ‘Atmanirbhar Bharat’ is an apt translation in Hindi.
The gravity of these major decisions lies in the fact that if these are implemented in their letter and spirit,we will get a strengthened defence system which will keep the enemy at bay while making us a top military power, a strong health system that will produce healthy people who will not be a burden on the state exchequer and will lead to higher human capital formation, better infrastructure which will not only connect villages with towns and towns with cities but also generate employment and encourage commerce, reduced smuggling of precious metals due to cutting of levy on their import, increased domestic manufacturing due to taxing electronic goods besides more choices to people for getting insured as a result of increased Foreign Direct Investment (FDI) in the insurance sector and finally senior citizens enjoying a peaceful life by not going through the entire process of filing IT returns if they are living on their pension or interest payments alone.
In totality, the budget is a perfect piece of art that is going to attract each one of us in many ways and make India self-reliant by encouraging domestic enterprises, technology and Research and Development (R&D) to increase the efficiency, access and quality across stakeholders. We can also say that Union Budget 2021-22 has focussed attention towards health sector, physical and capital infrastructure, aiming for a self-improving India, tapping the human capital, working towards minimum government and maximum governance besides keeping stakeholders involved in the decision-making bodies.
To talk about our own Union Territory of Jammu & Kashmir, Rs. 30,757 crore budget has been provisioned for the financial year 2021-22. Moreover, a 750 Kilometre gas pipeline project has been announced for our UT as well, which will ease the difficulties being faced by people till date and ensure round the clock supply of gas even in harsh winters. This will be a life-changer for the people of UT, thereby making wood-burning in households a thing of past leading to prevention of air pollution and respiratory diseases.Apart from this, sanction of 100 newSainik Schools means that we too will get our share. Besides all this, starting of work on Katra-Delhi expressway this year itself means better infrastructure and accessibility that is sure to generate economic activities and employment in Jammu.Talking of Ladakh, the setting up a Central University atLehmeans that students will get education at their doorsteps without having to go through the trouble of shifting out of their UT- a much-awaited move since past 70 years.
Taking in entirety, this is perhaps for the first time that we are seeing a 137 percent hike in health allocation, which will definitely reinforce medical services that every individual expects from its government. Rupees 2.23 lakh crore for health sector establishes that our nation, especially doctors and paramedics, handled the Coronavirus crisis well and need more support to continue their fight against pandemic and save precious lives. Just for vaccination, if India can segregate Rupees 35 thousand crore, it clearly shows how serious the government is in its fight against the deadly virus. It has been more than 75 years since we got our independence but the nation still has shortage of 14 lakh doctors besides 20 lakh nurses. Special provision for training nurses and new medical colleges and AIIMS sanctioned earlier, too have started functioning to make up the gap.
Government’s massive plan to open about 28,000 health and wellness centres both in villages and cities, 75,000 health centres under Prime Minister’s Atmanirbhar Bharat and critical hospitals in 602 districts are all aimed giving India good healthcare system due to which a considerable population, which doesn’t have any health insurance, can avail such benefits. In the agriculture sector, the finance minister by increasing agriculture loan facilities to 16.50 lakh crore, helped farmers who used to seek loan from moneylenders and then land in trouble.
Those who were critical of demonetisation must stay prepared for next level action as the Government has allocated Rupees 1500 crore for encouraging digital payments, which means that in days or months to come we will see entire transactions going digital, leaving no scope for corruption or money landing up in wrong hands. Digital financial literacy, if started by Government, will bring in revolution and small-town businessmen, start-up companies and those desirous of doing business in villages, especially cottage industries, will get a fillip.
The vision of Union Budget 2021-22 is to extend the goal of Atmanirbhar Bharat by increasing self-reliance and India’s ability to become a global manufacturing hub. Another best thing about budget is that despite COVID-19 pandemic, the Government didn’t deter away from its goal of making India clean, having better environment and ending pollution, for which Rupees 2.80 lakh crore stand allocated.
Rupees 808.17 crore for developing online classes is what pandemic has taught us and we reacted to the demand quite ably. Cheap electricity, steel, gold, silver, paint, dry cleaning, solar lights and costly mobiles, electronic goods, autoparts, gems, liquor, imported clothes are indicative enough that dependence on foreign goods is to be reduced in a phased manner, making India a self-reliant manufacturing hub and global exporter of goods & services. This will also give a boost to the real estate sector, which had slowed down in Coronavirus times.
Potable water for every household, Ujjwala Yojana to provide women gas connections, Rs 64,180 crores allocation for New Health Schemes and Rs 4,35,000 crore allocation for COVID-19 Vaccine are matchless and on expected lines. By allowing factories to run in two shifts and ensuring safety of women employees, the Union Government has not only generated a new set of employment but also provided women an equal opportunity to live with dignity and earn their livelihood.
The very first paperless budget of India indicates the eco-friendly approach of our Union Government and its huge concern towards saving our environment. This balanced budget is also indicative of the fact that massive infrastructure development including roads, bridges, railway lines, airports, reduced duties on various textiles, chemicals and other products, falling prices of gold and silver and no changes in the overall Income tax slab rates, are all aimed at making India Atmanirbhar, prosperous and a favourite destination of all mega companies of the world. This is just the beginning and I am sure to see India of the future generating enormous employment opportunities, for both domestic as well as international experts in every sector.
(The author is Executive Member BJP J&K)
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