Highlights of the 2021 - 2022 Indian Budget

Here are some key highlights of the 2021 Indian budget:

Economic Revival: The budget focused on economic recovery following the COVID-19 pandemic, with an emphasis on infrastructure development, healthcare, and capital expenditure. Health and Well-being: The budget allocated a significant amount of funds to strengthen the healthcare sector, especially in response to the pandemic. It included provisions for the establishment of health infrastructure, vaccination programs, and investments in healthcare research and development. Agriculture and Rural Development: Various initiatives were announced to support agriculture and rural development. These included enhanced credit facilities for farmers, the expansion of agricultural infrastructure, and the implementation of agricultural reforms. Atmanirbhar Bharat (Self-Reliant India): The budget aimed to promote self-reliance and boost domestic manufacturing and entrepreneurship. Several measures were introduced to support industries, encourage foreign direct investment, and enhance the ease of doing business in India. Infrastructure Development: The budget laid emphasis on infrastructure development, including roads, railways, ports, and airports. It allocated funds for the creation of national infrastructure pipelines, the development of economic corridors, and the promotion of renewable energy projects. Tax Reforms: The budget introduced some changes in tax policies, such as simplifying the tax filing process, providing relief for senior citizens, and addressing tax disputes. Financial Sector Reforms: The budget proposed measures to strengthen the financial sector, including the establishment of a development financial institution to fund infrastructure projects and reforms in the insurance sector. Education and Skill Development: The budget allocated resources for the improvement of education and skill development initiatives. It aimed to enhance digital education, promote research and innovation, and provide vocational training opportunities.

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Highlights of the Union Budget 2015-2016

Here are some of the highlights of the Union Budget announced in March 2012 by India’s Finance Minister Pranab Mukherjee that may be interest to NRIs. • Govt proposes Accident Insurance under which a sum of Rupees 2 Lakh can be insured for a premium of just Rs. 12 per year. Scheme is called Pradhan Mantri Suraksha Bima Yojana • Atal Pension Yojana to be launched by the Government of India to cover both natural and accidental death. Sum insured Rs. 2 lakh. • Personal income tax rates left unchanged. • Gold monetization scheme - Loans against gold deposits • Quoting of PAN to be compulsory for any property related sale exceeding Rupees 1 Lakh • Wealth tax abolished and replaced with 2% additional surcharge on taxable income of those having income of Rupees 1 Crore or above. • New national policies for school development and entrepreneurship • Proposal to create senior citizen welfare fund • Proposal to reduce corporate tax rate from 30% to 25% over the next four years starting from the next financial year.