When Was the Union Budget of 2021-22 Presented in India and Its Key Highlights
The Union Budget of 2021-22 was presented in India on February 1, 2021, by the then Finance Minister, Nirmala Sitharaman. This was a crucial event in the economic calendar, marked by its meticulous planning and strategic implementation amid the backdrop of a challenging global and national economic environment.
Introduction to the Union Budget of 2021-22
The Union Budget is a significant document that outlines the financial plan of the government for the upcoming fiscal year. It includes estimates of government revenues and expenditures, detailing the allocation of public funds to various sectors and departments. The 2021-22 budget was prepared during a time of economic uncertainty due to the ongoing pandemic, and it aimed to provide relief to citizens and stimulate economic growth.
Key Speakers and Their Role
The Union Budget of 2021-22 was presented by Nirmala Sitharaman, who succeeded Piyush Goyal as the Union Finance Minister in 2019. Sitharaman's presentation was particularly important because it was the first budget she would present to the nation. Her extensive experience in the defence sector, coupled with her role in the IT industry, provided her with a unique perspective on the challenges and opportunities in India's economic landscape.
The Presentation Date
The Union Budget of 2021-22 was presented on February 1, 2021. This date was carefully chosen to align with the traditional presentation of the budget. Typically, the budget is presented by the end of February, allowing enough time for the government to implement measures and for parliament to review and pass the budgetary proposals.
Key Highlights of the 2021-22 Union Budget
The 2021-22 Union Budget reflected the government's focus on various economic sectors to address the impact of the pandemic. Some of the key highlights included:
1. Economic Stimulus and Relief Measures
The budget included several measures to provide relief to citizens and stimulate the economy. These included an additional Rs. 20,000 crore for unemployment benefit, a new package for job creation in unorganized sectors, and an increase in the discretionary powers of state governments to distribute money.
2. Investment in Infrastructure
Infrastructure was a key area of focus in the budget. Rs. 2,50,000 crore was allocated for various infrastructure projects, including road, railway, and other public sector undertakings. This substantial investment aimed to boost job creation and enhance overall economic growth.
3. Investment in Technology and Innovation
The budget also highlighted the government's commitment to technology and innovation. Rs. 20,000 crore was set aside for investing in digital infrastructure and accelerating the development of the Digital India initiative. This included investments in 5G technology, smart cities, and e-governance.
4. Healthcare and Social Security
Healthcare and social security were also important aspects of the budget. Rs. 20,000 crore was allocated for the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), aimed at improving urban infrastructure. Additionally, the budget aimed to enhance the social security net for the elderly and differently-abled citizens.
Conclusion
The Union Budget of 2021-22 was a testament to the government's efforts to navigate the economic challenges brought about by the pandemic. Its focus on stimulating economic activity through various measures, combined with investments in critical sectors, reflects the country's strategic approach to building a resilient and sustainable economy. As Nirmala Sitharaman presented the budget on February 1, 2021, the nation looked forward to the positive outcomes these measures would bring.
Related Keywords
Indian Union Budget, Finance Minister Nirmala Sitharaman, Economic Policy