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Budget 2021 | MSP regime has assured 1.5 times more price to farmers: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday said that the Minimum Support Price (MSP) regime has undergone a change to assure price to farmers that is at least 1.5 times the cost of production across all commodities.

In her Budget speech for the next fiscal, she said the procurement of crops like paddy, wheat, pulses and cotton has jumped manifold in the last six years.

“Our government is committed to the welfare of farmers. The MSP (minimum support price) regime has undergone a sea change to assure price that is at least 1.5 times the cost of production across all commodities,” Sitharaman said.

Govt proposes Rs 2.24 lakh crore outlay for healthcare in 2021-22: FM Sitharaman and India already has two COVID-19 vaccines and two more are likely to be launched, the minister said

 

Highlights:

Govt proposes to relax norms to attract more foreign investment in infrastructure sector: FM.

FM proposes tax exemption for aircraft leasing cos; tax exemption for notified affordable housing for migrant workers.

Customs duty on iron and steel to be unified at 7.5 percent

Duty exempted on steel scrap
Copper scrap duty down from 5 % to 2.5 %: FM

Customs duty on cotton, raw silk raised: FM.
Govt proposes to relax norms to attract more foreign investment in infrastructure sector: FM

NRI who return to India face difficulty. I propose to amend rules to remove double taxation: FM

We have made record collections of GST in the last few months: FM

Tax holiday for start-ups extended for one year

Govt cuts timeline for reopening of tax cases to 3 yrs from 6 yrs: FM.
Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014.
Govt proposes setting up of conciliatory mechanism for quick resolution of contractual disputes.

Senior citizens above the age of 75, who have only pension and interest from FDR, will not need to file returns. The bank will deduct the tax: FM

100 new Sainik Schools to be set up in partnership with NGOs; 15,000 schools to be strengthened as per National Education Policy: FM

Govt proposes to amend apprenticeship law to enhance opportunities for youth: FM

One nation, one ration card plan under implementation in 32 states, 1 UT : FM.

Central University in Leh to be set up

Women allowed to work in night shift in all sectors with adequate safeguards

Govt committed to welfare of farmers, says FM

Agri procurement has increased steadily, benefiting farmers, says FM amid opposition slogan shouting against three farm laws.

Farmers paid Rs 75,100 cr on wheat MSP in FY21: FM.

FY22 Agriculture credit target at Rs 16.5 lakh crore: FM
New technologies called ‘light metro’ and ‘metro neo’ which are less costlier will be used for tier 2 cities and peripheral areas of tier 1 cities.

FM announces voluntary vehicle scrapping policy to phase out old vehicles; fitness tests after 20 yrs for personal vehicles.

Swachh Bharat 2.0 will be implemented with outlay of Rs 1,41,678 cr over 5 years: FM

Govt to introduce bill to set up development financial institution with an outlay of Rs 20,000 cr: FM

Aatmanirbhar package accelerated pace of structural reforms.

Watch here

 

 

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