Union finance minister Nirmala Sitharam on Monday presented the budget for the fiscal year 2021-22 which she said was prepared under circumstances like never before. She said the government, however, was fully prepared to revive economic growth in the country. “This budget provided every opportunity for the economy to capture the pace it needs for sustainable growth,” she said.
The Union minister said budget stands on six pillars—health and wellness, physical and financial capital and infrastructure, inclusive development for aspiring India, To infuse new life into human capital, innovation and R&D, and minimum government and maximum governance.
The finance minister revised the definition of small companies under Companies Act 2013. In the 2021-22 financial year, companies with paid-up capital up to ₹2 crore and turnover up to ₹20 crore will fall under small companies, benefiting more than two lakh companies in compliance req. Sitharaman said that the IPO of LIC will be brought in in the 2021-22 fiscal year. “Two public sector banks apart from IDBI and one general insurance company to be taken up for strategic disinvestment in 2021-’22,” she added.
While announcing measures for the education sector, Sitharaman said, “I had mentioned about setting up of Higher Education Commission in last budget; we will introduce legislation this year. It will be an umbrella body having 4 separate vehicles for standard setting, accreditation and regulation and funding.”
The government has planned at four more economic corridors—3500 kms of National Highway Works in Tamil Nadu at ₹1.03 lakh crore, 1100 kms in Kerala at ₹65000 crore, 675 kms in West Bengal at ₹25000 crore, and over 1300 kms in Assam at ₹34000 crore. To incentivize incorporation of one-person companies, such companies will be allowed to grow without any restriction on paid-up capital or turnover and to convert into any other type of company at any time, the finance minister said.