Here are some of the importance insights from the Union Budget 2021 presented by Union Minister Smt. Nirmala Sitharaman.
Subrahmanian K
Every year, around this time of the year, the newspapers are filled with news about the union finance minister's budget announcement. These decisions lead to the economic and overall growth in the fiscal year. In accordance with Article 112 of the Indian Constitution, the one-year Union budget, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.
Here are some of the importance insights from the union budget 2021 presented by Union Minister Smt Nirmala Sitharaman.
In her Budget Speech of July 2019, she had announced the National Research Foundation. The government made sure that they have worked in modalities and the NRF outlay will be of 50,000 crores, over 5 years. It was made to ensure that the research environment in the country should become better and main focus must be made in national-priority thrust areas. There has been a manifold increase in digital payments in the recent past.
To give a further boost to digital transactions, an amount of 1,500 crores were allotted for a proposed scheme that will provide financial incentive to promote digital modes of payment.
The government will undertake a new initiative, National Language Translation Mission (NTLM). As a result, the wealth of governance and policy knowledge on the Internet will be made available in key Indian languages. This will indeed increase the transparency of the government. The New Space India Limited (NSIL), a PSU under the Department of Space will carry out the launch of the PSLV-CS51, transporting the Amazonia Satellite from Brazil, along with a few smaller Indian satellites.
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As part of the mission Gaganyaan activities, four Indian astronauts receive training on Generic Space Flight aspects, in Russia. The first unmanned launch is scheduled to take place in December 2021. Our oceans are home to both living and non-living resources. To better understand this realm, they will launch a Deep Ocean Mission with a budget outlay of more than 4,000 crores, over five years. This Mission will cover deep ocean survey exploration and deep sea bio-diversity conservation projects.
The Indian government proposed a budget of Rs 50,000 crores over five years for innovation and R&D. The government will be expected to spend on the creation of the innovation lab focused on technologies such as AI/ML, data analytics, etc. which can showcase the solution to most of the problem statement in most of the field including agriculture, defence, medical, or any natural disaster.