India Inc has largely given a thumbs up to the Union Budget 2021-22. Rajesh Bhatia, global and group CFO, Uflex; Neeraj Jain, CFO, Cosmo Films; and Harsha V Agarwal, director, Emami share their views.
Rajesh Bhatia, global and group CFO, Uflex, said, “It is a balanced budget with focus on infrastructure development, privatisation and disinvestment (huge divestment target of Rs 1.75-lakh crore), major push in government capex and credit expansion.”
He said the move to dedicate over Rs 1.4-lakh crore over the next five years towards Urban Swachh Bharat Mission 2.0 shows the resolve to manage the challenges of plastic waste in the country, with a firm approach.
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Expressing serious concern over the viability of power distribution companies, Union minister for finance and corporate affairs, Nirmala Sitharaman in her Budget speech of 2021-22, proposed an outlay of Rs3.05 lakh crore over the next five years for a revamped reform- based result-linked power distribution sector scheme. Jal-Jeevan Mission (Urban) and Urban Swachh Bharat Mission have been provided with an outlay of Rs2.57 lakh crore and Rs1.41 lakh crore, respectively. The minister also provided a record outlay of Rs1,10,055 crore for Railways, of which Rs1.07 lakh crore are given for capital expenditure.
In 2020-21, Govt under PM @NarendraModi ji had provided for Rs 4.12 lakh cr for capital expenditure. Increasing expenditure, we are likely to end this year at Rs 4.39 lakh cr.
1. Health and Wellbeing
There is substantial increase in investment in Health Infrastructure and the Budget outlay for Health and Wellbeing is Rs 2,23,846 crore in BE 2021-22 as against this year’s BE of Rs 94,452 crore, an increase of 137 percentage.
The Finance Minister announced that a new centrally sponsored scheme, PM AatmaNirbhar Swasth Bharat Yojana, will be launched with an outlay of about Rs 64, 180 crore over 6 years. This will develop capacities of primary, secondary, and tertiary care Health Systems, strengthen existing national institutions, and create new institutions, to cater to detection and cure of new and emerging diseases. This will be in addition to the National Health Mission. The main interventions under the scheme are:
Hon’ble Speaker,
I present the Budget for the year 2021-2022.
1. Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
2. When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
3. We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.