The announcements made in the Union Budget 2021-22 are in the right direction, for a country aspiring to get back into its long-term growth trajectory. Towards this, the Budget lays down the strategic intent for taking India into the next phase of development, by focusing on some key building blocks – healthcare/wellness, research/innovation, education, infrastructure and urban development, inclusive growth (agriculture and social-related) and governance-related reforms. Given the backdrop of the pandemic year gone by, the announcement of the Atmanirbhar Swasth Bharat Yojana is aimed at establishing a centrally coordinated healthcare infrastructure. The Budget has laid a lot of emphasis on infrastructure development, across roads/highways, railways and metro rail, ports/shipping/waterways and urban development. The government has proposed an “institutional” approach towards supporting the infrastructure development needs, through setting up of a development financial institution (DFI), monetization of infra assets (InvITs across a variety of assets) and enhancement in the capital expenditure. The National Infrastructure Pipeline has been further expanded to cover more projects.