From Everything that Changed: Budget 2021

1. Healthcare prioritized:
   FM declared a major boost to India's last-mile public healthcare delivery system. She announced Rs 2,23,846 crore outlay for health and wellbeing in Budgetary Estimate (BE) 2021-22. The amount is a 137% rise compared to Rs 94,452 crore in 2020-21. It also includes Rs 35,000 crore to be utilized in the fight against COVID-19 through a nationwide vaccination drive. The FM also proposed a new centrally sponsored health scheme named PM Aatma Nirbhar Swasth Bharat Yojana. An outlay of Rs 64,180 crore will be spent on the scheme over the next 6 years. To promote insurance in newer markets across the country, the foreign direct investment (FDI) limit in the sector has been proposed to be increased to 74%.
2. Auto sector revival:
   Eyeing the opportunity to improve the condition of the auto sector, the ‘Voluntary vehicle scrapping policy’ was announced by FM. The policy aims at removing old polluting vehicles off the Indian roads and is being warmly welcomed by the industry. Another important announcement was the 15% increase of import duty on specific auto parts.
3. Relief to Senior citizens:
   FM announced an exemption from filing income tax returns for individuals above the age of 75 years if their income is sourced through pension and interest income only.
4. Thrust to the Real estate sector:
   An additional benefit of Rs 1.5 lakh tax deduction on home loan interest, until March 31, 2022, has been extended by the FM. The move would boost the residential property sector.
5. Financing for Public Infrastructure:
   The capital-deprived public infrastructure sector will receive its fair share as the government will set up a professionally managed Development Finance Institution (DFI). DFI will fund key infrastructure projects under the National Infrastructure Pipeline – a five-year program worth Rs 111 trillion. Capitalized by Rs 20,000 crore, it will accelerate spending on greenfield projects and benefit brownfield ones by leveraging a debt of Rs 5 lakh crore within three years.

1. Rise in employment opportunities:
   The budget emphasizes the vision of AatmaNirbhar Bharat to develop a self-reliant nation, as a roadmap to economic revival. FM announced measures to promote job creation in banking, insurance, healthcare, infrastructure, textile, and agriculture.
2. Incentivize One-Person Companies (OPCs):
   To emancipate startups, non-resident Indians (NRIs), and innovators, FM proposed to incentivize the incorporation of one-person companies. The proposal will allow them “to grow without restriction on paid-up capital and turnover, allowing conversion into any other type of company at any time, reducing residency limit for an Indian citizen to set up an OPC from 182 days to 120 days.”
3. Tax Incentives:
   The tax holiday for startups has been extended by one more year so they will get capital gains exemption till 31 March 2022. The government has also extended the provision for new home loans to promote the purchase of affordable housing. Buyers opting for houses valued under Rs 45 lakhs will get an additional deduction of Rs 1.5 lakh on the interest paid on home loans.
4. Funding for MSMEs:
   The Micro, Small, and Medium Enterprises (MSME) sector was the worst hit during the pandemic. FM announced a Rs 157 billion outlay for the revival of the sector, which will be a great relief to its unorganized workforce. Along with the increase in the MSME budget, the definition of small co

Finance Minister announced a reduction of 6.13% in the budget allocation for the Ministry of Education. A total budget of Rs 93,224 crore will be allocated for education, but there have been some major measures in the budget for new college graduates.

1. The setting up of the Higher Education Commission of India was announced in the last budget. This year, the Centre would implement it by introducing the legislation to set up the Commission.

    

2. A Central University will be set up in Leh to offer access to higher education in Ladakh.

    

3. The government proposes a Rs 3,000 crore outlay for providing post-education apprenticeship and training for graduates and diploma holders in Engineering. They will amend the Apprenticeship Act to realign the existing National Apprenticeship Training Scheme (NATS), creating more apprenticeship opportunities for the youth.

    

4. An initiative for collaborative Training Inter Training Programme (TITP) with Japan is also underway. It aims to inculcate Japanese industrial and vocational skills, techniques, and knowledge among youth to upskill them for better roles.

    

5. Under another initiative in collaboration with the United Arab Emirates (UAE), skills and qualifications will be assessed and certified. It will also involve the deployment of a certified workforce across industries.

    

There hasn't been much in the budget for college students, so you must plan your education and grad school budget wisely. Besides government student loans, you can download mPokket's instant loan app for students to get into the college of your dreams.