Back to Growth: Union Budget 2021-22 announcement - Environment & Climate Change
Themes: Environment & Climate Change
The first budget of the decade released in unprecedented times promises resetting of the economy and capturing the pace that it needs for a sustainable growth. After an estimated 7.7% contraction in 2020-21, the Finance Ministry’s Economic Survey projects that India’s real GDP would record a growth of 11% in 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year.
6 pillars have been established at the outset of the Budget across:
- Health and Well-Being,
- Physical and Financial capital and infrastructure,
- Inclusive Development for Aspirational India,
- Reinvigorating Human Capital,
- Innovation and R&D,
- Minimum Govt., Maximum Governance
To tackle the problem of air pollution, INR 2,217 cr for 42 urban centres with million-plus population will be released.
The Finance Minister also announced a voluntary vehicle scrapping policy, under which vehicles will undergo fitness test for 20 years for personal vehicles and 15 for commercial ones. This is to create a positive impact on India’s oil import bills.
A Deep Ocean Mission has been announced with an outlay of INR 4,000 cr for over 5 years to ensure deep-sea biodiversity conservation.
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