An online session that discussed the key highlights of the 2021-22 Union Budget was organized in association with Indian Institute of Materials Management (IIMM) Bangalore. Mr. V. Guruprasad, President, IMA, Bangalore Chapter was the Speaker at the event. Mr. Guruprasad started off his presentation by mentioning how India as the 6th biggest in terms of GDP and is growing to be $ 5 trillion economy. He listed down the 6 pillars of the 2021 Union Budget as – health & wellbeing, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & research & development and minimum government and maximum governance.
He explained some of the provisions in the union budget – INR 305000 cr. outlay for power sector; INR 20000 cr. to public sector banks; INR 235846 cr. for health & welfare; INR 1000 cr. for Solar energy corporation; INR 1500 cr. to renewable energy development agency: hike in FDI limit in insurance from 49% to 74%; establishment of 7 textiles parks in 3 years; INR 95000 cr. for road development in Bengal ; INR 1500 cr. for promoting digital mode of payment; INR 40000 cr. to rural infrastructure development. He also elaborated on the allocations to Ministries of Defence; consumer affairs, food and public distribution; Home Affairs; Rural development, Railways and Education.
Mr. Guruprasad mentioned that the budget has a few focus areas such as big boost to capital expenditure, new economic corridors, improved roads, railway infrastructure, push towards digitization, sustainability and green energy. He added that 13 sectors have been identified by the government like electronic components, pharma, medical devices, auto parts, telecom, food, steel etc. to drive forward the Atmanirbhar Bharat campaign.
The programme was attended by supply chain, IT, finance professionals, SMEs and startups. Dr. Bose Nair, Vice President, World Trade Center and Mr. Jayaraman Subramanian, Chairman IIMM Bangalore also spoke.