Sitharaman is presenting the Budget 2021 using a 'Made in India' tablet computer.
Union Finance Minister Nirmala Sitharaman on Monday announced a voluntary vehicle scrapping policy to phase out old and unfit vehicles under which the personal vehicles will undergo a fitness test in automated centres after 20 years while the commercial vehicles will undergo the test after 15 years.
"We are separately announcing a voluntary vehicle scrapping policy to phase out old and unfit vehicles. This will help in encouraging fuel-efficient, environment-friendly vehicles. Thereby, reducing vehicular pollution and oil import bill," said Sitharaman in the Parliament while presenting the Union Budget 2021-22.
"Vehicle should undergo a fitness test in automated fitness centres after 20 years in case of personal vehicles and after 15 years in case of commercial vehicles," she added.
In Part A of Budget 2021, the Union Finance Minister laid out a vision for Atmanirbhar Bharat to strengthen the vision of Nation First, doubling farmers' income, strong infra, women's empowerment, healthy India, good governance, education for all, inclusive development.
Sitharaman announced that the Centre will introduce LIC IPO in 2022 and will complete the divestments of Air India by 2022. "For start ups, we are allowing 1% companies to grow without any restriction on their paid up capital. Other than IDBI we plan to take up 2 more banks for disinvestment. LIC IPO will come in 2022. All divestments announced so far, including Air India, BPCL, CONCOR, Pawan Hans, to be completed by 2022," she said.
The Union Minister also announced that Prime Minister Narendra Modi-led government at the Centre has decided to raise the limit for foreign direct investment (FDI) in insurance sector to 74 percent from 49 percent.
The Union Budget 2021-22 proposals rest on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital innovation and R&D minimum government, maximum governance.
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