The Finance Minister presented the Union Budget for 2021-22 in Parliament today. In her speech, the Finance Minister stated the government's intention to bring in several new laws.  

Stating that a professionally-managed Development Financial Institution is necessary to act as a provider, enabler, and catalyst for infrastructure financing, the Minister said that a Bill to set up a DFI will be introduced. The DFI is expected to have a lending portfolio of at least Rs 5 lakh crore in three years’ time. This bill is listed for introduction in the Budget Session

The government also intends to introduce a Securities Markets Code to consolidate four Acts including the SEBI Act, 1992 and the Government Securities Act, 2007.

Other proposals: 

  • A bill to implement the Higher Education Commission of India has been proposed. It will be an umbrella body having four separate vehicles for standard-setting, accreditation, regulation, and funding.
     
  • The National Nursing and Midwifery Commission Bill to regulate the nursing profession is also proposed. A similar bill to regulate 56 allied healthcare professions is on the legislative agenda this session. 
     
  • A voluntary vehicle scrapping policy to phase out old and unfit vehicles has also been announced.

Numbers to note

Rs 35,000 crore

In her speech, the Finance Minister said that Rs 35,000 crore has been allocated for COVID-19 vaccine in BE 2021-22 and that the government is committed to providing further funds if necessary.

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