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Budget 2021: Key gains for petroleum sector include gas pipeline project in J-K
This year's budget, which came in the light of a pandemic-ravaged economy, was touted by the experts as the one which will serve as a first-aid measure for the Indian economy.
Introducing the key initiatives for petroleum and natural gas sector in the Union Budget 2021-2022, the finance minister Nirmala Sitharaman on Monday announced extension of Ujjwala scheme covering more beneficiaries, gas pipeline project in Jammu and Kashmir and setting up of an independent gas transport system operator.
The Ujjwala Scheme, which has already benefitted 8 crore households, will be extended to cover 1 crore more beneficiaries, the finance minister announced during her Budget speech.
Additionally, the government will add 100 more districts to the City Gas Distribution Network in the next three years.
In a major boost for the union territory of Jammu and Kashmir and the sector, the government has also announced that a gas pipeline project will be taken up.
Another key announcement by the government includes an Independent Gas Transport System Operator, which will be set up for facilitation and coordination of booking of common carrier capacity in all-natural gas pipelines on a non-discriminatory open access basis.
This year's budget, which came in the light of a pandemic-ravaged economy, was touted by the experts as the one which will serve as a first-aid measure for the Indian economy.
The Budget proposals by Sitharaman have mainly rested on 6 pillars — health and well-being, physical and financial capital and infra, inclusive development for aspirational India, human capital, innovation and R&D, Minimum Governance and Maximum Governance.
Delivering her budget statement to parliament, Sitharaman projected a fiscal deficit of 6.8% of gross domestic product for 2021/22, higher than the 5.5% forecast by a recent Reuters poll of economists. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.
India, which has the world's second highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy.
