Union Budget 2021: FM proposes ₹1,500 crore-scheme for digital payments

Union Budget 2021

The Union Government on Monday proposed ₹1,500 crore-scheme in order to promote digital payments in the country. Finance Minister Nirmala Sitharaman said there has been a manifold increase in digital payments in the recent past.

“To give a further boost to digital transactions, I earmark ₹1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment,” the finance minister said while presenting the Budget for 2021-22.

Back in 2019, the Finance Minister had announced the formation of a National Research Foundation (NRF). 

“…We have now worked out the modalities and the NRF outlay will be ₹50,000 crore over five years. It will ensure the overall research ecosystem in the country is strengthened with focus on identified national priority thrust areas,” she said.

Sitharaman further added that there will be a new initiative National Language Translation Mission will be undertaken. 

The government announced that they would want to fund its large scale National Infrastructure Pipeline and added that it would set aside ₹20,000 crore in order to begin funding for the Development Finance Institution (DFI) which is expected to cost over ₹111 lakh crore.

As per the finance minister, the ₹20,000 crore earmarked in the budget would allow the DFI to gain capital and it will also empower with a pending portfolio ₹5 lakh crore with the potential for expansion over the next three years. 

The plan to set up the DFI to aid the funding for the National Infrastructure Pipeline, was also announced by the Finance Minister back in the address of Budget 2019-20. The NIP has around 7,000 projects across the country and it will come at a massive expected cost of nearly ₹111 lakh crore between 2020 and 2025. 

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