Not for Publication for Members Only LOK SABHA ___ SYNOPSIS OF

Not for Publication For Members only

LOK SABHA ___

SYNOPSIS OF DEBATES (Proceedings other than Questions & Answers) ______

Tuesday, March 23, 2021 / Chaitra 2, 1943 (Saka) ______

REFERENCE BY THE CHAIR

HON. CHAIRMAN: Hon. Members, as we all are aware that on this day in the year 1931, Shaheed Bhagat Singh, Shaheed Rajguru and Shaheed Sukhdev attained martyrdom to liberate our country from the shackles of the foreign rule. We bow in obeisance to the bravery, courage and patriotism of these martyrs. Let us pay our homage to Shaheed Bhagat Singh, Shaheed Rajguru, Shaheed Sukhdev and all those martyrs who laid down their lives in the course of India's freedom struggle. The House, then, stood in silence for a short while. ______

*MATTERS UNDER RULE 377 (1) SHRI NITESH GANGA DEB laid a statement regarding closure of Sambalpur Road Railway station. (2) SHRI RAMDAS TADAS laid a statement regarding stoppage of trains in Wardha Parliamentary Constituency, Maharashtra.

* Laid on the Table as directed by the Chair. (3) ER. BISHWESWAR TUDU laid a statement regarding Pradhan Mantri Van Dhan Yojana. (4) SHRI NIHAL CHAND CHOUHAN laid a statement regarding need to implement schemes for promotion of tourism in border areas of Rajasthan including Ganganagar Parliamentary Constituency in the State. (5) KUMARI SHOBHA KARANDLAJE laid a statement regarding completion of pending works on National Highways. (6) DR. (PROF.) KIRIT PREMJIBHAI SOLANKI laid a statement regarding availability of Psychiatrists in India. (7) SHRI AJAY MISRA TENI laid a statement regarding need to include Jainsari caste of Kheri Parliamentary Constituency, Uttar Pradesh in the list of Scheduled Tribes. (8) SHRI NARENDRA KUMAR laid a statement regarding railways connectivity in Rajasthan. (9) SHRI BHOLA SINGH laid a statement regarding fixation of pay of TGTs in Kendriya Vidyalayas. (10) SHRI MOHAN MANDAVI laid a statement regarding illegal sand mining in rivers in Chhattisgarh. (11) SHRIMATI RAKSHA NIKHIL KHADSE laid a statement regarding review of new rules and laws pertaining to use of fly ash. (12) SHRIMATI MEENAKASHI LEKHI laid a statement regarding certification of textiles produced from organic sources. (13) SHRI RAJBAHADUR SINGH laid a statement regarding need to set up industries in Sagar Parliamentary Constituency, Madhya Pradesh. (14) SHRI CHUNNILAL SAHU laid a statement regarding expediting conversion of railway lines from Raipur to Dhamtari and Rajim in Chhatisgarh into broadgauge. (15) SHRI SUBHASH CHANDRA BAHERIA laid a statement regarding problems being faced by investors. (16) SHRI DEEPAK BAIJ laid a statement regarding need to restore the kerosene quota of LPG consumers in Bastar, Chhattisgarh. (17) SHRI RAVNEET SINGH laid a statement regarding FDI in Insurance sector. (18) DR.BEESETTI VENKATA SATYAVATHI laid a statement regarding release of funds under PRASAD Scheme. (19) DR. SHRIKANT EKNATH SHINDE laid a statement regarding construction of new building of ESIC Hospital in Ulhasnagar, Maharashtra. (20) SHRI DULAL CHANDRA GOSWAMI laid a statement regarding need to expedite construction of a stretch on NH-81 in Katihar Parliamentary Constituency, Bihar. (21) SHRI CHANDRA SEKHAR SAHU laid a statement regarding Paradip-Hyderabad pipeline project. (22) SHRI RAMSHIROMANI VERMA laid a statement regarding need to restore Old Pension Scheme. (23) DR. G. RANJITH REDDY laid a statement regarding release of special grant to Telangana. ______

THE FINANCE BILL, 2021 THE MINISTER OF FINANCE AND MINISTER OF CORPORATE AFFAIRS (SHRIMATI NIRMALA SITHARAMAN) moved that the Bill to give effect to the financial proposals of the Central Government for the financial year 2021-22 be taken into consideration. DR. AMAR SINGH initiating said: The country is passing through its worst phase. But, our economy and GDP were going down even before the pandemic. Covid has not only damaged the economy but also dealt a severe blow to the health and employment. Digital divide in education in the country has been exposed. It is very easy to say that education will be provided through computers but who has the laptops and which house has internet in the villages? Inequality is rising in the country but the government is not ready to accept this. As per the data of 2017, 73 per cent of the wealth created in the country has gone into the hands of one per cent people. In which direction are you leading the country to? Why are you increasing the prices of petrol and diesel frequently? You did not collect 1.5 lakh crore of corporate tax in 2019. Your government is giving relief only and only to the rich people. You are centralizing the taxes. You have increased cess and surcharges so much that they constitute almost 24 per cent of revenue. You gained from this and the States have suffered losses because you don‟t share them with the States. Aren't the States a part of the country? You have given 2.3 lakh crore rupees and 25 per cent GST compensation less out of the share of States in 2020-21. I have objection to the custom duty raised by the government. PSUs contribute 1.5 lakh crore rupees to the government as dividend. If the government will sell all the PSUs then from where will this amount be compensated? I appreciate that the government has allocated Rs. 35 thousand crore for the Covid vaccine. The government has decreased the allocation for Pradhan Mantri Kishan Yojana by Rs. 10,000 crore. Last year, you had allocated more than one lakh crore rupees for MNREGA which I appreciate. But, why have you reduced it by 38,000 crore rupees this year? The MNREGA budget shouldn‟t be reduced instead urban MNREGA Scheme should be started to provide employment and MPLAD scheme should be restored through which we used to help people. I request the government to release the pending GST compensation of 8,253 crore rupees to Punjab which is due from April to January. You have reduced the RDF. Fatehgarh Sahib is an historic place which should be made a part of international tourist circuit. Raikot district in my constituency is a very backward district and the government should provide a rail link there. The budget should be increased to remove unemployment. SHRI RAJENDRA AGRAWAL: This Government is committed and dedicated to the poor, crores of youth of the country and mothers and sisters desiring honour and respect. As a result of Jan Dhan Yojana, if one rupee is sent by the government then exactly one rupee is credited in the account. Today, a common poor man is sure that if government will send him 100 rupees then he will definitely get 100 rupees. The maximum brunt of corruption is borne by the poor. A transparent system will lead the society and the country forward and the poor will be uplifted. Our government has brought many legislations like demonetization, GST, Insolvency and Bankruptcy Code etc. to provide corruption free governance. Our foreign exchange reserve is touching a record high of 580 billion dollar when the entire world is reeling under the corona pandemic. It shows what the standard of our global leader is. We have improved the income tax slabs. We have enacted labour laws and farm laws. I do not want to say anything about farm laws as a thorough discussion on it has already taken place. But the common farmers believe that the farm laws have turned out to be beneficial for them in the country and these farm laws are in favour of the farmers. The number of tax-payers was 3.31 crore in 2014 which has today increased to 6.48 crore. The Congress Party, from the very beginning, had been trying to target its vote bank while formulating its policies, but the hon. Prime Minister has demolished the vote bank politics with his cardinal principle of Sabka Saath, Sabka Vikas aur Sabka Vishwas. The North-Eastern region used to be neglected, but we have taken care of it and now work is going on there in the fast track mode. The hon. Prime Minister pays attention to each and every aspect. If it comes to healthcare sector; he knows very well how to ensure that sanitation, yoga, availability of affordable medicines and to open Jan Aushadhi Kendras to this end and the presence of Ayushmaan Bharat should be therein. Our goal is quite clear that we have to make this country self-reliant and glorious. The Government of India has identified more than 41,000 start-ups which will be instrumental in creating more than five lakh employment opportunities. The Government promotes self employment sector and it has taken various measures for this purpose. At last, I would like to say this much only that this Finance Bill is not only for this year but is also intended to lay a foundation for the Atmanirbhar Bharat before the 100th year of our independence is completed. SHRI P.V. MIDHUN REDDY: At the outset, I would like to congratulate our hon. Finance Minister for presenting the Budget during this pandemic time when the world is going through difficult times. We should also appreciate that to combat recession, she has struck a fine balance between fiscal caution and Government spending. Before I go to my observations on the Budget, I would like to talk about the issues of my State. Polavaram is a very-very important project for our State. Polavaram project is slated to be completed next year. So, we would request the Government to act fast on this and approve the revised cost estimate. So far as the issue of medical colleges is concerned, if you see the pro rata figures, compared to other States, the number of medical colleges in Andhra Pradesh is very-very less. So, we would request the Government to take care of this. Moreover, I would also like to request the Union government to release the pending amount due to be paid to Andhra Pradesh under various schemes like PDS, Pradhan Mantri Garib Kalyan Yojana etc. at the earliest. Nivar Cyclone devastated Andhra Pradesh and hence we would request the Government to release Rs. 2275 crore as financial assistance entitled under NDRF. I would request the Central Government to help Andhra Pradesh in time because any delay in helping us with funds for Nivar cyclone relief will not be of much use in the future. Similarly, I would request the Government to initiate action to release pending payments under MGNREGA. I would also request the Government to release the pending amount of Rs.700 crore to be provided under the provisions of Andhra Pradesh Reorganization Act. Moreover, it is our demand that Special Category Status be given to our State. During the 15th Finance Commission period, though the States are entitled for 41 per cent of divisible pool of taxes, we are getting just 13 per cent of gross taxes. Every State including my state gets to lose because of this. Similarly, there is a lot of delay in execution of the Centrally-sponsored schemes. If the project is delayed by two years, it is going to be more than ten per cent loss for the Government. So, I would request the Government to take note of this and just calculate the loss per year. We would also request the Government that whatever amount it may allot for a particular project, let the State Government or the Central Government take the responsibility of the same completely. Again, we are supporting a lot of entities during these times of recession and crisis. But a lot of payment is pending to various entities from both the Central Government and the State Governments. So, only after the actual realization of the pending payment, the GST should be paid. I would also like to know as to what is the rationale or as to what is the USP behind selling profitable Government ventures. So, we also strongly oppose the privatization of Visakhapatnam Steel Plant. To build such an organization, it takes years and years. It is going to be a big asset for the country and for the State as well. As far as GST is concerned, more than 900 amendments have been made to the GST. So, this is leading to a lot of confusion and the small players are really scared of GST. So, we request the Government to rethink about GST Act also. Similarly, I think GST provision also needs to be simplified. We understand that the collection of taxes is important, but it should not choke the business entities. Lastly, I would submit before the Government that ours is a young State which is only seven years old. So, I request the Central Government to support my State and help us in coming back on track. SHRI VINAYAK BHAURAO RAUT: The economic condition of our country has completely deteriorated during the Corona pandemic. It has adversely affected all the sectors of our economy. In such a situation, the Government should take each step keeping in view the welfare of the common man. But, today, the farmers have been agitating for more than three months near Delhi. Initially, efforts were made for negotiations, but no consensus was reached in this regard. The Government had resolved to double the income of the farmers, but this has not been in reality. Instead, this Government has done more injustice to the farmers. The Government hiked petrol prices by Rs 2.5 and Rs 4 on diesel in the name of agricultural infrastructure and development cess. This has also increased the rates of transportation and has brought more burden on the farmers. If this Government wants to benefit the common man, it will have to abolish the taxes imposed on farmers. Similarly, the price of LPG gas is also continuously increasing. Once, the former Minister had made a commitment that the Prime Minister of our Government is considering that diesel-petrol will be brought under GST. But, so far, it has not been brought under GST. So, I would like to urge upon the Government that for the betterment of the common man, the rising prices of petrol, diesel and LPG have to be curbed and it has to be included in the GST as well. My third point relates to the Healthy India Campaign. People from all over the country have been affected in the time of the Corona epidemic. But I would also like to congratulate this Government and the scientists of this country for discovering the Corona vaccine. This corona vaccine needs to be provided free to all the people. Also, there is a need to provide healthcare facilities in rural areas. There is also a need to promote AYUSH in our country. Apart from that, 6.8 lakhs companies have been closed during the Corona pandemic. So, we have to ponder over the problem of unemployment also. At the same time, hotels, industries, the aviation industry, etc., which provide more employment, need to be assisted by the Government. I would also like to say that from 1st January onwards, TCS has been commissioned along with GST. Because of the related difficulties, many people have closed their businesses. Also, 71 lakh EPF accounts have been closed during the Corona period. Moreover, the privatization policy of this Government is beyond my comprehension. I would like to ask whether this Government is trying to sell the entire country. With regard to the MPLAD fund, I would like to thank the Government for releasing Rs.2200 crore out of Rs.3400 crore. However, I would request that the balance amount should also be released at the earliest. SHRI SUNIL KUMAR PINTU: The tax proposals and the initiatives to create employment and attract investment are welcome steps. Tax collection during Corona times had come down. Our expenditures and fiscal deficit have increased but the Government gave precedence to the people‟s interest and control the Corona. We developed Corona vaccine which was supplied to other countries also. Despite Corona pandemic, the Government did not impose any new tax. In this budget, people above 75 years of age are exempted from filling their tax returns. This age should be brought down to 70 years. There is a provision in the Finance Bill to limit the period of assessment/re-assessment to three years instead of four years after the assessment year. This is a welcome step. However, proposal to extend the period of issuing notice under Sections 149(B) and 148(A) from six years to ten years needs to be reviewed. With regard to foreign property, the proposal to reduce the period under Section 149(C) from four years with a maximum limit of 16 years to three years with a maximum limit of 10 years should also be reviewed and the period of four years with a maximum limit of 16 years be retained so that the Government can keep the noose tight on the foreign properties. It has been three years since implementation of GST. Traders are not able to file their returns themselves. I request the Government to provide an opportunity to the traders to rectify their mistakes in the returns. I also request the Government to simplify the GST. Status of special state should be accorded to Bihar. Several Central schemes are implemented with the partnership of the States. I would like to suggest the Government that the schemes should not be implemented with the partnership of the States even though a fewer schemes may be sponsored so that they are implemented properly. SHRI RITESH PANDEY: The Government, through this Finance Bill, has paved the way of disinvestment of public sector companies. This will harm the interests of the country. When the public sector companies will be divested, the benefit of reservation will not be available to the beneficiaries. The downtrodden people will not get employment. It is proposed to levy cess on petrol and diesel. Hon. Finance Minister has said that this increase will be leveled by reducing excise duty and import duty so that the consumers are not burdened. The States get their share from the money collected as excise duty. This move will harm the interest of the States. Prices of petrol and diesel are constantly rising but the Government is not bothered. The people should know that the Government levies 48 per cent tax on diesel and petrol. On one hand, we are moving towards digital economy whereas on the other hand, two percent charge is taken on payment through cards. Certain changes have been proposed in GST audit procedures in Sections 101 and 102 of the Finance Bill. This will also be counterproductive. In the present times, there is a need to provide more cash to the people so that they can spend more. Tax rate should also be reduced. SHRI NAMA NAGESWARA RAO: The way the senior citizens have been exempted, the assessees with income upto Rs.5 lakh should also be exempted. Under the scheme „Housing For All‟, it is proposed to provide housing to all by the year 2022. Telangana Government has introduced a scheme to provide double bedroom houses. Similar scheme should be implemented in the entire country. AIDC cess has been introduced. This will affect the revenue of the States. Increase in import duty on cotton from 10 per cent to 15 per cent will discourage import of cotton. Telangana produces good quality cotton. There is a need to promote and protect the cotton farmers in the country. Prices of petrol, diesel and cooking gas should be reduced. All the pending issues as committed in the AP Reorganization Act should be resolved. We have a long pending request to set up Kakatia Mega Textile Park in Telangana. We must get textile parks. Telangana should also get Hyderabad Metro, Sainik Schools and Eklavya Schools. Telangana Government provides free power to the farmers round the clock and supply of drinking water to all the people. Therefore, I urge the Government to extend its support to the developing state like ours. SHRIMATI SUPRIYA SADANAND SULE: Why are we selling profitable entities is my first question in this Bill. You have increased the Customs Duty on cotton and cotton waste by five per cent and another five per cent because of the Agriculture Infrastructure and Development Cess on cotton. What is the logic of doing it because it is actually hurting our textile industry. So, I would request you to kindly relook and rethink of this particular tax. The whole idea of demonetization was to reduce cash inflows. Now, Rs. 29 lakh crore is in circulation and only in the last nine months Rs. 3 lakh crore was printed. I am not against it. Would it not increase inflation, which is going to hurt people and the common man at this time of the year? There are so many cesses. There is the Swachh Bharat Cess, Road Cess, Clean Energy Cess etc. which all go into the Consolidated Fund. The PMC bank is a large stakeholder and its depositors are very poor people. So, I urge the hon. Finance Minister to look into our State issues. SHRI MANOJ KOTAK: Our Government has moved in the direction of „Vocal for Local‟. Government has also made available free grains to 80 crore people. As MSME sector have been boosted and efforts have been made, it is all in front of us. I thank the hon. Prime Minister from tax payers of entire country. It is not expected during the time of pandemic to get refunds in income tax and in spite of that the Government has make it happen. Under Section 44 (AD), turnover of tax audit has been increased from Rs. 2 crore to Rs. 10 crore. The Government has introduced TDS but also made provision of TCS under 194 (Q). You must clarify this point. Our Government is a committed Government. Those citizens who pay tax timely as per the provisions, must be given relief and welfare schemes must be brought for the poors. The whole country is heading towards double digit growth. SHRI HASNAIN MASOODI: We wasted a good time of early 2020 in programmes like Nameste Trump. We got busy in some other activities that should not have attracted our attention, creating difficulties for the hon. Finance Minister. The first and foremost is the absence of some kind of tax relief. So many were in hope that there will be some kind of tax relief for lower middle class and middle class but unfortunately it is not there. One more areas of concern is lesser focus on health care. Even today, there are 25 per cent vacancies in health sector. There are about 80 daily wages workers, casual workers in Jammu and Kashmir who are waiting for their regularization for last 15 years and they are not getting wages. There is no any mechanism for them. There is also no focus on increasing employment. During lockdown, tourist industry of Jammu and Kashmir lost revenue of Rs. 40,000 crore. I support the Bill, but there are some serious areas of concern which need to be addressed by the hon. Finance Minister. SHRIMATI PRENEET KAUR: The Indian economy has witnessed a sharp contraction of 23.9 per cent year-on-year in the first quarter of 2020. This was the largest contraction on record in independent India‟s history of course, by nationwide lockdown. The pandemic has affected every sector of the economy. It is farmer that is still sitting patiently and peacefully and waiting their due justice. India had been experiencing slower economic growth and rising unemployment. By 2018, the unemployment rate exceeded 6 per cent, while the youth unemployment rate doubled from 10 per cent to 23 per cent. There has been no relief for the salaried class. A tokenistic aid has been given to the senior citizens. A new cess was introduced for purposes of financing agriculture infrastructure. The cess not only impact fiscal federalism but also greatly compromises the States‟ ability to meet their mandate. A hike in Customs Duty will only further accentuate the severe economic crisis. The Finance Bill, 2021 contains a number of provisions that may not strictly meet the definition of a Money Bill. Pushing such proposals through the Finance Bill can only be seen as an attempt to evade Parliamentary scrutiny. The Government should consider revival of our MPLAD fund. The Government should enhance the meagre salaries of the ASHA workers. SHRI VIRENDRA SINGH: The face of Indian village is undergoing a drastic change. It is the first time in the history of independent India that the poor people have reposed faith in the Government. They are getting houses under the Pradhan Mantri Awas Yojana. I completely agree with the farmers‟ movement but, unfortunately, this movement has been facing the crisis of credibility. I humbly request the farmers to hold dialogue with the Government to address their grievances. This Government under the leadership of Shri Narendra Modi has taken unprecedented steps for the welfare of farmers. The Union Cabinet has passed a proposal for organic farming within the range of 5 kilometer on both sides of the Ganga river and, thus, has opened the path for prosperity of the farmers. It is being said that the country is being sold to the industrialist but we must remember that they are not traitors and smugglers. SHRI SYED IMTIAZ JALEEL: Every Member of this august House wants the restoration of the MPLADs Fund. The Government has slashed the budget for the minorities. The amount of Rs.28,000 crore which the Government owe to Maharashtra in the form of GST reimbursement is not being given. It is high time that we set our priorities right. The country, at this point of time, does not need a new Parliament building and other wasteful expenditure. Instead, the country needs better hospitals, more educational institutions, scholarships for all the needy students and regular drinking water for all. SHRI SUDHEER GUPTA: Today, every children has been compulsorily admitted in schools. Thanks to the visionary leadership of the Hon. Prime Minister Shri Narendra Modi and skillful financial management of the hon. Finance Minister, the New Education Policy has been implemented in the country. Fifteen thousand model schools are proposed to be built. A central university has been set up in Leh. The number of laboratories in the rural areas is growing because of the Atal Tinkring Lab and the National Secondary Education Mission. The country has been making great strides in the area of infrastructure development. This budget has resolved to set up ten thousand new FPOs. The interests of the farmers are being taken care of through a number of measures like Kissan Samman Nidhi, Fasal Bima Yojana, Soil Health Card etc. SHRI RAM MOHAN NAIDU KINJARAPU: Hon. Members from Andhra Pradesh have been speaking about the Finance Bill for the last seven years since the bifurcation of the State. Yet, the demands are yet to be met. I would like to repeat a few of them like special status for Andhra Pradesh, bridging of resource gap, Polavaram Project, formation of Railway Zone, Metro, Road, Rail projects, establishment of Vizag Chennai Corridor, setting up of educational institutions and many more things. I would request the Government to expedite the process of financial assistance to the State as 8 years have already elapsed since its reorganization. Besides, I totally opposed the proposed privatization of Vizag Steel Plant. I would like to bring home the fact that this steel plant was established after huge sacrifices made by Telugu people. The Central Government has ignored the emotions of the people and the argument is being put forward that it is a sick unit which I beg to differ with. Given the statistics this plant clocked profit for 13 consecutive years and has achieved an all time high of 1.3 million tones in exports. Even in the times of Covid it earned a profit of Rs. 212 crore in December 2020. The argument of wasting tax payers money in the sick units also does not hold ground in this case. To put in the prospective, against the restructuring package of Rs. 6200 crore the Vizag Steel Plant paid back Rs. 43,000 crore in terms of taxes and dividends. This apart, I would request the Government to reduce the rate of interest against loan to the Vizag Steel Plant which is 14 per cent whereas TATA Steel Plant is getting loans at 8 per cent ROI. I demand for one nation one justice. If something is happening from the Central Government towards Gujarat in a certain way, I would request the same treatment to be met with Andhra Pradesh based Vizag Steel Plant. I would request the Government to walk on the same lines as Vajpayee ji and help this plant by providing good rate of interest and captive mines instead of privatization. SHRI SUBHASH CHANDRA BAHERIA: I would like to compliment the hon. Finance Minister for the host of safeguards and legal provisions made in the interest of honest tax payers. Despite Covid pandemic no new tax has been levied in this Finance Bill. The honest tax payers have been given incentive, bottlenecks have been removed and provisions have been made for the widening of certain tax bases. Special LTC cash back scheme has been launched with no tax liability for the Government employees. The provisions of tax benefit which were to be lapsed on 31, March 2021 have been extended upto 31, March 2022 due to the pandemic. Real Estate sector has also been given a boost by allowing the registration of property at the actual cost and not the circle rate. This is huge relief. Person with more than Rs.50,000 TDS not filing tax returns would liable to pay double taxes. This is a good provision leading to significant increase in the number of tax payers. Besides, the existing provision of GST wherein a penalty of 24 per cent taxation is imposed in case of incorrect entry needs to be relooked as this kind of error can be made due to technical reasons also. Last but not the least all the stake holders and associations should be consulted before doing away with inverted duty structure. SHRIMATI NAVNEET RAVI RANA: I support this Bill. It is a very good and bold initiative by the Government. It will enable faster long-term infrastructure growth by making available timely and easier way of long-term finance through the institution called National Bank for Financing Infrastructure and Development. It will also help the small and medium enterprises to grow and prosper. I would urge upon the Government to release the balance amount of GST to the State of Maharashtra. It will help develop hospitals and provide allied healthcare facilities and do things for the welfare of farmers as well. SHRI BHOLA SINGH: It is a historic Budget at the time of Covid pandemic. This budget is designed to make the nation self-reliant. There has been no increase in taxes and the backward, the destitute people are being given an opportunity to start their business through Startup Scheme which has been extended upto 31, March 2022. Ayushman Bharat Card is an elixir for the poor masses who cannot afford their treatment in the reputed and private hospitals. Moving a step further the initiative being taken to ensure supply of potable water to every household in the rural areas is a welcome initiative. A relief package worth Rs. 36,000 crore for Covid vaccination deserves appreciation. Finally, I would like to submit that Bulandshehar does not have any Trauma Centre for the serious patients despite being in the NCR region. Therefore, this facility needs to be provided there. SHRI RAHUL RAMESH SHEWALE: I support this Bill. However, I have certain reservations to make. Realization of income tax from the retired officials is not good. Though the Senior citizens above 75 years of age have been exempted from filing refund but it does not stand to reason as to how one would get returns in case excess TDS is deducted from their Accounts. The Senior Citizens with no other means of survival should be exempted from taxation. Besides, in the provident fund private and semi-private employees were supposed to get the pension amount of Rs. 7500 in place of Rs. 1000 since August 2017 as per the Supreme Court directive but the differential amount has not yet been paid. Increase in the price of Petrol and Diesel is also a point of huge concern. The price of petrol and diesel should be brought within the purview of GST and must be put under check. Mumbai based SR projects should be funded by NBFC and Real Estate should be given status of an industry. With the status of an industry they would be able to avail bank loan facility. Besides, the redevelopment of slums under SR project should be counted in affordable housing to give them relief. DR. ALOK KUMAR SUMAN: This Bill is aimed at giving effect to the Financial proposal for the financial year 2021-22. This includes a lot of people friendly provisions like Amendment to Vivad Se Vishwas Act, 2020. Faceless Appeal Schemes has been put in place for the sake of efficiency, transparency and accountability. Resolution of tax disputes has been made better under the Finance Act, 2021. Dispute Resolution Committee has been provided to take care of the cases relating to Central Excise, Service tax and GST lying pending in various fora. I would like to demand Special Package for Bihar in order that the pace of progress and development in the State can witness a further fillip. I support the Bill. SHRI ANIL FIROJIYA: I am terming the Finance Bill, 2021 as a historic and foresightful Bill as this will strengthen our economy. Apart from it, the tax audit limit has been increased from Rs.5 crore to Rs.10 crore. Now, the taxpayers have been given so much freedom that they can choose either old or new tax slab. I would like to thank the hon. Prime Minister and the hon. Finance Minister for providing tax relief to the common men and it is a very appreciable step. Especially during Corona pandemic, people have started raising demand that the tax benefits being provided to the taxpayers under Section 80D should be increased. At last, I support this Bill. KUNWAR DANISH ALI: The number of beneficiaries under the PM Kisan Samman Nidhi Yojana is being gradually curtailed, be it in Hapur district or Amroha district of Uttar Pradesh. Undoubtedly, the poor have been provided gas cylinders under the Ujjwala Yojana but at the same time they have been rendered unable to get their cylinders refilled by doubling its price. Diesel is generally used by the farmers but its price has also been doubled. Hence, you need to brood over it. I would like to say that the pace with which privatization is being undertaken and if it continues the way it is, then your intension is quite clear to us. If the Public Sector Undertakings continued to be privatized with this speed, the provisions of reservation made for the Scheduled Castes and Scheduled Tribes will automatically become meaningless. SHRI HANUMAN BENIWAL: The Government has already made the condition of farmers from bad to worse by bringing three agrarian Bills in the country. Today, the farmers of the country are protesting on the streets in which 200 farmers have lost their lives. Therefore, I would like to request the Government to withdraw all the three agrarian Bills. Moreover, all the loans of farmers should be waived off. Today, the prices of petrol and diesel have reached Rs.100 per liter whereas crude oil is getting cheaper in the international market and hence I would like to request to bring down the prices of petrol. You should include the garments made of khadi in the list of zero GST as it will boost up khadi industries. I would like to say that if you analyze the Budget then you will come to know that the middle class and the salaried class are not getting any benefit from the steps taken in the Corona affected economy and mentioned in the Budget. The Government needs to consider it. The MPLAD scheme may be restarted. The nationalized banks should be opened in the village Kurchi and Bhundel of Khinwsar Block, Lichhana of Parbatsar, Nokha Chandawata of Merta and Akoda of Dindwana of my Parliamentary Constituency, Nagaur. Moreover, Rajasthan should be accorded the status of special state. SHRI PINAKI MISRA: There is no question that this Finance Bill is being debated and passed in very trying times because of COVID-19. The Government is relying significantly on receipts from disinvestment in the PSUs to the extent of Rs.1.75 lakh crore. This is appearing highly optimistic to me because in 2021, there was a target of Rs.2.1 lakh crore and the Government reached Rs.32,000 crore only. The second aspect which troubles me is the tax revenue receipts in 2021-22 which is supposed to increase according to the estimate by 16 per cent. I do not understand how that will happen now because as of December, 2020, the gross tax receipts for 2021 is only Rs.13.38 lakh crore which is 55 per cent of the Budget Estimates. If only 1.5 crore people out of 130 crore people pay tax in this country, the tax base is abysmal. You have to go for widening this tax base. The poor marginal farmer cannot be taxed, no question about it. But, why should farm income, for instance over Rs.50 lakh, not be taxed? I think this Government under this Prime Minister probably has the courage to say, „if you are a big landlord farmer, then you must pay tax like everybody else pays tax because there is no reason why this country should bear the burden of your excesses and you get away scot free. SHRI SUMEDHANAND SARASWATI: My state account for 10 per cent of total geographical area of India whereas the availability of water is only 10 per cent there. There is shortage of water in my Parliamentary Constituency. At times, people face acute shortage of water. The Union Government proposes to set up a uranium processing plant with an estimated cost of Rs. 6000. Once this plant becomes operational, as the scientists say, India will not require import of uranium for the next 40 years. Further, I request that a Sainik School should be opened in my Parliamentary Constituency. In the end, I support the Finance Bill. THE MINISTER OF FINANCE AND MINISTER OF CORPORATE AFFAIRS (SHRIMATI NIRMALA SITHARAMAN) replying said: I would like to highlight a few points of the Finance Bill. There is no change in the rate of income tax. However, there are certain changes being made in the Income Tax which are largely focused on the issue of ease of doing business, and compliance. We hope to have a complete structure for the Customs Act, which is going to be absolutely simple. There has been lot of discussion on the Agriculture Infrastructure Development Cess. I would like to tell you that AIDC cess will have to go to the States. The National Bank of Financing Infrastructure and Development is a very important step that we are taking. For that, we need to give some tax exemptions. An Hon. Member has asked as to why there should be Customs Duty imposed on items which are normally used in every household. I would like to tell the House that there are MSMEs who are manufacturing them and we did not have to import them. Therefore, on those items, we have imposed a duty. The GST-related matters pertain to the GST-Council in which all States Finance Ministers are members. It has been noticed that it is difficult to recover penalties levied on the persons who are involved in fake GST invoices. The proposed provision, would ensure collection of this penalty, would be applicable for only big fraud cases where the amount of fake invoice is rupees two crore or more. I want to put it on record here that 15th Finance Commission has provided a weightage of 12.5 per cent for demographic performance. Under this criterion the States that have lower fertility rate will get higher share for this component. The Custom duty on petrol and diesel was brought down and the cess was imposed for Agricultural Infrastructure Development. It was imposed far lesser than the quantum of the reduction in the Customs Duty. The new TCS provision is not burdensome. It is 0.1 per cent. It applies only to those big taxpayers whose turnover was more that Rs. 10 crore in the year before. The vaccination in Government hospitals is free. A point has been raised about bringing diesel and petrol under GST. I will be glad to have it on the agenda in the next GST Council. We have not increased the number of years for which the scrutiny or assessment survey could be done. For foreing undisclosed assets, the Act on black money would be applicable and for action under the Act, there is no time limit. Equalisation levy is a tax which has been imposed to give level playing field between Indian businesses who pay tax in India and foreign e-commerce companies who do business in India but do not pay any income tax here. I want to address the question of income tax imposed on Rs. 2.5 lakh contribution in the PF. This limit of Rs. 2.5 lakh is covering majority of the people. Small and medium tax payers are not impacted by this step. I intend to raise the limit to Rs. five lakh where there is no contribution by the employer. There was a question about ULIP where insurance gets linked to the unit. We have segregated that. We have tried giving equal treatment. As regards long staple cotton, I will try to see what I can do about it. As regards Defence Modernisation Fund, we have not taken a call as yet in this case. Seventy-four per cent FDI in insurance will help private insurance companies. LIC's IPO and the FDI are totally different subjects. The Bill have nothing to do with LIC at all. The Budget has announced a strategic sector policy where the public sector enterprises' presence will continue. The allocation for the Ministry of Minority Affairs has not come down. The likely compensation due to States and Union Territories in the Financial Year 2020-2021 is Rs. 77,635 crore. As regards disinvestment, the market has been buoyant. I am hopeful that I will be able to achieve it. The tax rates are being brought down. The tax disputes are being settled through various schemes. The Bill, as amended, was passed. ______

THE NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT BILL, 2021 THE MINISTER OF FINANCE AND MINISTER OF CORPORATE AFFAIRS (SHRIMATI NIRMALA SITHARAMAN) moved the motion that the Bill to establish the National Bank for Financing Infrastructure and Development to support the development of long term non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto be taken into consideration. SHRI JASBIR SINGH GILL initiating said: This is a good step taken by the Government. Infrastructure development in the country will get a push after setting up of this Bank. There should be a provision in the Bill so that small investors can also buy its shares. Bureaucrats cannot run airlines and banks. The Board should consist of people having 25-30 years of experience in banking and infrastructure sector. At least two elected representatives should be in this Board so that they can tell the priorities of the people. This bank will help in removing the pendency of projects due to lack of funds. An advisory council should be set up for this bank which will identify the projects required for the development of the country and to fix their priority. SHRI JAYANT SINHA: This Budget is an historic and revolutionary Budget. We need world class infrastructure in every sector of the country. Six thousand schemes have been identified through national infrastructure pipeline. We can give a push to the economy of our country only through the financing of the infrastructure pipeline worth Rs. 111 lakh crore. If this National infrastructure pipeline is implemented expeditiously then our people will get a lot of benefits like electricity, roads, water, metro, airport, piped gas, new townships etc. This will speed up employment also. This institution will bring a revolution in the infrastructure sector. This institutions is going to fulfil all the requirements of roads, ports, power plants, airports all over the country. SHRI GAJANAN KIRTIKAR: Work on infrastructure is progressing fast in the country. All the nationalised banks in the country have been providing loans for industries, agriculture and infrastructure as well. The proposed national infrastructure bank will play its pivotal role in the times to come. This Bank must get equity support. The NABARD has been functioning quite efficiently in providing loan support to agricultural based industries. I would, therefore, request that the NABARD should not be privatized. The establishment of proposed infrastructure bank should in no way impact the other nationalised banks. SHRI POCHA BRAHMANANDA REDDY: The main objective of this Bill is to support the development of long-term infrastructure financing in India. It is said that India needs to spend at least 4.5 trillion dollars on infrastructure by 2030 to sustain its growth rate Major constraints in infrastructure sector are still hindering the desired growth. The main factors are lack of availability of funds for financing large projects. Delays in Indian infrastructure projects lead to time and cost overruns in the implementation phase. When it comes to the State of Andhra Pradesh, I wish to bring to you notice that the State Government, under the leadership of the hon. Chief Minister is committed to build a robust infrastructure in the State. I, on behalf of my party YSR Congress, express my support for this Bill. SHRI DULAL CHANDRA GOSWAMI: We are all aware that the infrastructure is of immense value for any country. The Union Government has announced to set up a new development finance institute to facilitate the financing for the infrastructure in the country. This is a welcome step. Keeping in view the requirement of 111 lakh crore rupees for infrastructural development programmes upto the year 2025, the development finance institute will have an important role in the country. SHRI CHANDRA SEKHAR SAHU: This Bill seeks to set up a new Development Financial Institution, that is, National Bank for Financing Infrastructure and Development for infrastructure financing. DFIs, are not new in India. In Independent India, three national-level DFIs, i.e. IFCI, ICICI and IDBI were established during 1948-64 to provide long-term financing in the industrial sector. Besides, State-level DFIs were also set up by State governments to provide concessional lending to small and medium enterprises. After decades for free- market orthodoxy, other country too are revisiting the role of FDIs to meet the challenges of today and tomorrow. Under the provisions of this Bill, the Institution shall be wholly-owned by the Central Government. Similarly, shares of the Institution may be held by the Central Government and other institutions but the Government would at all times hold 26 per cent of the paid-up voting equity share capital as per the Bill. I would request that the proportion of the permanent Central Government should be increased from the current proposed 26 per cent holding to at least 51 per cent. Similarly, DFIs should be transparent in their operations and accountable not only to the Government but also to all stakeholders and the public at large. Given their tremendous potential, it is imperative to re-image the role of DFIs in the 21st Century as the DFIs can be a vital instrument in any Government policy toolbox for creating societal and public value. SHRIMATI SANGEETA AZAD: The use of DFI to finance infrastructure in developing countries like India has been successful and popular. The Institute of Development Finance was first established in 1948 in India. Subsequently, the state finance corporation was constituted at the State level after the implementation of the SFC Act in1951. In the early stages of planned economic growth, some more DFIs like ICICI and UTI were formed in 1955 and 1964 respectively. However, the financial pressure on the country has increased with the grant of resources of banks to DFIs, which has led to an error in the structural concept of DFI. At the same time, there are a lot of errors in this Bill, which are very much in need of amendment. The weakest link in DFI is that the bond market in India is still not developed. For this, I believe that this important Bill should be made errorless by sending it to the Committee before it is materialized. SHRI B.B. PATIL: For any developing country, including India, financing of infrastructure project is a challenge. Therefore, it is important for the Government to set out a structured financing mechanism for these projects. The earlier FDIs were created during the pre-economic liberalisation era. Post the economic liberalization in 1991, when the industry started opening and a lot of special benefits to the FDIs were withdrawn, the equation suddenly changed. Further, the industries also became more competitive and started focusing on alternate sources of fund raising. This led to a complete collapse of the DFIs‟ concept, leading to conversion of IDBI and ICICI into commercial banks. So, to be more effective, India could follow a combined approach, that is, to have an institutional set up that provides support from the Governments and an appropriate market mechanism. Financing for infrastructure project is important for country‟s progress and the thought to set up a DFI is timely. However, a simple DFI structure alone may not be able to resolve the infrastructure financing issues. So, I also request the Government to approve various schemes proposed by our State Government and allocate funds for the same. SHRIMATI SUPRIYA SADANAND SULE: I support this Bill. I think it is finally some steps in the right direction by this Government. When you do not own 75 per cent, will the Government of India still be the sovereign guarantee? When the ownership is not with the Government, why are we giving sovereign guarantee? My concern is, with its ownership diluting, how the Government will decide who is the right professional for this. What will be category and how will you choose them? Why would the Government, which talks about transparency and accountability, not want it? Why are we running away from transparency? This Bill is going to have very serious financial implications on all our infrastructure projects. So, when we have the EPC option, why would anybody come to this bank? When such long-term loans are given, how are you going to manage full transparency and accountability? We support this Bill but I think we must have complete clarity, transparency, and professional behaviour. SHRI S. C. UDASI: I support the National Bank for Financing Infrastructure and Development Bill, 2021. During this type of economic crisis, a well-designed expansionary fiscal policy stance can contribute to better economic outcomes. It can boost potential growth with multi-year public investment packages that raise productivity. Infrastructure development is critical for boosting growth prospects. Our ability to realise fullest potential depends on making smart infrastructure choices. We have set a target of five trillion-dollar economy by 2025. We will spend more than Rs. 110 lakh crore on infrastructure in the next five years under the National Infrastructure Pipeline. The aim of these efforts cannot be more economic growth. Our efforts should be towards improving the ease of living or the quality of life for everyone in our country. The creation of the National Bank for Financing Infrastructure Development is a step in the right direction. SHRI E. T. MOHAMMED BASHEER: The National Bank for Financing Infrastructure and Development Bill seems to be a good move in the proper direction. Ours is a fast-developing economy. We have a lot of dreams and needs, and in order to meet them this kind of reforms are really required. Islamic Banking is having its own significance. When we are in search of good finance, we know that this can give us a very good support. When we are doing this, our apprehensions will have to be addressed. I hope that the hon. Minister will address the apprehensions and make it a pucca and clean Bank. SHRI SYED IMTIAZ JALEEL: Employees in the banking sector are already out on the street, protesting privatization move. I would like to know the name of two public sector banks which are going to be privatized. Default in payment obligation by Infrastructure Leasing and Finance Services needs a thorough investigation. The recovery of loan is just seven per cent. Now, the question is: What happened to that 93 per cent recovery? How, when, and how does the Government plan to recover that amount? There are two sets of laws here one is applicable to the rich flying abroad with our money and the other one is for the poor who are subjected to face the law for petty amounts. My humble request is to get all the Modis, the Nirav Modis, the Lalit Modis and the Mallyas back into country. We request you to catch them, bring them back and send a message that anybody who loots the public money will have to face the music and will have to face the law. SUSHRI SUNITA DUGGAL: The hon. Finance Minister while presenting the Union Budget 2021 stated that infrastructure needs a long-term debt financing. This is a journey from a „Developing Country‟ to the developed one. The Development Financial Institution is an organization which is either owned by the Government or by the charitable institution to finance infrastructure projects that are of national importance but may or may not meet the commercial return standards. I think we have piloted this Bill only after removing the constraints of the old DFIs. Infrastructure development shall generate huge employment. Government intervention is necessary to facilitate and enable low cost, long-term, patient capital from India and abroad into greenfield infrastructure projects to foster sustainable economic development. Chanakya ji said: “A well-planned work produces good results even in adverse conditions.” With this note. I support the Bill. DR. AMAR SINGH: The country needs a lot of funding for infrastructure development. But I am afraid whether there would be any heavy investment in a scenario when the world economy is receding. Besides, what is so specific about the proposed institute that the role of CAG has been dispensed with. My suggestion is very clear that we must follow the international model. The international model is that the Government of India must take the responsibility to fund the infrastructure from its taxes. We can take steps to tide over NPAs of Banks, Clear Balance Sheets and create a very vibrant bond market leading to inflow of funds. SHRI RAVI KISHAN: This Bill will give support to the system to strengthen the infrastructure. This will trigger growth of economic development, generate opportunities of widespread employment. Our hon. Prime Minister has targeted to make the Indian economy a Five Trillion Dollar Economy. This progressive law will give much help to achieve this target. The DFI will work for making available loan for the basic needs of roads for the towns and villages, electricity connections, powerhouses, railway lines, airports and ports. All these will give benefit to the common citizens of India. SHRI HANUMAN BENIWAL: A provision is proposed to give tax exemption in regard to the fund raising by this institution from investors. Today, the Government is talking about strengthening the infrastructure development, however, the people have mistrust over privatization of banks. I demand that the Government may ensure that the black-money stashed abroad is brought back. I would like to make a demand that there is a requirement to make a roadmap for the loan waiver of farmers in the country. How many new jobs will the people of the country get in the banking sector through the investment the Government is talking about? The share of public sector banks has been declining over the last few years in the banking related business and the share of private banks has been increasing. In the year 2010, 75.01 per cent loan was provided by the public sector banks which decreased to 57.03 per cent in the year 2020. In the meantime, the loan extended by private sector banks has increased from 17.04 per cent to 35 per cent. Therefore, it is my suggestion that the privatization of banking sector is not a solution to any problem. As such, the administration of public sector banks can be improved to make them better by bringing transparency in their functioning. New staff needs to be recruited in public sector banks as the personnel are facing a lot of work pressure as of now. Such Bills should be brought in as could provide employment to the people and make the farmers of the country prosperous. I oppose this Bill. SHRI RAHUL KASWAN: There was a need for a professionally managed DFI for infrastructural funding in the country. As such, this Bill was the need of the hour. We require a project infrastructure funding system in the country which will be of much help to us. DFI is not only related to infrastructure and industrial development, it is an instrument of social development and inclusive growth as well. A big project of Rajasthan- The Yamuna Link Project has been lying pending for the last 25 years. I belong to the Churu area. With the commissioning of DFI, opportunity for long-term funding will be available and it will give much help to our Constituency. Let me talk about the railway sector. Not a single railway line has been made in Rajasthan during the last 15 years barring a few commercial routes. Through DFI, the Government has taken a splendid step. The DFI will play a role in making a new picture of India in the times to come. SHRIMATI NIRMALA SITHARAMAN replying said: I thank each one of the hon. Members who have taken interest in participating in this discussion. This institution which we are going to create through a statutory provision is a very unique institution. It has taken this unique shape based on the lessons that we learnt from all other earlier institutions. Bond market in India is not really mature. So the bond market cannot adequately take care of our financing needs for long-term projects. Therefore, you need to have a specific institution which can finance development and also projects in this country. So, this DFI will probably meet about eight per cent to ten per cent of the expected expenditure of the NIP itself. Rs. 20,000 crore is the equity Government of India is providing and a grant of Rs. 5,000 crore is being given for reducing the cost of funds. The Reserve Bank of India will issue regulations for granting licences to other infrastructure-focussed DFIs which may be set up by anybody else other than the Governments. This institution will not be listed because this is a long-term funding institution. Now, we have 100 per cent ownership. It will be gradually reduced to 26 per cent but not lower than 26 per cent at any time in future and even then, we will be able to give sovereign guarantee. It is being created by Statute. So it will be answerable to the Parliament. Hopefully, I have answered all the questions. So, I would request the House to pass this Bill. The Bill was passed.

UTPAL KUMAR SINGH Secretary General

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