FM focuses on Infra, Health, Agri and poll-bound states; I-T slabs unchanged | Budget 2021 summarised

Union Agriculture Minister Narendra Singh Tomar

Government of India under the leadership of PM Narendra Modi is committed to working for the interest of farmers. Every year the focus is not only on increased budget allocation, but also the implementation of schemes. 

The Budget was a let down like never before. This Budget, like the previous one, will unravel sooner than you think. 

The budget 2021 has been presented in an unprecedented situation. It is inclusive and is dedicated to the welfare of all people of India. 

It is anti-people budget. They always make false statements. India's first paperless budget sold almost every sector. There is nothing for the unorganized sector in the budget.

We welcome the Finance Minister's emphasis on healthcare spending & immunization especially for COVID-19 & the pneumococcal vaccines as this will help India recover rapidly from this pandemic. 

• This Budget comes at a time when all of us decided to give impetus to the economy & that impetus, we thought, would be qualitatively spent & give necessary demand push if we choose to spend big on infrastructure.
• If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges, ports and so on.
• As a second feature, I tend to the need of the healthcare sector and even there, capacities for better health management had to be brought in in light of what we had gone through last year. 

• Many thought we will put the tax burden on the common man. However, we focused on a transparent Budget. 
• We have taken the approach of widening new opportunities for growth, new openings for our youth, a new high to human resources, develop new regions for infrastructure, walking towards technology and bring new reforms with this Budget.
• The Budget focuses on increasing farmers' income, several measures have been taken in this direction. Farmers will be able to get loans easily. Provisions have been made to strengthen APMC markets with the help of Agriculture Infrastructure Fund.
• Today's Budget shows India's confidence and will instil self-confidence in the world. The Budget has the vision of self-reliance and features every section of society. 

Prasanna Manogaran, Founder of Aqgromalin - an agri-tech startup, said that government's target of increasing the credit to 16.5 lakh crore for Agriculture and Allied Sectors with special attention to Animal Husbandry and Aquaculture is a welcome move. "We need to observe the vehicle for delivery of these funds and how it will reach the last mile. The proposal to raise fish production to 200 lakh tonnes by 2022-23 can be achieved only through focussed investments in Aquaculture. The government’s initiative to involve youth in fishery extension through 3477 SagarMitras and 500 Fish Farmer Producer Organisations is an excellent move. The plans to set up a SeaWeed park in Tamil Nadu is a clear indication of the Government's intent to throw light on alternative forms of Agri Income generation instruments. Growing of algae, sea-weed and cage Culture will also be promoted and hopefully this will pave ways for regulations around Marine Aquaculture. Seaweed production in India is approximately 20000 tonnes compared to Indonesia’s 15 million tonnes. The industry has the potential to provide employment to close to 6-8 lakh people. Overall with the government's continued commitment to achieve the Doubling of Farmers Income by 2022, we believe that diversification into Animal Husbandry and Aquaculture will help our country reach this goal," Manogaran said.

Manish Bhatnagar, Managing Director, SKF India, said that concentrating on the revival of the economy, this budget is totally one of its kind. Along with bringing cutting edge technology, increasing the demand for new commercial vehicle (CV)and Passenger vehicles(PV), creating new jobs, schemes like the PLI and voluntary scrappage policy are likely to to nurture and boost the Indian manufacturing industry to become an integral part of the global supply chains. "Furthermore, ensuring liquidity in the economy and unhindered flow of capital, the package for roads and railways infrastructure is bound to give an impetus to the covid-hit economy. The robust push to infrastructure including economic corridors, manufacturing and MSME’s collectively, is likely to help boost demand for heavy & medium duty CV’s”.

Pavan Allena, Founder & CEO MetamorphosisEdu, said that the introduction of the New Education Policy with a special focus on skill-based aspects will help in transforming & up-skilling not only the existing faculties but also the students. "This will help us in creating content that will transform the education regime to global standards. Also, the government’s vision of Digital India and Startup India is incomplete without efficient entrepreneurs who not only have a vision but the skills to execute them. The Finance Minister’s announcement to incentivize start-ups funding and propel single entrepreneurship in the country will enable the development of cutting-edge and indigenous technological solutions, create high-tech jobs in India, up-skill Indian professionals, and enable us to tap the ripening global market,” Allena said.

The Congress on Monday strongly criticised the Union budget, saying Finance Minister Nirmala Sitharaman's speech was oblivious to the declining GDP and the budget was a case of "wrong diagnosis and prescription". "The FM could have been brave but chose to be timid. The nation needed a bold budget and more direct transfers to the weaker sections to revive demand, restart job creation," senior Congress leader and Deputy leader of Opposition in Rajya Sabha Anand Sharma tweeted.

Finance Minister Nirmala Sitharaman announced on Monday a record sum of Rs 1.10 lakh crore for the Railways, out of which Rs 1.07 lakh crore is for capital expenditure, and said the national transporter would monetise the dedicated freight corridors after its commissioning. Presenting the Union Budget 2021-22, Sitharaman also applauded the services provided by the Railways to transport essential goods across the country during the coronavirus lockdown.

"I am announcing a record sum of Rs 1,10,055 crore for railways of which Rs 1,07,100 crore is for capital expenditure only," she said. "Indian Railways have prepared a National Rail Plan for India 2030. The plan is to create a future ready railway system by 2030 bringing down the logistic cost for industry is at the core of the strategy to enable Make In India," Sitharaman said.

Anti-corruption ombudsman Lokpal has got an allocation of nearly Rs 40 crore for 2021-22 to meet its establishment and construction related expenditures, according to the Union Budget presented on Monday. The Lokpal was given Rs 74.7 crore for the ongoing fiscal, which ends in March. This has now been revised to Rs 29.67 crore for 2020-21, it said.
A total of Rs 39.67 crore has been allocated to the Lokpal for the next fiscal, according to Union Budget 2021-22 presented by Finance Minister Nirmala Sitharaman. The provision is for establishment and construction related charged expenditure for the Lokpal,  it said.

Uttar Pradesh Chief Minister Yogi Adityanath on Monday said the Union Budget will prove to be a milestone in upgrading India's economy and will ensure development of all sections of society. "The general budget is in accordance with the expectation of public welfare, inclusive and 'Atmanirbhar Bharat' (self-reliant India).The budget has taken care of every class including farmers, middle class, poor, women," he said in a series of tweets in Hindi. It will speed up the economy and financially empower every citizen of the country, he said.

The TMC lashed out at the Centre over the Union Budget on Monday, saying it was 100 per cent "visionless" and its theme was "sell India." The remarks came after Finance Minister Nirmala Sitharaman read out the Union Budget speech in the Lok Sabha. "India's first paperless budget is also a 100% visionless budget. Theme of the fake budget is Sell India!" TMC spokesperson Derek O'Brien said. "Railways: sold, Airports: sold, Ports: sold, Insurance: sold PSUs: 23 sold!" O'Brien claimed common people and farmers were ignored, adding that the Budget would make the rich richer and the poor poorer, while the middle class got "nothing".

The government on Monday proposed to provide Rs 1,000 crore for the welfare of tea workers in two poll-bound states - Assam and West Bengal. In the first paperless Union Budget, Finance Minister Nirmala Sitharaman said that a special scheme will be devised for the same. "I propose to provide Rs 1,000 crores for the welfare of tea workers especially women and their children in Assam and West Bengal," she said while presenting the Union Budget 2021-22. West Bengal and Assam are the two big tea producing states in the country.

The Central Bureau of Investigation, which is probing high-ticket corruption cases and has registered over Rs 67,000 crore of bank fraud cases last year, received Rs 835.39 crore in the Union Budget on Monday, a nominal cut from Rs 835.75 crore it received as per revised estimates for 2020-21. The agency has to pool human resources with burgeoning bank fraud cases, extradition cases abroad, besides special crime cases handed over to it by various high courts and the Supreme Court. The CBI had received Rs 802.19 crore initially in the last budget and it was increased to Rs 835.75 crore in the revised estimates for 2020-21. The agency has been allocated Rs 835.39 crore to manage its affairs in 2021-22, a minute dip of Rs 36 lakh, according to the Union Budget presented on Monday by Finance Minister Nirmala Sitharaman. In the fiscal 2019-20, the CBI was allocated Rs 786.08 crore.

Congress MPs from Punjab, Gurjeet Singh Aujla, Jasbir Singh Gill and Ravneet Singh Bittu, on Monday wore black robes in Lok Sabha during the presentation of the Union Budget to express solidarity with protesting farmers and against the three farm laws. The three MPs from Punjab have been sitting on a dharna at Jantar Mantar here for two months now demanding the repeal of the three farm laws. The three MPs on Monday first protested outside Mahatma Gandhi's statue in Parliament house complex and raised slogans against the government, alleging that it is "anti-farmer" and is not listening to the voice of farmers.

Dharmendra Ahuja, Founder & CEO, PitchWorx, said that pandemic has affected almost all the sectors but micro small and medium enterprises (MSME) have borne the maximum brunt. As a result of which the sector has been facing massive liquidity, tax burden, rigid compliances, and non-payment of dues. To build the sector robustly, the government plans to set aside Rs 15,700 crore in FY22 and proposes to reduce margin money requirement from 25% to 15% for startups. "Under the Atma Nirbhar Bharat Abhiyan package, the government has also announced Rs 3 crore Emergency credit line Guarantee Scheme to mitigate the stress and provide easy access to credit. With the Budget 2021, MSMEs and startups will have better debt access and GST relaxation. As we move towards the next normal, the budget paves the way towards the strong economic growth while building a strong workforce in the segment," he said.

This BJP government reminds me of the garage mechanic who told his client, “I couldn’t fix your brakes, so I made your horn louder.” #Budget2021

Kamal Narayan Omer, CEO,  IHW Council, said that the most noteworthy aspect of the healthcare outlay this year is a distinct integration of health and wellbeing with causative factors such as nutrition and clean air. This is a marked departure from the previous budget where curative features received the lion’s share of the outlay. "This change in approach, driven by the once-in-a-century pandemic, augurs well for the overall healthcare landscape of India. The massive 137 per cent increase in the budgetary outlay with a dedicated corpus of Rs 35,000 crore for COVID-19 vaccines was a much needed step and I congratulate the government on stepping away from the stock approach to healthcare," Omer said.

Dr Poonam Khetrapal Singh, Regional Director, WHO South-East Asia, said that focus on health in Budget is testimony to India's commitment to fight COVID. It also shows India's commitment to build stronger health systems. Right from beginning, India has been pro-actively handling pandemic. It has not only done this for its own country but it has also gone out of its way to support other countries of the southeast Asian region with supplies and now vaccines so that those who are vulnerable, their needs are also addressed.

Budget 2021 is focussed on accelerating pace of our progress. In my opinion, Finance Minister had raised a lot of expectations regarding Budget 2021 and she has fulfilled all of them. Given the current times, the budget is focussed on India's growth and is tailored to accelerate the growth rate: NITI Aayog Vice Chairman Rajiv Kumar

Ministry of Defence allocated Rs 4,78,195.62 crores. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year’s Rs 3.37 lakh crore. 

Ministry of Home Affairs allocated Rs 1,66,546.94 crores.

Sensex soars over 1,800 points; currently at 48,172.85.

Shuchin Bajaj, Founder & Director, Ujala Cygnus Group of Hospitals, said that the health allocation in the first digital Union Budget presented in the Parliament after the coronavirus pandemic reflects that the government is serious about the steps needed to reach that level of health preparedness. "The announcement of the new centrally funded scheme, PM Swasthya Yojana with an outlay of Rs 64,180 crore, will strengthen and develop primary, secondary and tertiary healthcare facilities even in the last miles of our nation. Even the budget outlay of Rs 2,23,846, a 137 per cent increase from the  previous year, in health and welfare shows that our budget has  no doubt focused on the preventive, curative and holistic healthcare. The allotment of Rs 35,000 crore for COVID vaccine research shows that more vaccines will be rolled out for the common masses and soon we will have a corona-free nation,” Najaj said.

An Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per litre has been imposed on petrol and Rs 4 per litre on diesel. For other duties and cess, as revised, consequent to imposition of AIDC) on these items refer to part B. Overall there would be no additional burden on the consumer.

FM Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.

Sitharaman said the tax department will notify rules to remove hardships of double taxation faced by of non-resident indians (NRIs).

Also, pre-filled income tax returns with details on capital gains from listed securities, dividend income and interest income from banks and post offices would be available soon, she said.

For small taxpayers with taxable income up to Rs 50 lakh, a dispute resolution committee would be set up.

1.10 lakh taxpayers have availed the Direct Tax Vivad Se Vishwas scheme to resolve tax disputes. She also proposed to start faceless Income Tax Appellate Tribunal (ITAT). 

Finance Minister Nirmala Sitharaman on Monday said the government will borrow about Rs 12 lakh crore in 2021-22. Presenting the Union Budget for 2021-22, she said expenditure for the next fiscal year has been pegged at Rs 34.83 lakh crore, which includes Rs 5.54 lakh crore of capital spending. Sitharaman also said states will get 41 per cent share of taxes as per the 15th Finance Commission recommendation and the government has accepted the recommendation.

Govt proposes to review over 400 old exemptions in indirect taxes; to begin extensive consultation from October 2021

Rationalising customs duties on gold and silver, says FM in Budget for 2021-22

Customs duty on certain auto parts, solar equipment raised

Customs duty on cotton, raw silk raised

FM proposes infra development cess on certain goods

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Rishikesh Kumar, Founder and CEO Xtraliving, said that prioritising health can help rebuild the economy. The current budget proposed PM Aatmanirbhar Swastha Bharat' scheme with an outlay of Rs 64,180 crore scheme is a landmark achievement for healthcare sector-primary preventive healthcare. "The prime focus is definitely on fighting the pandemic by making the vaccine available to all and subsequently building the right infrastructure to support good health and empower professionals with the proper knowledge and skills to help people. It's the right step to a fitter and stronger India. With the current technological advancements, we can be the hub of healthcare solutions for the world," Kumar said.

The government has allocated Rs 3,726 crore for forthcoming Census, which will be the first digital census, Finance Minister Nirmala Sitharaman said on Monday. Presenting the Union Budget for 2021-22, she said the government is also working on a national language translation initiative. Sitharaman also announced a deep ocean mission with an outlay of more than Rs 4,000 crore over five years. In other measures, she said the government has also proposed to set up a conciliatory mechanism for quick resolution of contractual disputes. Further, the government also proposed to introduce National Nursing and Midwifery Commission Bill, Sitharaman said.

Harshit Jain, CEO and Founder, Doceree, said that the budget is pragmatic, positive and committed to the healthcare sector which needed a deliberate boost post unprecedented virus outbreak last year. "The announcement of centrally funded scheme - Aatmanirbhar Health Yojana - with an outlay of Rs 64,180 crore over six years in addition to National Health Mission is a welcome step towards strengthening primary, secondary and tertiary healthcare in the country. Setting up of 15 Health Emergency Centres shows the government’s intent to be future-ready to address any healthcare crises. It is commendable that the government has put healthcare on the forefront, putting focus on curative and preventive health and wellbeing," Jain said, adding that the proposals would make quality healthcare accessible and affordable, besides standardizing healthcare infrastructure across the country.

Finance Minister Nirmala Sitharaman concludes her speech withour announcing any change in Income Tax slabs.

FM proposes tax exemption for aircraft leasing cos; tax exemption for notified affordable housing for migrant workers

Record GST collections in last few months; govt to take every possible measure to reduce anomalies

Advance tax liability on dividend income shall arise only after payment of dividend: FM

Govt proposes to relax norms to attract more foreign investment in infrastructure sector

Sitharaman said that serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years. 

She proposes to make income tax appellate tribunals faceless; to set up national income tax appellate tribunal centre

Exemption from tax audit limit doubled to Rs 10 cr turnover for companies doing most of their business through digital modes

Sitharaman announces relief for MSME as she announces to cut custom duty reduced to 7.5% 

Affordable housing scheme extended till March 2022. Sitharaman said that affordable housing is PM Modi's priority. Govt to extend eligibility of erstwhile tax sop on home loan up to FY22; propose that affordable housing projects can avail tax holiday for one more year. Tax exemption for renting affordable housing

Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014.

No double taxation for NRIs

Increase threshold for tax audit to Rs 10 crore from Rs 5crore (for those transacting 95% digitally)

To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on workers, building/construction workers among others

States to get 41 pc share of taxes as per 15th Finance Commission recommendation; govt has accepted the recommendation: FM

FM Sitharaman says government committed to bringing down fiscal deficit below 4.5 pc of GDP by 2025-26.

Govt to set-up a faceless dispute resolution mechanism for small taxpayers. Govt proposes to reduce time allowed to re-open tax investigation to 3 years vs 6 years now

COVID-19 relief led to rise in expenditure to Rs 34.50 lakh cr in current fiscal as against Rs 30.42 lakh cr budgeted a year back: FM

Govt to borrow Rs 80,000 cr in remaining two months to meet FY21 expenditure: FM

FM proposes to reduce compliance burden on Senior citizens. Citizens above 75 years exempted from filing returns

Govt proposes to introduce National Nursing and Midwifery Commission Bill

FM allocates Rs 3,726 cr for forthcoming Census which will be the first digital census

Govt proposes setting up of conciliatory mechanism for quick resolution of contractual disputes

Pandemic resulted in weak revenue inflow; higher expenditure incurred to provide support for economy, people

Covid-19 pandemic resulted in weak revenue flow, high expenditure

The government on Monday proposed to launch a unified securities market code. The securities market code will include the Sebi Act, Depositories Act and Government Securities Act, Finance Minister Nirmala Sitharaman said while presenting the Budget for 2021-22 in Parliament. In addition, the capital markets watchdog, Securities and Exchange Board of India (Sebi), will be notified as regulator for a gold exchange, she added. Towards investor protection, the Finance Minister proposed to introduce an investor charter as a right for investors in all financial products.

Government proposes deep ocean mission with outlay of more than Rs 4,000 cr over five years

Finance Minister Nirmala Sitharaman on Monday announced seven port projects worth more than Rs 2,000 crore investment. These projects would be undertaken through public private partnership (PPP) mode, Sitharaman said in her Budget 2021 speech. FM said that she proposed "seven port projects worth more than Rs 2,000 crore via public private partnership mode". India has 12 major ports under the control of the central government -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), VO Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia).

FM Nirmala Sitharaman said that Rs 1,500 cr earmarked for scheme to incentivise digital payments

Agri Infra Fund increased to Rs 40,000 cr, Micro Irrigation Corpus doubled to Rs 10,000 cr

Social security benefit to be extended to platform and gig workers. Government proposes portal to collect info on gig-workers, building and construction workers, among others.

One nation, one ration card plan under implementation in 32 states, 1 UT

Govt proposes to amend apprenticeship law to enhance opportunities for youth

Sitharaman said that fiscal deficit for 2020-21 is pegged at 9.5% of the GDP

Fiscal deficit for Financial Year 2021-22 pegged at 6.85% of GDP

Finance Minister Nirmala Sitharaman said the government would infuse Rs 20,000 crore into public sector banks (PSBs) in 2021-22, to meet the regulatory norms. For the current financial year also, the government had made a provision of Rs 20,000 crore for recapitalisation. During 2019-20, the government had proposed to make a Rs 70,000-crore capital infusion into the PSBs to boost credit for a strong impetus to the economy. However, the government refrained from committing any capital for the PSBs in the Budget 2020-21, hoping that the lenders will raise funds from the market depending on the requirements. Later, in September 2020, Parliament approved Rs 20,000 crore capital infusion for PSBs as part of the first batch of Supplementary Demands for Grants for 2020-21. Of this, the government provided Rs 5,500 crore to Punjab & Sind Bank in November 2020, to meet the regulatory capital requirement. In 2017-18, the government had infused Rs 90,000 crore, followed by Rs 1.06 lakh crore in 2018-19.

Agri infra fund would be made available to APMCs to augment infrastructure facilities: FM Sitharaman

FM announces development of 5 major fishing hubs

Agriculture credit target raised to Rs 16.5 lakh cr in 2021-22

Allocation to rural infra development increased to Rs 40,000 cr in next fiscal from Rs 30,000 crore in FY21

Operation green scheme to cover 22 more perishable commodities

1,000 more mandis will be integrated with electronic national market

Finance Minister Nirmala Sitharaman on Monday announced that the government will soon put in place a framework to allow electricity consumers choose service providers or discoms. At present, a large number of power distribution utilities (discoms) across the country are state-owned. They are unable to ensure 24-hour 'power for all' as envisaged by the central government because they are cash strapped.

The government will set up 100 new Sainik schools. Sitharaman grants Rs 38 crore for Eklavya vidyalaya. 

National Education Policy to strengthen 15000 schools

Rs 50,000 cr for national research foundation 

Sitharaman unveiled a scheme for setting up mega textile parks in the country, as part of the Centre's efforts to position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector. "A scheme of mega investment textile parks will be launched in addition to the PLI scheme," Sitharaman said. She informed that 7 mega textile parks will be launched in three years as part of the scheme.

To push growth via infrastructure creation, Finance Minister Nirmala Sitharaman on Monday hiked the government's capital expenditure for FY 2021-22 by 34.5 per cent to Rs 5.5 lakh crore. The government's planned capital expenditure for the current fiscal has been increased to Rs 4.39 lakh crore, as against the Budgeted Rs 4.12 lakh crore. "Sharp increase in capital budget in BE 2020-21. We have provided for Rs 4.12 lakh crore for (capital) expenditure. It was our effort that in spite of resource crunch we should spend more on capital expenditure and we are likely to end this year at around Rs 4.39 lakh crore which we have provided in RE (revised estimate) of 2020-21," Sitharaman said in her 2021-22 Budget speech.

For the next fiscal, the minister proposed sharp increase in capital expenditure and provided Rs 5.54 lakh crore. This is 34.5 per cent higher than Budget estimate of Rs 4.12 lakh crore in 2020-21.

Finance Minister Nirmala Sitharaman in her speech proposed to set up a Central university in Leh. 

The government on Monday announced a Rs 18,000 crore scheme to augment public transport in urban areas. In the first paperless Union Budget, Finance Minister Nirmala Sitharaman said there will be 100 per cent electrification of broad gauge rail tracks by December 2023. She also said a record Rs 1,10,055 crore will be provided for railways, of which Rs 1,07,100 crore will be for capital expenditure in 2021-22.

NCLT framework to be strengthened

Multi-purpose seaweed park to be established in Tamil Nadu

Finance Minister Nirmala Sitharaman in her speech allocated Rs 25,000 crore road projects in West Bengal, Rs 65,000 crore for road, highway projects in Kerala, and 3,400 crore for Assam. All these three states are going to polls later this year.

Barring four strategic areas, PSUs in other sectors will be divested, says FM announcing new disinvestment policy. NITI Aayog to be asked to work on next list of central public sector companies for disinvestment. Legislations amendments to be introduced in this session to divest two PSBs and one general insurance company.

BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22

The government on Monday said it proposes to incentivise incorporation of one person companies (OPCs), a move that will benefit startups and innovators. Finance Minister Nirmala Sitharaman said incorporation of OPCs will be incentivised by allowing such companies "to grow without restriction on paid up capital and turnover, allowing conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days, and allow also non-resident Indians to incorporate OPCs in India". "This will be a big boost for startups," she said while presenting the first paperless Union Budget.

FM Sitharaman says definition of small companies to be revised by raising capital base to Rs 2 cr from current limit of Rs 50 lakh.

FM Nirmala Sitharaman announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost gas-based economy. 

Govt commited to welfare of farmers, MSP 1.5 times of production. 43 lakh farmers benefitted from MSP for wheat 

Farmers paid Rs 75,100 cr on wheat MSP in FY21.

Scheme for promoting flagging of merchant ships in India will be launched by providing subsidy support: FM Sitharaman 

All divestment to be completed in FY 22. Sitharaman said that Air India divestment to be completed in FY 22.

FY22 divestment target 1.75lakh crore 

Proposal to divest 2 PSU banks in FY22

IDBI bank to be divested

Life Insurance Corporation (LIC) Initial Public Offering in 2022, says FM Nirmala Sitharaman in her Budget speech 

Government to amend Insurance Act to allow higher FDI, FDI in insurance to be increased 74% from 49% 

PSU banks recapitalisation Rs 20,000 crore 

Asset reconstruction company to be set up

Sitharaman underlined that fuel supplies were kept running without interruption during Covid-19 lockdown. She said that city gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts. 

Power sector seen many reforms in last six years, 138 GW of installed capacity added, says FM Nirmala Sitharaman. A framework to be put in place to give power consumer option to chose discoms. Framework will be put in place to allow electricity consumers to choose from more than one distribution company.

Ujjwala Scheme will be extended to cover 1 cr more beneficiaries. Will add 100 more districts in the next 3 years for city gas distribution

FM Sitharaman said that the Centre will provide Rs 2 lakh crore to states and autonomous bodies to meet capital expenditure.

FM Sitharaman announces Rs 1,10,055 crore for Indian Railways. Rs 18,000 Cr allocated for public transport

100 pc electrification of broad gauge rail tracks by December 2023.

Rs 2,217 crore for 42 urban centres with million plus population, to tackle burgeoning problem of air pollution

Sitharaman said that Railway will monetise dedicated freight corridors. Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised. 

Sitharaman announces Rs 1.18 Lakh crore for Road Transport Ministry. She also announced new economic corridors planned to boost road infra. Highway infra work proposed include building 8,500-km of highways by March 2022.

Outlay of Rs 25,000 Cr for road projects in Bengal

Rs 65,000 cr for national highway projects (Kerala)

Over Rs 1 lakh Cr allocated for Highway projects in Tamil Nadu

Finance Minister Sitharaman proposes sharp increase in capital expenditure for next fiscal at Rs 5.54 lakh cr, up from Rs 4.39 lakh cr of last year.

Government to introduce bill to set up development financial institution with an outlay of Rs 20,000 cr: FM Sitharaman

FM Sitharaman announces scrappage policy under which an extension upto 15 years will be given for commercial vehicles in the country. 

East Coast frieght corridor 

East West corridor (Bhusawal to Kharagpur)

North South (Itarsi to Vijaywada)

National Infra pipeline extended to 7400 projects

National monetisation pipeline to fund infra projects

Seven textile parks to be launched over 3 years

Rs 1.97 lakh crore commiteed for PLI schemes

Rs 5.54 crore increase in Capital expenditure

Swachh Bharat 2.0 will be implemented with outlay of Rs 1,41,678 cr over 5 years: FM Sitharaman 

Finance Minister Nirmala Sitharaman announces Jal Jeevan mission with outlay of Rs 2.87 lakh crore for 4,378 urban local bodies. 

She said that to strengthen the vision of Nation First, doubling farmers' income, strong infra, women's empowerment, healthy India, good governance, education for all, inclusive development. FM Nirmala Sitharaman said that the government will strengthen nutritional content, delivery, outreach and outcome. We will merge the supplement Nutrition Programme and Poshan Abhiyan and will launch the Mission Poshan 2.0

"The Budget outlay for health and welfare is Rs 2,23,846 crore in the 2021-22 Budget. This is a 137 per cent increase": FM Nirmala Sitharaman 

FM Nirmala Sitharaman announces Rs 35,000 crore for Covid vaccines. She underlined that India now has one of the lowest COVID19 death rates of 112 per million population and one of the lowest active cases of about 130 per million This has laid the foundation for the economic revival we see today.

Urban Swachh Bharat Mission 2.0 will be implemented with more budget, Finance Minister Nirmala Sitharaman said.

PM Sithraman said that health investment has increased in the last few years. She announced the launch of PM Atmnirbhar Swasthya Yojana with outlay of Rs 64,180 crore

"Faith is the bird that feels the light and sings when the dawn is still dark," FM Nirmala Sitharaman quotes Rabindranath Tagore, adding that this moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope"

Sitharaman said that Aatmanirbhar Bharat packages accelerated structural reforms. Today, India has two vaccines, we have begun to safeguard both our citizens as well as 100 or more countries. Two or more more vaccines also expected soon. The government stretched its resources for the benefit of the poorest of the poor. The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves.

Finance Minister Nirmala Sitharaman begins Budget 2021 speech by recounting the unprecedented circumstances through which the nation and the world had to go through and recognizing the service rendered by COVID Warriors during the crucial months of the pandemic Aatmanirbhar Bharat Ka Budget. She said that the total financial impact of all Aatmanirbhar Bharat packages, including measures taken by RBI was about Rs 27.1 lakh crore, more than 13% of GDP.

Union Finance Minister Nirmala Sitharaman presents Union Budget 2021-22. 

Union Cabinet meeting ends. The Cabinet has approved the Budget 2021-22. Finance Minister Nirmala Sitharaman will be presenting her third Budget in a short while from now. Sitharaman, who had in her first budget in 2019 replaced leather briefcase -- which had been in use for decades for carrying budget documents -- with a traditional red cloth 'bahi-khata', had last month stated that the budget for the fiscal year 2021-22 will be "like never before".

Prime Minister Narendra Modi has reached the Parliament. He will chair the Union Cabinet meet and then Finance Minister Nirmala Sitharaman will present the Budget for 2021-22. 

Finance Minister Nirmala Sitharaman has ditched the Swadeshi 'bahi khata' and has switched to a 'Made In India' tablet. Pictures showed the finance minister carrying a tablet draped in a red coloured cover with a golden coloured national emblem embossed on it. CLICK HERE TO READ MORE:

Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22.

Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament. 

Finance Minister Nirmala Sitharaman has arrived at the Ministry of Finance in the North Block. She will present a copy of the Union Budget 2021-22 to President Ram Nath Kovind and then table the budget in Parliament.

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget 2021-22 in the Parliament today.

The MSME sector is looking for specific announcements regarding financial aid and stimulus. Experts are hoping for relief on tax rates for MSMEs for an easier bounce back after the pandemic stalled operations for many businesses around the country. CLICK HERE TO READ MORE

It is expected that the budget will provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours. The budget is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments. 

MoS Financem Anurag Thakur said that the Budget will be in accordance with people's expectations. "Government which functions on mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas' gave new direction to India by announcing Aatmanirbhar package, protecting it from pandemic and bringing economy back on track swiftly," he said.

Indian Railways is strategically important sector. It suffered a huge setback owing to the financial losses due to the pandemic. FM Nirmala Sitharaman is expected to announce around Rs 1.79 lakh crore allocations for Railways, of which Rs 75,000 crore will be gross budgetary support (GBS). Besdies, the government is also expected to announce a few Tejas trains, a dedicated railway line to move agriculture goods and some infrastructural up-gradation. The government is also expected to announce plans to expand the bullet train network. 

The 'never before-like' Union Budget is just a couple of days away. Expectations are galore, not just of the common man, but across industries. The coronavirus pandemic has eaten into all sectors, leaving behind a creaking financial system. Having suffered twin blows of coronavirus and economic slowdown, the country is looking for a healing touch this year. Undoubtedly, this is going to be Modi sarkar's most difficult budget, and a tough balancing act. India TV Digital spoke to Former Finance Secretary CM Vasudev, who advocated a one-time vaccine cess this year. CLICK HERE TO READ MORE

Experts feel that the time has come for the Modi government to push for the adoption of EVs as, according to an estimate, India will become the fourth largest market for EVs by 2040. Also, any announcement in the sector in the budget will only give a further push to accomplish PM Modi's dream of making India a self-reliant country. CLICK HERE TO READ MORE

The realty industry remains one of the most precise bellwethers of the state of India's economy. Like all other sectors, real estate, which contributes more than 8 per cent to the Indian economy, too has expectations. Anuj Puri, Chairman of Anarock Property Consultants, said the housing industry needs focused measures to further bolster demand in 2021. This year, the demands go beyond the usual suspects of single-window clearance and industry status, he said. CLICK HERE TO READ MORE

India's healthcare sector is likely to get the maximum attention of the government in the upcoming Budget as it comes in the face of the country braving a once-in-a-century global pandemic. The Assocham-Primus Partners survey covered more than 550 industry participants, and 39.7 per cent respondents said healthcare would receive the highest priority in terms of resource allocation and policy support in the Budget. CLICK HERE TO READ MORE

Although Sitharaman, in the last Budget, announced cuts in personal income tax, the government has so far pushed for a rebate on all payable taxes, and the basic tax exemption limit has remained the same. According to Vishal Bhatia, CFO, True Balance, this is the right time to revise and increase tax exemptions as this can generate demand across industries as individuals will be having more money in their hands to spend. CLICK HERE TO READ MORE

The first Union Budget of independent India was presented by RK Shanmukham Chetty on November 26, 1947. Until the year 2000, the Budget was announced at 5 pm on the last working day of February. It was Atal Bihari Vajpayee who changed the time ans started presenting Budget at 11 AM. Until the year 2016, the Union Budget was presented in the Lok Sabha on the last working day of February. But the Modi government changed the date of the Budget to the first working day of February. Additionally, the Railway Budget was also merged with the Union Budget after 92 years in 2017.

The Union Budget is also referred as the Annual Financial Statement. It is a statement of the government's estimated receipts and expenditure for a particular year. In India, the Budget is presented on the very first day of February by the Finance Minister. The budget, which is presented by means of the Finance Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1, the start of India's financial year.

Economists and experts say that the budget will be the starting point for picking up the pieces after the economic destruction caused by the COVID-19 pandemic. And it must go beyond being just a 'bahi khata' or a ledger of accounts, as well as canning old schemes in a new bottle. It has to be a vision statement, a roadmap to get the world's fastest-growing major economy back on track, they say. CLICK HERE TO READ MORE

With the aim of doubling farmers' income by 2022, the government is likely to raise farm credit target to about Rs 19 lakh crore in Budget 2021-22 to be presented on February 1. For the current fiscal, the government has set a farm credit target of Rs 15 lakh crore. CLICK HERE TO READ MORE 

Union Finance Minister Nirmala Sitharaman is set to present the Budget 2021-22 on February 1. While the pandemic upturned lives in the year 2020, 2021 will be a year of recovery and growth, and therefore expectations are running all-time high that the government will announce some measures that will bring some relief to the salaried class. From bringing back jobs in the market to tax deductions, there are a lot of expectations from Modi government's Budget. CLICK HERE TO READ MORE

The Union Budget mobile app by the National Informatics Centre (NIC) is available to download via Google Play ahead of the Union Budget. The app was announced by the Finance Ministry last week during the symbolic 'Halwa ceremony'. 

FM Nirmala Sitharaman is expected to unveil plans to shift the economy from survival mode to revival to meet projections of 11 per cent growth rate in the next financial year that starts April, following a forecasted 7.7 per cent contraction in the current fiscal.

Finance Minister Nirmala Sitharaman on Monday will deliver her promised budget, which is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours.