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Union Budget 2021 Highlights: PM Modi terms Active and Not Reactive, Focused on Covid-related reforms to Atmanirbhar resolve

Published on: Mon 01 Feb 2021 03:09 PM IST
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Budget 2021: Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 today in the Parliament. Expectations from this year’s budgets were very high considering it had to provide much needed relief to the ailing economy and also address the traditional challenges or unemployment, fiscal deficit and tax related reforms. However, in its quest to provide a boost, FM Sitharaman has presented a balanced budget that has drawn positive response from India Inc as well as the Markets. While keeping the Income Tax Slabs unchanged, Finance Minister provided incentives and benefits to all important sectors while also presenting a 5 year plan to tame the fiscal deficit.

Check  out the key highlights from Budget 2021 presented today.

  • 01 Feb 03:09 PM

    PM Modi on Budget 2021

    Prime Minister Narendra Modi also lauded Finance Minister Nirmala Sitharaman for presenting a holistic budget. In his initial reaction, he said that today’s budget will enhance India’s self-confidence. He also added that “From Covid-related reforms to Atmanirbhar resolve, we moved ahead with this mantra in Budget 2021. It's an active and not a reactive budget.”

  • 01 Feb 02:21 PM

    Budget Introduces Agri Infra Cess

    Finance Minister also introduced Agricultural Infrastructure Cess which will come into effect from 2nd February 2021 onwards. The cess will be applicable as follows:

    • Agri cess of Rs 2.5/litre on petrol & Rs 4/litre on diesel
    • Agri infra cess of 2.5% on on gold, silver & dore bars
    • Agri infra cess of 100% on alcoholic beverages
    • Agri infra cess of 17.5% on crude palm oil

  • 01 Feb 02:18 PM

    Defence Budget hiked by 19 percent

    Following the Budget presentation, Union Defence Minsiter Rajnath Singh took to twitter and thanked FM Sitharaman for increasing the defence allocation in the budget this year. 

  • 01 Feb 02:00 PM

    Key Measures for Education Sector

    • More than 15,000 schools to be qualitatively strengthened, with all components of National Education Policy, to emerge as exemplar schools in their regions, handholding and mentoring other schools
    • 100 new Sainik schools to be set up
    • Higher Education Commission to be set up, legislation to be introduced this year for the same
    • Umbrella structure to be created in 9 cities for better synergy among govt. supported institutions
    • Central University to be set up in Leh, for providing accessible higher education in Ladakh
    • Unit cost for setting up 750 Eklavya Model Residential Schools in tribal areas, increased from ? 20 crore per school to ? 38 crore, and to ? 48 crore per school in hilly and difficult areas
    • ? 35,219 crore allocated for 6 years till 2025-26, to provide post matric scholarship to 4 crore Scheduled Caste students
    • National Apprenticeship Promotion and Training Scheme to be realigned, for providing post-education apprenticeship and training for graduates and diploma holders in engineering, over ? 3,000 crore to be provided for this
    • National Research Foundation outlay will be ? 50,000 crore over 5 years, will ensure strengthening of research ecosystem, with focus on identified national priority thrust areas

     

  • 01 Feb 01:46 PM

    Budget 2021 focussed on India's Growth: NITI Aayog Vice Chairman Rajiv Kumar

    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

  • 01 Feb 01:04 PM

    Where to watch FM's Budget Speech online?

    With Indians from across the country looking forward to the Budget 2021 presentation by Finance Minister Nirmala Sitharaman, her speech will be telecast live on television as well as various digital platforms. On YouTube, people can watch FM’s Budget Speech below:

  • 01 Feb 01:03 PM

    Markets give Thumbs-up to Budget 2021

    Sensex jumps over 1,600 points after Nirmala Sitharaman's speech, Nifty reclaims 14,100

  • 01 Feb 12:59 PM

    Tax Related Measures Announced by FM Sitharaman

    • No changes in IT Slabs
    • Tax holiday for start-ups by 1 more year
    • Tax holiday for aircraft leasing business in Gift city
    • Tax exemptions for affordable house loans continued
    • Customs duty on solar lanterns cut to 5%
    • Customs duty on cotton increased to 10%
    • Customs duty on silk increased to 15%
    • Customs duty on copper scrap cut to 2.5%
    • Customs duty on some auto parts to be raised to 15%

  • 01 Feb 12:40 PM

    Minimum Government, Maximum Governance

    • FM announces faceless dispute resolution panel
    • No ITR for Senior Citizens, above 75 years age
    • Tax audit limit increased from Rs 5 crore to Rs 10 crore
    • Time Limit for reopening assessments reduced to 3 years from 6 years
    • Rules to avoid double taxation for NRIs on foreign retirement funds

     

  • 01 Feb 12:36 PM

    Tax Compliance Relief for Senior Citizens

    FM reduces tax burden on senior citizens above 75 years. Pensioners over 75 years of age are exempt from filing returns .

  • 01 Feb 12:35 PM

    Next Census to be Digital Census

    Finance Minister in per budget speech allocated Rs 3,726 crore for forthcoming Census. She also said that the next Census will be the first digital census.

  • 01 Feb 12:32 PM

    Fiscal Deficit at 9.5 percent of GDP

    Presenting the Fiscal Situation, FM Nirmala Sitharaman said that she hopes to get to back to fiscal consolidation path by FY26. Fiscal deficit will reach below 4.5% by FY26, says FM

    • FY21 gross expenditure seen at Rs 34.5 lakh crore
    • FY21 capital expenditure seen at Rs 4.39 lakh crore
    • FY21 fiscal deficit pegged at 9.5% of GDP
    • FY22 fiscal deficit target at 6.8% of GDP
    • FY22 gross expenditure seen at Rs 34.83 lakh crore
    • FY22 capital expenditure seen at 5.54 lakh crore
    • Market borrowing in FY22 seen at 12 lakh crore

  • 01 Feb 12:07 PM

    Agriculture Sector Announcements

    With the on-going Farmers Protests on Delhi NCR Borders, Finance Minister also announced a slew of measures centred around agriculture sector. The key among them include:

    • Increase in agriculture credit target to Rs 16.5 lakh crore
    • MSP procurement to continue at a steady pace, says FM
    • Govt committed to welfare of Farmers, says FM’
    • Rs 1.72 lakh crore paid to Paddy Farmers in 2020-21
    • Rs 75,000 crore paid to Wheat Farmers in 2020-21

  • 01 Feb 12:04 PM

    Ujjwala Scheme Extended

    Modi Government’s flagship Ujjwala Scheme will be extended to cover 1 cr more beneficiaries this year. As per the announcements made by Finance Minister over 100 more districts would be added to city gas distribution networking in next 3 years. An independent gas transport system operator to be set up as par the anouncements.

  • 01 Feb 11:54 AM

    Union Budget 2021 – Key Highlights and Announcements

    Some of the important highlights and key announcements made by Finance Minister during her budget speech as listed below:

    • Infusion of Rs 20,000 crore for public sector banks
    • Asset Reconstruction Company and Asset Management Company for Banks to manage bad loans
    • FDI in Insurance Sector increased from 49% to 75%
    • Rs 1000 crore allocated to Solar Energy Corporation
    • Rs 1500 crore allocated to Renewable Energy Development Agency
    • Rs 3.05 lakh crore outlay for power sector
    • hydrogen energy mission for generating hydrogen out of green-powered sources

  • 01 Feb 11:44 AM

    Budget Higlights – Key announcements

    Rs 1.10 lakh crore allocated to Indian Railways of which Rs 1.07 lakh is capital expenditure

    National Rail Plan for 2030

    Rs 18,000 crore allocated for public buses

    Capital Expenditure increased to Rs 5.54 lakh crore from Rs 4.39 lakh crore in 2021

    Markets respond positively, Sensex up 700 points

  • 01 Feb 11:40 AM

    Highway Infra Projects in Poll-bound states

    In line with expectations, Finance Minister has announced  a slew of road and highway infrastructure projects in four states of Tamil Nadu, Kerala, West Bengal and Assam. All four states where these projects are announced are slated to undergo assembly polls in coming months. In her speech, FM said Government aims to complete 11,000km of national highway infrastructure this year. Govt plans to complete 675 km of highway works announced in West Bengal at a cost of Rs 25,000 crore.

    • 3,500 km corridor in Tamil Nadu
    • 1,100 km in Kerala at investment of Rs 65,000 cr
    • 675 km in West Bengal at a cost of Rs 95,000 cr
    • 1,300 km in Assam in the next 3 years

  • 01 Feb 11:34 AM

    Development Finance Institution (DFI) to be setup

    FM also announced setting up of Development Finance Institution with base capital of Rs 20,000crore. New DFI aims to have lending portfolio of Rs 5 lakh crore in 3 years.

  • 01 Feb 11:30 AM

    Urban Clean Mission Gets Rs 1.41 lakh crore

    Finance Minister also allocated Rs 1.41 Lakh crore for the Urban Swachh Bharat 2.0 Mission which will be launched soon. The budget has been allocated for a period of 5 years.

  • 01 Feb 11:27 AM

    6 Pillars of Budget 2021

    FM Nirmala Sitharaman started her Budget Speech by highlighting the 6 pillars on which it rests:

  • 01 Feb 11:25 AM

    Budget 2021 Higlights

    As part of her speech, Finance Minister announced the following key measures so far:

    • Rs 2.87 lakh crore for Jal Jeevan Mission
    • Rs 35,000 crore for Covid-19 vaccines
    • Rs 64,180 crore to be invested in Health Sector over 6 years
    • New Scrappage policy for Cars, 20 years for personal, 15 years for commercial vehicles

  • 01 Feb 11:17 AM

    Rs 64,180 crore for HealthCare

    Rs 64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to National Health Mission, announces Sitharaman

     

  • 01 Feb 11:16 AM

    FM recounts Economic measures amid COVID Crisis

    Finance Minister Nirmala Sitharaman started her Budget speech by recounting the unprecedented challenges that the Modi Government has overcome amid the global COVID-19 pandemic. She said that the government had released Rs 30-lakh-crore plan, in 'mini-budgets' to beat Covid

    AtmaNirbhar Bharat programmes

    Performance-linked incentives

    Boost for domestic manufacturing

    Improved credit access for enterprises

    Moratorium on interest payments

    Thrust on affordable housing

    Booster shots for MNREGA

  • 01 Feb 11:05 AM

    FM presents Union Budget 2021-22

    Nirmala Sitharaman begins Budget presentation. Laud's PM's proactive approach to handle the pandemic.

  • 01 Feb 10:52 AM

    Congress Leader Rahul Gandhi's Budget Wishlist

    Congress leader and MP Rahul Gandhi took to twitter today morning to share what he feels are the important concerns that Budget 2021 should address. His Budget wish list consisted of increase in allocation for Health Care, Defence sectors along with support for MSME and Farmers. 

  • 01 Feb 10:27 AM

    PM Modi Chairs Cabinet Meet before Budget Speech

    Prime Minister Narendra Modi is chairing a cabinet meeting ahead of the Budget 2021 presentation in Parliament at 11 AM.

  • 01 Feb 10:04 AM

    FM reaches Parliament, Cabinet Meet at 10:15 AM

    Finance Minister Nirmala Sitharaman has reached Parliament for the upcoming Budget 2021 presentation. She is joined by Mos Finance Anurag Thakur and her team, who have come-up with the plan for the revival of Indian Economy in the post-COVID era.

  • 01 Feb 09:58 AM

    FM meets President Kovind

    FM Sitharaman meets President Ram Nath Kovind ahead of her presentation. She was joined by Mos Finance Anurag Thakur.

     
     

  • 01 Feb 09:47 AM

    FM Reaches Finance Ministry

    Finance Minister Nirmala Sitharaman has also reached the Finance Ministry ahead of her Budget Speech scheduled at 11 AM. FM will be presenting her 3rd Budget which will also her most important one considering the challenging time that Indian Economy is going through.

  • 01 Feb 09:44 AM

    FM Sitharaman's 3rd Budget to be the Toughest

    Union Finance Minister Nirmala Sitharaman will present her 3rd Budget today which is one of the most important ones for Indian Economy which is still reeling under the impact of the pandemic. FM will become one of the few Indian finance ministers who have announced a post-contraction budget after today’s presentation. The challenge before her is even more tough considering the ailing economy, rising unemployment and a raging health crisis. Will she be able to deliver on her promises? Stay tuned to find out!

  • 01 Feb 09:31 AM

    Markets Open in Green

    Ahead of the budget speech presentation, Markets have opened in Green today. Sensex rises over 400 points ahead of Union Budget presentation; while Nifty was reported to hover around 13,750, a gain of around 120 points.

  • 01 Feb 09:26 AM

    Budget 2021 in Made in India tab

    Finance Minister Nirmala Sitharaman, has presented her last two budgets as bahi-khata ditching the traditional Budget Briefcase which was carried by per predecessors. Taking a digital plunge today, FM is carrying her Budget 2021 speech in a Made in India tablet computer. 

  • 01 Feb 09:14 AM

    FM’s Budget Day Schedule

    Finance Minister Nirmala Sitharaman is going to have a very busy day on her hands as she presents the "the Budget of the century" today. As per the official schedule, the following will be the timeline for her different commitments:

    • 9 AM: FM leaves for Rashtrapati Bhawan
    • 10 AM: FM reaches Parliament
    • 10:15 AM: Cabinet Meeting in Parliament
    • 11 AM: Budget speech begins
    • 3 PM: Post-Budget Conference by Finance Minister Nirmala Sitharaman

  • 01 Feb 08:52 AM

    Indian Economy set for 'V-shaped' Recovery

    Earlier on Friday, while presenting Economic Survey, Finance Minister said that Indian Economy is likely to witness ‘V-shaped’ recovery post COVID-19 crisis. The survey predicted that India's economy is likely to grow by 11 per cent backed by consumer demand. The survey also noted that Indian economy is slated for an estimated 7.7 per cent contraction in the Gross Domestic Product in the current financial year ending 31st March 2021. This is the steepest annual contraction of the economy in the history of independent India.

  • 01 Feb 08:43 AM

    MoS Finance Arrives at the Finance Ministry

    On the D-day, MoS Finance and Corporate Affairs Anurag Thakur has reached the Finance Ministry is currently meeting with officials. While interacting with media persons, Mr Thakur said that “Budget will be in accordance with people's expectations”.

  • 01 Feb 08:34 AM

    FM to meet President Kovind shortly

    With Budget 2021 being presented today at 10 AM, Finance Minister Nirmala Sitharaman along with her deputy Anurag Thakur and other officials of the Finance Ministry will meet President Ram Nath Kovind today before the session begins.

  • 01 Feb 08:25 AM

    Union Budget Mobile App

    With the Budget 2021 being delivered in paperless format, FM’s new budget app facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill as prescribed by the Constitution.

  • 01 Feb 08:25 AM

    First Paperless Budget Today

    Union Budget 2021 is all set to be Historic in more ways than one! Budget 2021 is the first paperless budget. Finance Minister Nirmala Sitharaman has launched a dedicated mobile app called 'Union Budget Mobile App' through which all Members of Parliament will be able to access Budget documents easily.  The app is also available to the general public and will enhance availability of budget provisions in digital form.

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