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 PMPM 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 PMBudget 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:
01 Feb 02:18 PMDefence 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.
I specially thank PM& FM for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 percent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15yrs— Rajnath Singh (@rajnathsingh) February 1, 2021
01 Feb 02:00 PMKey Measures for Education Sector
01 Feb 01:46 PMBudget 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
In my opinion, Finance Minister had raised a lot of expectations regarding #Budget2021 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 pic.twitter.com/T9XyFvTHOq— ANI (@ANI) February 1, 2021
01 Feb 01:04 PMWhere 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 PMMarkets 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 PMTax Related Measures Announced by FM Sitharaman
01 Feb 12:40 PMMinimum Government, Maximum Governance
01 Feb 12:36 PMTax 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 PMNext 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 PMFiscal 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
01 Feb 12:07 PMAgriculture 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:
01 Feb 12:04 PMUjjwala 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 AMUnion 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:
01 Feb 11:44 AMBudget 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 AMHighway 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.
01 Feb 11:34 AMDevelopment 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 AMUrban 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 AM6 Pillars of Budget 2021
FM Nirmala Sitharaman started her Budget Speech by highlighting the 6 pillars on which it rests:
#Budget2021 proposals rest on six pillars— PIB India (@PIB_India) February 1, 2021
Health and Well-Being
Physical and Financial capital and infrastructure
Inclusive Development for Aspirational India
Reinvigorating Human Capital
Innovation and R&D
Minimum Govt., Maximum Governance#AatmanirbharBharatKaBudget
01 Feb 11:25 AMBudget 2021 Higlights
As part of her speech, Finance Minister announced the following key measures so far:
01 Feb 11:17 AMRs 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 AMFM 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
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 AMFM presents Union Budget 2021-22
Nirmala Sitharaman begins Budget presentation. Laud's PM's proactive approach to handle the pandemic.
01 Feb 10:52 AMCongress 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.
#Budget2021 must:— Rahul Gandhi (@RahulGandhi) February 1, 2021
-Support MSMEs, farmers and workers to generate employment.
-Increase Healthcare expenditure to save lives.
-Increase Defence expenditure to safeguard borders.
01 Feb 10:27 AMPM 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 AMFM 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 AMFM meets President Kovind
FM Sitharaman meets President Ram Nath Kovind ahead of her presentation. She was joined by Mos Finance Anurag Thakur.
Finance Minister @nsitharaman, MoS Finance & Corporate Affairs @ianuragthakur, and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22. pic.twitter.com/FUNptDXnHB— President of India (@rashtrapatibhvn) February 1, 2021
01 Feb 09:47 AMFM 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 AMFM 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 AMMarkets 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 AMBudget 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 AMFM’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:
01 Feb 08:52 AMIndian 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 AMMoS 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”.
Budget will be in accordance with people's expectations. Govt which functions on mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas' gave new direction to India by announcing Aatmanirbhar package, protecting it from pandemic & bringing economy back on track swiftly: MoS Finance https://t.co/w6GKYLfQsu pic.twitter.com/dQ7U3NW40Z— ANI (@ANI) February 1, 2021
01 Feb 08:34 AMFM 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 AMUnion 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 AMFirst 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.