The FM has made a series of changes in the customs duty imposed on imported products and components.
An immediate price increase for ACs and refrigerators. Gold, silver and other precious metals would become cheaper.
IDBI Bank apart, the FM proposes to push privatisation of 2 public sector banks and 1 general insurer. Disinvestment in all non-strategic and strategic sectors.
Govt to stay out of businesses it had no business to be in.. More jobs and better allocation of public funds.
The FM has opened the gates for imports of different kinds of steel and stainless steel products by reducing duty.
Cheap scrap may help reduce costs of the smaller steelmakers. Both, prices and demand may see an impact.
FM proposes to double spending on healthcare, finally giving the sector its due in a pandemic year.
Creaking public health system to be improved. Covid immunisation plan is allotted Rs 35,000 crore.
Aim is to phase out old and unfit vehicles. Vehicles would undergo fitness tests in 20 years in case of private vehicles.
Fitness testing for both PVs and CVs a positive move to create employment and demand for cleaner cars.
A vital element of the slew of measures in the budget to shore up infrastructure is the creation of a Developmental Financial Institution (DFI).
A DFI will help the government gather investments for infra projects. Benefits? More jobs and spending boost.
Scheme to assist Discoms will be launched with an outlay of over Rs 3 lakh crore.
The plan for a framework that helps consumers choose their electricity supplier will unleash competition.
The FM has ticked all the infra boxes, allocating money for a raft of sectors such as power, rail, roads, metros, clear water, solar energy etc.
Public spending could boost growth in the medium term. Spending push is rural areas can amplify demand, create jobs.
The FM has set aside Rs 93,224 crore for education, including for rolling out National Education Policy 2020.
Fresh funds for digital education via the NDEAR could help give a major fillip to this segment.
Senior citizens who are above 75 and only have pension and interest income will not have to file income tax.
The bank paying income to them will deduct the necessary tax from their bank account.
A plan (finally!) to recast the Corporate Affairs Ministry’s website leveraging new age technologies like artificial intelligence and machine learning.
Potentially more business for IT companies. Research funding is good for innovation and to increase exports.
The FM announces ‘bad bank’ to address the problem of stressed assets of banks. To be set up through an Asset Reconstruction Company (ARC) model.
A major boost for bad asset resolution in the financial system, which will allow banks to focus on new business.
One more year of tax holiday, LTCG exemption, a push for one-person companies, potentially egging NRIs to become entrepreneurs. Social security for gig workers.
The government has given some helpful measures. More protection for gig workers can spur big hiring.
The deduction on payment of interest for affordable housing has been extended by 1 year.
A tax exemption for notified affordable housing for migrant workers will help the poor.
Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakh for affordable housing to be extended for loans taken till March 31, 2022.
It will help homebuyers and a boost to government’s housing for all mission. Will also help real estate sector.
The government announces tax exemption on aircraft lease rentals paid by air carriers to foreign lessors.
A relief for the aviation sector that has been ravaged by the coronavirus.
Outlay for agriculture and rural sector increased to Rs 16.5 lakh crore against Rs 2.83 lakh crorein the previous budget.
It will boost farm income, which in turn will help demand which the economy badly needs.
Foreign Direct Investment (FDI) in insurance companies has been raised to 74 percent from 49 percent.
Insurance will become more competitive. That is good news for customers as cost of insurance products will fall.
Union Budget 2021 LIVE: Union Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2021 and revised the expenditure target for FY 2021 at Rs 34.50 lakh crore. She allocated Rs Rs 2,23,846 crore for health, Rs 1.18 lakh crore for road infra, Rs 1,10,055 crore for Railways, Outlay over Rs 3 lakh crore for power and set the divestment target for FY22 at Rs 1.75 lakh crore, among other things.
Speaking to Moneycontrol, the Minister of State for Finance said that while the medium term fiscal deficit targets till 2025-26 seem challenging, the Modi government has had a proven track record of fiscal discipline.
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From bringing tax parity between ULIPs and mutual funds to taking away traditional tax saving avenues of the well off, Budget 2021 aims to strike a balance
Arun Chittilappilly is Managing Director, Wonderla Holidays| Wonderla Holidays
Keshab Panda is CEO, L&T Technology Services| L&T Technology Services
Partha DeSarkar is Global CEO, Hinduja Global Solutions| Hinduja Global Solutions
Keshav R Murugesh is Group CEO, WNS and Past Chairman, NASSCOM| WNS
JB Singh is President and CEO, InterGlobe Hotels| InterGlobe Hotels
Rohit Kapoor is Chief Executive Officer, OYO India & South Asia. Views are personal.| OYO India & South Asia
Gurpratap Boparai is MD, Skoda Auto Volkswagen India| Skoda Auto Volkswagen India
Manish Bhatnagar is Managing Director, SKF India| SKF India
Rajeev Karwal is Founder Chairman, Milagrow Humantech| Milagrow Humantech
Rajeev Jain is CEO, Mumbai International Airport| Mumbai International Airport
Nirmala Sitharaman Finance Minister| Government of India
Ajay Bhushan Pandey Revenue Secretary
Tarun Bajaj Economic Affairs Secretary
From reforms to prevent black marketing of COVID-19 vaccine to job creation & more; here's a list of budget expectations from Finance Minister Nirmala Sitharaman
The Centre and Reserve Bank of India (RBI) have together provided a total fiscal stimulus of Rs 29.87 lakh crore until November, as per the FM. Find what Indians want from Budget 2021.
It is the division of monetary resources among the different sectors in the economy and the ministries of the government.
Indirect tax is imposed on goods and services. For example, GST.
The Union Budget is the annual report of India as a country. It contains the government of India's revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31. The Union Budget is the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. It also contains estimates for the next fiscal year.
When the government's receipts fall short of its expenditures, it borrows money to bridge the gap. The excess of total expenditure over (non-borrowed) receipts is called fiscal deficit.
All revenues raised, interest earned and money borrowed by the government flow into it. All government expenditures, except from Contingency Fund and Public Account, are made from the Consolidated Fund of India.
Direct tax is levied on individuals and corporations for incomes generated by them. For example, income tax, corporate tax.