Union Budget 2021 Highlights | Committees on DTC were constituted in a certain context and with a certain intent in mind: CBDT chief
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.
Budget 2021 LIVE Updates: Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 on February 01. She used a tablet computer to deliver the paperless Budget address. This Budget assumes great significance as it comes amid the novel coronavirus pandemic, which has led to massive economic disruption
in India and around the world. While the country has witnessed strong economic recovery since lockdown restrictions were eased, there’s still a long way to go. All eyes were on this Budget, with hopes that it will help revitalise the economy. FM Sitharaman said that the Budget preparation was undertaken under circumstances "like never before" and that the Centre is fully prepared to support and facilitate economic growth. The finance minister proposed income tax filing exemption for those over 75 years of age who have only pension and interest income. She also said that reopening of tax assessment will happen only for three years, against the earlier limit of six years.
Most of the corporate CEO have applauded the Union Budget, stating the new vision will help India recover from the economic losses that were caused due to COVID-19 pandemic.
Here’s a roundup of other key Budget announcements: > FY22 capital expenditure target at Rs 5.54 lakh crore vs. FY21's Rs 4.39 lakh crore > FY22 fiscal deficit pegged at 6.8 percent of GDP; FY21 fiscal deficit pegged at 9.5 percent of GDP > Government to launch new securities market code > FDI in insurance to be increased to 74 percent > FY22 divestment target set at Rs 1.75 lakh crore
> Allocation of Rs 35,000 crore as additional funds for COVID-19 vaccines
Key announcements: Direct taxes > Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to be deducted by paying bank> Time limit for re-opening cases
Budget 2021 | Here’s a roundup of other key Budget announcements: > FY22 capital expenditure target at Rs 5.54 lakh crore vs. FY21's Rs 4.39 lakh crore > FY22 fiscal deficit pegged at 6.8 percent of GDP; FY21 fiscal deficit pegged at 9.5 percent of GDP > Government to launch new securities market code > FDI in insurance to be increased to 74 percent > FY22 divestment target set at Rs 1.75 lakh crore > Allocation of Rs 35,000 crore as additional funds for COVID-19 vaccines
Key announcements: Direct taxes > Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to be deducted by paying bank > Time limit for re-opening cases
This live session has now ended.
February 02, 2021 / 10:11 PM IST
Budget 2021 | Debasish Panda, Secretary Financial Services to CNBC-TV18- Decided to set up an ARC & AMC. ARC will warehouse all stressed assets of ticket size of Rs 500 crore. AMC will try to operate stressed assets in the interim & dispose of stressed asset.
February 02, 2021 / 09:58 PM IST
Budget 2021 LIVE | DIPAM Secretary Tuhin Kanta Pandey told Moneycontrol that while the names of two state-owned banks and one general insurance company to be privatised are yet to be decided, just announcing that PSBs are up for privatisation was a big statement of intent in itself. Read the full story here.
Budget 2021 LIVE | Arvind Panagriya, Former Vice Chairman NITI AAYOG- The Budget ticks all important boxes; public enterprise policy, bank privatisation & LIC IPO are key announcements.
February 02, 2021 / 08:24 PM IST
Budget 2021 LIVE | Education is regarded as a key factor for a country's development, yet the allocation for the sector witnessed a massive slump in the aftermath of the COVID-19 pandemic.The government slashed Rs 6,088 crore from the education sector's budgetary allocation. The cut in education spending, however, comes in the year the government begins to implement the National Education Policy 2020. Read the full article here.
Budget 2021 LIVE | Union Finance Minister Nirmala Sitharaman, during her Budget speech on February 1 announced a slew of measures all aimed at spurring the job creation in the country ranging from the creation of 7 textile parks to the proposal of setting up of a seaweed park in Tamil Nadu to the announcement of Rs.18,000 crore scheme for increased transport in urban areas. How will this translate in the labour market? Read the full article here to find out.
Budget 2021 LIVE | Union Finance Minister Nirmala Sitharaman in her Budget 2021 speech on February 1 announced an entity in the form of an asset reconstruction company/asset management company or more commonly called as a ‘Bad Bank’ to help the banking system get rid of the existing stock of problematic loans. The bad bank will absorb the existing stock of non-performing assets (NPAs) of the banks and will attempt resolution through a professional approach.
There are a few reasons why a government-backed ARC can perform better than existing private ARCs. Find out what they are in this article.
Budget 2021 LIVE |Anil Patwardhan, Senior Director, Brickwork Ratings- The Formation of Development Financial Institutions (DFI) is proposed with a capitalisation of Rs.20,000 Crs. The lending portfolio of such DFI’s to the Infrastructure sector is expected to increase to at least Rs.5 lakh crores over a span of next three years. This will enable the PSBs to reduce its exposure to infrastructure projects and enhance its credit to other industries.