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February 01, 2021 / 11:58 PM IST

Union Budget 2021 Highlights | All the action from FM Sitharaman’s budget– as it happened

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. This blog is now closed.

Budget 2021 Highlights: Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 today. 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 reduced to three years from six years
  • February 01, 2021 / 11:55 PM IST

    Union Budget 2021 | All the action from FM Sitharaman’s budget– as it happened

    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.

    This blog is now closed.

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  • February 01, 2021 / 11:46 PM IST

    Budget 2021 | Budget Missed out on supply chain enterprise that keeps consumption drive intact: CredAble's Ram Kewalramani 

    Mr. Ram Kewalramani, Co-founder & Managing Director, CredAble: "Amid unprecedented times where COVID-19 economically affected the entire world, the budget was expected to focus more on the financial backbone that kept the cash flow for aligned sectors and those in need. Although the major focus being healthcare, infrastructure, and agriculture, the financial institutions could have got a cushion from the government. Looking at the fiscal deficit for 2020-21, which is approx. 9% range, the government now needs to find the means to execute the emphasized projects, with ease.

    "The budget missed out on the supply chain enterprise that keeps the consumption drive intact. Cash requirements for the short run, especially for small as well as large business houses remain untouched. Besides, the additional cess has been proposed on both petrol and diesel, which will only add to the cost of goods and services. In fact, the focused projects announced for infrastructure which may help stimulate demand, in the long run, will also be subject to implementation effectiveness.”

  • February 01, 2021 / 11:39 PM IST

    Union Budget 2021 LIVE Updates | The Budget and Privatisation 

     Union Budget 2021 LIVE Updates | The Budget and Privatisation 
  • February 01, 2021 / 11:30 PM IST

    Union Budget 2021 LIVE Updates | Impact of the Budget on Healthcare 

      Union Budget 2021 LIVE Updates | Impact of the Budget on Healthcare 
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  • February 01, 2021 / 11:15 PM IST

    Budget 2021 | Govt announces gas pipeline project for Jammu and Kashmir

    The Centre has announced a maiden gas pipeline project for the Union Territory of Jammu and Kashmir. In her Budget speech on Monday, Finance Minister Nirmala Sitharaman said a gas pipeline project will be taken up in Jammu and Kashmir.

    She also announced setting up of a central university in Leh district of Union Territory of Ladakh for accessible higher education. READ MORE HERE 

  • February 01, 2021 / 11:09 PM IST

    Union Budget 2021 LIVE Updates | Prashant Kumar - MD & CEO, YES Bank- Overall, the Government seems conscious of triggering positive growth impulse with the Union Budget striking the right chords in terms of reviving consumption and boosting investments.

  • February 01, 2021 / 10:48 PM IST

    Union Budget 2021 LIVE Updates | CBDT Chairman PC Mody as per ANI reports- The revised estimate for direct tax collection this year is Rs 9.05 lakh crores, out of which we have collected Rs 6.63 lakh crores. I am very confident that we will achieve the target.  

  • February 01, 2021 / 10:36 PM IST

    Union Budget 2021 LIVE Updates | Congress leader P.Chidamabaram per ANI reports- It was not a Budget like never before, it was a let down like never before. The Budget like the previous one will unravel sooner than you think. 

  • February 01, 2021 / 10:32 PM IST

    Budget 2021: Centre bets on multiplier effect of infrastructure projects to create jobs, boost demand


     
    The Budget will deliver growth, create jobs, restore incomes and boost consumption. But more likely over a medium-term rather than in the immediate few months. This is because the focus is on infrastructure building and construction, which takes time to deliver results.

    Many of the projects announced by Finance Minister Nirmala Sitharaman will be built over a period of over five years, create durable assets and deliver growth in the medium term rather than provide a short-term boost. The government is betting on the fiscal multiplier effect of infrastructure projects – estimated at 2.5x – to achieve its objective.

    The problem with the emphasis on large infrastructure projects is that implementation can be delayed due to a variety of reasons including land acquisitions and environmental clearances. Land acquisition is not easy and that will affect the execution of several proposed projects such as expansion of highways and roads, metro rail projects and textile parks... READ MORE HERE

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  • February 01, 2021 / 10:29 PM IST

    Budget 2021: Customs duty hike to make ACs, mobile phones, spandex expensive but gold, silver, nylon get cheaper 

    Imported products such as compressors for refrigerators and air conditioners (ACs), alcoholic beverages, raw silk, spandex fibre, LED lamps, solar lanterns, mobile phones and power banks are set to cost more as Finance Minister Nirmala Sitharaman proposed an increase in the customs duty on a range of items in her Budget 2021 speech.

    However, on the other hand, products like gold, silver, nylon fibres, copper scrap and Naptha will get cheaper due to a customs duty cut. READ MORE HERE

  • February 01, 2021 / 10:23 PM IST

    Budget 2021 podcast | Expansionary reforms were promised, expansionary reforms were delivered

    In this special episode on the Union Budget, host Keerthana Tiwari and Moneycontrol's Arup Roychoudhury discuss the key points from the announcements made by Finance Minister Nirmala Sitharaman.

    Roychoudhury explains about the government reforms announced for the infrastructure sector and the disinvestment plans.

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