FM Nirmala Sitharama will present union budget 2021 soon.
Union Cabinet has cleared the Budget for FY 2021-22 by FM Nirmala Sitharama which is has been touted as one of the most important budgets in the recent times.
The Economic Survey 2020, presented by FM Nirmala Sitharaman on Friday pegged the GDP growth at 11 per cent in FY22.
Sensex gains 500 points, Nifty above 13,700 on the Union Budget Day; PSU banks in focus Buying witnessing in the banking, infra and metal stocks, while selling seen in the pharma and IT stocks
I believe a lot of impetus will be given to sectors that are under strain, such as tourism. I also think Aatmanirbharta requires a boost to exports: Piruz Khambatta, Chairman – Rasna Pvt Ltd; #LIVE here – https://t.co/jghcajZuXf https://t.co/aIt15B0D3m
Feb 01, 2021 | 11:11 (IST)
Union Budget 2021 LIVE Updates | Finance Minister Nirmala Sitharaman in Parliament: India has two COVID-19 vaccines available and we expect two more vaccines soon. India currently also has one of the lowest death rate and active cases in the world. India’s economic contraction is due to a global pandemic.The government is fully prepared to support and facilitate economic reset.
FM Nirmala Sitharaman announces a new healthcare system scheme with an outlay of Rs 64,000 crore
Budget2021 #BudgetWithNDTV https://t.co/wOwtGA6QDk
The investment in Health infrastructure has been increased in #UnionBudget2021 with focus on preventive, curative and well-being. PM-Atmanirbhar Swasth Bharat Yojna will be launched over 6 years with an outlay of Rs 64,180 crore: FM #Budget2021withFE
For clean air, Rs 2,217 crore allocated for 42 urban centres with 1 million plus population
Budget2021 rests on 6 pillars:
1⃣Health and well-being
2⃣Physical and financial capital and infrastructure
3⃣Inclusive development for aspirational India,
4⃣Reinvigorating human capital
5⃣Innovation and R&D
6⃣Minimum government-maximum governance: FM
BudgetWithHT | “Rs 35000 crore for #Covid19 vaccination, more will given if needed,” says Finance Minister @nsitharaman
“The Budget outlay for health and welfare is Rs 2,23,846 crore in the 2021-22 Budget. This is a 137 per cent increase”: FM Nirmala Sitharaman
“Mega investments textile park scheme to be launched for world class infrastructure with plug-and-play facilities. 7 textile parks to come up over 3 years,” @nsitharaman says.
India now has one of the lowest #COVID19 death rates of 112 per million population and one of the lowest active cases of about 130 per million. This has laid the foundation for the economic revival we see today: Finance Minister @nsitharaman
BudgetWithTimes #Budget2021 https://t.co/aVgV9RzHKw
UnionBudget2021 | The investment on Health Infrastructure has increased substantially in this budget. The new PM #AtmanirbharSwasthBharat support for 17,000 rural & 11,000 urban wellness centres, public health labs in all districts: FM #NirmalaSitharaman
ANewIndia #Budget2021 https://t.co/AgLEL5DOXt
Budget2021 | Govt will introduce a bill to set-up a development finance institution, capitalised with Rs 20,000 cr https://t.co/jv9HfA9CFk
LIVE | “Only three times has the #Budget followed a contraction… This time, unlike before, the situation is due to a global pandemic. #Budget2021 provides every opportunity for economy to capture pace,” said FM Sitharaman.
Follow for updates: https://t.co/5ZgKC2Hoxn
Budget2021WithMC: “Jal Jeevan Mission will be launched across all urban local bodies”: @nsitharaman.
⚡️Rs 2.87 lakh cr outlay for Jal Jeevan Mission over 5 years. For LIVE updates, click: https://t.co/W2jlGWKl6n
LIVE | Finance Minister: FY22 capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore.
Budget2021 brings back a new development financial institution with Rs 20,000 crore as capital: a lost cause and failed idea of the 1960s.
[Will create sinecures for bureaucrats but do little else. Finally, it will become another bank like IDBI and ICICI.]
UnionBudget2021 | By March 2022, we would be awarding another 8,500 kms and complete an additional 11,000 kms of National Highway Corridors: FM Nirmala Sitharaman
UnionBudget2021 | For 2021-22, I propose a sharp increase in Capital Expenditure & thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21: FM #NirmalaSitharaman https://t.co/kHsRjWzvIx
Budget to provide Rs 1.1 lakh crore to Indian Railways in FY22 of which Rs 1.07 lakh crore is for capital expenditure: FM #Budget2021
100% electrification of broad guage routes will be completed by 2023: FM @nsitharaman https://t.co/eAJig2k4fd
🌟3,500 km corridor in Tamil Nadu
🌟1,100 km in Kerala at an 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
BudgetWithETNOW | Propose to create institutional framework to purchased debt securities; @SEBI_India to be notified as a regulator for regulated Gold exchanges
Budget2021 : FDI limit in insurance companies increased from 49% to 74% . Insurance Act to be amended.
Insurance Act: 49% to 79% foreign control hiked!
Majority of directors to be resident Indians
more than 50% directors being independent
Rs 1.97 lakh crore proposed for 5 years to boost manufacturing: FM @nsitharaman.
The pneumococcal vaccine, limited to only 5 states at present, to be rolled out across the country. This will avert more than 50,000 child deaths annually: Finance Minister @nsitharaman
UnionBudget2021 live updates: https://t.co/CGnkBBUiWz https://t.co/Y8iZZUNIWB
Major ports will move to a model where private partners will manage them: FM @nsitharaman
FM @nsitharaman has announced Rs 2,217 crore for 42 urban centres with 1 mn+ population to tackle #airpollution #Budget2021. Clean air could increase India’s life expectancy by 1.7 years, we had reported in December 2018: https://t.co/2Q665fWXMs #Budget2021
FM introduces PM Aatmanirbhar Swasth Bharat Yojana with an outlay of ₹64,180 cr over 6 years.
The FM announced an outlay for capital expenditure amounting to Rs 1,07, 100 lakh cr as well #Budget2021 #IndianRailways
LIVE | The basic point @nsitharaman is trying to make is that that the amount being paid by the Modi government is higher than what was being done during the UPA-era.
New scheme #Budget2021: Rs 18,000 cr for augmentation of public bus transport to enable pvt sector to support & maintain 20,000 buses in urban areas: Per day, @myBESTBus operates 2,865 buses carrying 2.2 mn passengers, on avg, we reported https://t.co/n5AlD1dJvC
Budget2021 | Finance Minister #NirmalaSitharaman announces #JalJeevanMission with an outlay of Rs 2.87 lakh crore for 4,378 urban local bodies.
Union Budget 2021: Govt says MSP procurement to continue at a steady pace
UnionBudget2021 | Govt allocates Rs 18,000 crore scheme to augment public transport in urban areas.
Budget2021WithMC: 🔥Rural infra fund increased to Rs 40,000 cr.
🔥Micro-irrigation corpus doubled to Rs 10,000 cr. Agriculture infra funds will be made available to APMCs.
UnionBudget #BudgetSession | https://t.co/W2jlGWKl6n https://t.co/Z2387wNsas
“Another 1 crore families will be covered under the subsidised LPG scheme called Ujjwala”: Finance Minister #NirmalaSitharaman
LIVE | “Our govt is committed to the welfare of #farmers. The #MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities,” said #FMSitharaman.
Follow for updates on #UnionBudget2021: https://t.co/5ZgKC2Hoxn
LIVE | The agricultural credit target has been enhanced at Rs 16.5 lakh crore.
Last year, the FM had pegged it at Rs 15 lakh crore.
National Education Policy (NEP): 100 new Sainik Schools to be setup. Formal umbrella structure for bringing in development of already existing institutions.
City gas distribution auction rounds 9 and 10 had already covered 71% of geographical areas in India.
LIVE | @nsitharaman finally announces the first important macro number.
Fiscal deficit for FY’21 will be 9.5% of GDP. This is higher than what was expected.
41% devolution to states retained, FM @nsitharaman says to adhere to recommendations of 15th Finance Commission @NKSingh_MP @CNBCTV18Live #BudgetWithCNBCTV18 #Budget2021
Budget2021 : Govt doesn’t want to deviate from fiscal consolidation path. Targets 4.5% fiscal deficit by FY 2026. FRBM Act to be amended.
FY’22 Gross borrowing target at
12 lakh crore; FM @nsitharaman Need another80,000cr in next 2 months, will approach market to raise it.
Strong Infra Push in Budget2021.
Will Introduce Bill To Set Up DFI; Providing 20,000 Cr.
Capital Expenditure increased by 35% to 5.54 Lakh Crore!
LIVE | Finance Minister: Reopening of tax cases only till after 3 years Vs 6 years earlier.
Budget2021: PUSH TO EDUCATION
- To spend `50,000 cr on National Research Foundation over 5 yrs
- To introduce legislation for setting up of higher education commission
- 15,000 schools to be strengthened as per Natl Education Policy
BudgetWithBS LIVE | 41% devolution of funds to states has been retained: FM ; Hope to get to back to fiscal consolidation path by FY26. Fiscal deficit will reach below 4.5% by FY26, says FM.
LIVE | Finance Minister: Late deposit of employee’s contribution will not be allowed as deduction for employer. LIVE | Finance Minister: Extend cap gains tax exemption for investment into start-ups by another year.
Incentives for startups:
Propose to extend eligibility to claim tax holidays by 1 more year.
To Extend capital gains by 1 more year for investing into startups.
Sitharaman in the Budget proposed to extend the Rs 1.5 lakh benefit on interest paid on affordable housing loans by one year to March 31, 2022. #Budget2021 https://t.co/uXobsjpzPJ
“Some parts of mobiles will move from nil rate to a moderate 2.5 %.”
LIVE | Finance Minister: Cutting Basic Customs Duty rate on nylon chips & nylon fibre.
Revoking ADD and CVD on certain steel products.
Reducing duties on copper scrap from 5% to 2.5%.
Sensex rises 1420.03 points to 47,705.80, Nifty up by 362.70 points to 13,997.30 after #FMSitharaman tables #UnionBudget.
“Exemption from filing IT returns for senior citizens aged 75 & above; tax slabs to remain unchanged,” said FM in #Budget2021.
Follow for updates:
‘Total financial impact of all Atmanirbhar packages including measures taken by RBI wa estimated to be about ₹27.1 lk cr’, says FM @nsitharaman during #Budget2021
Total Defense Budget in India this year is 4,78,195.62 lakh crore. #Budget2021
Tax audit limit for NRI has been increased from 5 crore to 10 crore, says FM @nsitharaman
Budget 2021 Highlights : Key Takeaways, Important Points
Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Here are the key Highlights from Budget 2021:
- Our Hon’ble Union Finance Minister nsitharaman has started presenting the Budget2021.
- Our FM starts the budget2021 announcement by mentioning the challenges during the pandemic and the vision of the Pradhan Mantri Garib Kalyan Yojana.
- FM says that India has two COVID19 vaccines made available and two more will be made accessible soon.
- FM reiterated that the government is fully prepared to support the economy’s reset.
- FM says the Budget2021 is based on 6 pillars. Starting with healthcare & wellbeing:
- Spending’s been increased
- New scheme with an outlay of Rs.64K crore to be spread over 6 yrs
- The above is in addition to the National Health Mission
- Support to rural & urban health centres
- FM announces the Jal Jeevan Mission with an outlay of 2.87 lakh crores aiming to provide full-fledged water supply to all urban local bodies with household tap connections.
- The FM proposed Rs1.41 lakh crores over a period of 5 Years for the Urban Swacch Bharath 2.0.
- An amount of Rs.1.47 lakh crores, over a 5-year-period, from 2021 has been assigned for initiatives such as wastewater treatment, reduction in plastic waster, reduction in pollution and the like.
- The Scrapping Policy has been announced in the Budget2021. The voluntary vehicle scrapping policy aims to remove inefficient vehicles so as to reduce vehicular pollution and oil import bills.
- FM proposes an amount of Rs.35000 crore to manufacture and make accessible the COVID19 vaccine.
- 2nd Pillar of Budget2021: Focus on physical, financial capital and infrastructure
- FM proposes an amount of Rs. 1.97 lakh crores, over 5 years, starting this FY to nurture global manufacturing champions and increase jobs for the youth
- FM has proposed a mega-investment textile park to be launched along with 7more textile parks to be established over the next 3 years.
- The FM proposes to set up a Development Financial Institution with an amount of Rs.5 lakh crores
- FM states that the Budget2021 will focus on the NHAI operational toll roads, airports in tier-2 and 3 cities, and sports stadiums
- The capital expenditure for the year 2021-22 will be 5.54 lakh crore with a 34.5% Y-o-Y growth rate.
- Our FM announced that more than Rs.2 lakh crores will be allocated for capital expenditure in the states and other autonomous bodies.
- FM announced that till date, a measure of 3,800 km highway-stretch has already been constructed and an additional km will be constructed under Bharat Mala project.
- The FM proposed the following National Highway budget for the below states:
- Tamil Nadu: 3500km @Rs. 1.03 lakh crores
- Kerala: 1100km @Rs.65,000 crores
- West Bengal: 675km @Rs.25,000 crores
- Also, National highway project of around 19,000 crores is in progress in Assam. Overall, the FM proposes a total of Rs.1,18,101 lakh crore for Ministry of Road Transport and Highways.
- An Infra-National Rail plan to prepare a future rail system in India by 2030 has been proposed to bring down logistics cost.
- The next few phases of metro projects will be taken up in Metro cities. Also in line are the ‘Metro Lite’ & ‘Metro New’ concepts for tier 1& 2 cities.
- The FM proposed to extend Ujjwala Scheme up to 1 crore beneficiaries from the existing 8 crore beneficiaries.
- The FM proposes to focus on the various allied laws of the securities market to be merged to the Securities Market Code.
- FM announced that the #SEBI will be notified to regulate the setting up and arrangement of the commodity market system.
- FM grants Rs.1,000 crores to the Solar Energy Corporation of India for the growth of the Solar Energy Sector.
- FM proposed to amend the Insurance Act to introduce additional FDI to insurance companies from the existing 49% to 74%.
- FM announces that a new Asset Reconstruction Company is to be set up to provide resolution to stressed assets in PSUs.
- The FM proposed to amend the DICGC Act, 1961 to streamline its provision where the depositors of the bank can get easy access to deposits through insurance in the case of a stressed bank.
- The FM announced that de-criminalization under the Companies Act, 2013 is complete and now the decriminalization of LLP Act, 2008 will be in force.
- Our FM modified the definition of small companies: companies with a paid-up capital not exceeding 2cr & a turnover not exceeding 20cr are to be considered small companies. Over 2 lakh+ companies benefit from this provision.
- For Startups and Innovators, the FM announced that the OPC can be incorporated without a limit for turnover or paid-up capital. This also allows NRIs to incorporate OPC in India.
- Our FM proposes a special framework for MSME.
- The FM announced that MCA 21 V3.0 to be introduced with additional modules for e-scrutiny and e-adjudication.
- FM stated that the IPO of the LIC will be carried out in FY 2021-22. Also, for the disinvestment strategy, two PSUs and 1 insurance company will be considered.
- The FM informed that the 15th Finance Commission’s recommendation is to rationalize and reduce centrally sponsored schemes.
- Pillar 3 of the Budget2021: Inclusive development for aspirational India
- In the Agriculture sector, the MSP regime has undergone a change to provide 1.5 times the product cost across all commodities.
- The total amount paid to wheat farmers was doubled in 2019-20 when compared to 203-14.
- The FM announced that agricultural credit will be increased to 16.5 lac crore.
- The FM proposed to enhance the scope of the ‘Operation Green Scheme’ to include 22 perishable crops, and 1.68 crore farmers have registered. Also, 1,000 mundis to be integrated under the said scheme.
- The FM stated that the government will take up the development of fishing harbors and fish landing centers along the banks of rivers and waterways.
- The FM announced that the ‘1 nation-1 ration card’ plan has been implemented by 32 States and UTs. Migrant workers benefit from this scheme as they can claim ration from anywhere in the country.
- The total fiscal deficit is pegged at 9.5 % of GDP and it is funded through govt borrowing. An additional 80,000 crore is needed to ensure our economy is given the needed push.
- The borrowings from the market for next year will be at 12 lakh crores.
- FM announced that the senior citizens who get only pension and interest on income are not required to file ITR.
- Reopening of assessment:
- In normal cases: the time limit has been reduced to 3 years from 6 years.
- In serious tax evasion cases: can be reopened till 10 years, only when concealment of income is more than 50 lakh.
- FM announced that the ‘Faceless dispute resolution committee and mechanism’ is set up to reduce litigations for small taxpayers. Any taxpayer with taxable income up to 50 lakh and disputed income up to 10 lakh can approach the committee.
- FM proposed a faceless Income Tax Appellate Tribunal (ITAT) for providing online resolution.
- The ‘tax audit limit’ under Section 44AB has been increased from Rs.10 crores to Rs.5 crores where 95% of business transactions are done in digital mode.
- The FM announced that the ‘advance tax liability’ on dividend income shall rise only after the declaration or payment of dividend.
- The FM announced that the deduction under section 80EEA is to be extended to loans taken up to 31st March 2022.
- FM announced that the affordable housing projects can avail tax holiday until 31 March 2022.
- FM announces tax incentives for the IFSC and tax holiday for aircraft leasing and rental companies.
- FM announces the pre-filled ITR in Budget2021: Salary, Tax Payments, TDS are already pre-filled. Capital Gains, dividend incomes, and interest income will now be pre-filled.
- FM states that in case the PF amount was deducted but not deposited by the employer, it will not be allowed as a deduction for the employer.
- FM announces that the deduction under section 80IAC will be extended up to 31st March 2021.
- Under Indirect Taxation, the FM proposes to review 400 old exemptions this year through extensive consultations. After which a revised customs duty structure will be introduced.
- The FM has rationalized customs duty on copper, textile, gold and silver.
- The FM raised customs duty on solar inverters from 5% to 20% and solar lanterns from 5% to 15%.
- The FM proposed to withdraw exemption on import of leather as they are domestically produced.
- The FM proposes ‘Turant Customs’ initiative for faceless, paperless, and contactless customs measures.
- The FM concluded the Budget2021 and the house has been adjourned after getting the consent for the Finance Bill, 2021.