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Union Budget 2021 Live Updates: We chose to spend big on infrastructure and healthcare sector, says FM Sitharaman
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
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New Delhi: Finance Minister Nirmala Sitharaman delivered her Budget speech with focus more on driving the economic recovery through higher spending on healthcare and infrastructure.
Departing from the usual practice, the Finance Minister presentied and read out the Union Budget 2021-22 at the Parliament through a tab, instead of the traditional 'bahi khata'.
Here are the Live Updates on Union Budget 2021
FM Nirmala Sitharaman's Post-Budget Press Conference
This Budget comes at a time when all of us decided to give impetus to the economy & that impetus, we thought, would be qualitatively spent & give necessary demand push if we choose to spend big on infrastructure, says FM Sitharaman.
If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges, ports & so on: FM
As a second feature, I tend to the need of the healthcare sector and even there, capacities for better health management had to be brought in in light of what we had gone through last year: FM
We have taken the approach of widening new opportunities for growth, new openings for our youth, a new high to human resources, develop new regions for infrastructure, walking towards technology & bring new reforms with this Budget: PM
Many thought we will put the tax burden on the common man. However, we focused on a transparent Budget: PM Narendra Modi
Consequently, unbranded petrol and diesel will attract basic excise duty of Rs 1.4, and Rs 1.8 per litre respectively. The SAED on unbranded petrol and diesel shall be Rs 11 and Rs 8 per litre respectively. Similar changes have also been made for branded petrol and diesel
Consequent to imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden
Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalizing custom duty on gold and silver, says FM
Domestic electronic manufacturing has grown rapidly. For greater domestic value addition we're withdrawing a few exemptions on part of chargers & sub-parts of mobiles. Further some parts of mobiles will move from nil rate to a moderate 2.5%
Reducing Customs duty uniformly to 7.5% on semis, flux & long products of non-alloy, alloy & stainless steel. To provide relief to metal recyclers, mostly MSMEs, I'm exempting duty on steel scrap up to 31st March 2022. I am also revoking ADD & CBD on certain steel products, says FM
In order to incentivize startups in the country, I propose to extend the eligibility for claiming tax holidays for startups by one more year, till 31st March 2022
To further reduce litigation for small taxpayers I propose to constitute a dispute resolution committee which will be faceless to ensure efficiency, transparency. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible to approach committee
Seven port projects worth more than Rs 2,000 crore to be offered by major ports in PPP Mode, in FY 2021-2022. To move to a model where private partner will manage operations of ports
Scheme for promoting flagging of merchant ships in India to be launched, by providing subsidy support to Indian shipping companies in global tenders floated by Ministries and CPSEs. Rs 1,624 crore over 5 years for this
FM proposes to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021
FM Sitharaman extends cap gains tax exemption for investment into start-ups by another year
Tax holiday for Aircraft leasing business in Gift city. Tax holiday on gains for aircraft lease
Rs 3,000 crore to be set aside for skilling initiatives for the youth. National Research Foundation to be allocated Rs 50,000 crore over 5 years. 100 new Sainik schools to be established
Government to set-up a faceless dispute resolution mechanism for small taxpayers. FM proposes to reduce time allowed to re-open tax investigation to 3 years as against 6 years now
FM proposes to increase threshold for tax audit to Rs 10 crore as against Rs 5 crore for those transacting 95% digitally
Major relief for Senior citizens above 75 years with only pension and interest income exempted from filing returns
Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection
To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building/construction workers among others. It'll help formulate health, housing, skill, insurance credit &food schemes for migrant workers
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
Ujjwala scheme will be expanded to over 1 crore more beneficiaries. We will add 100 more districts in the next three years to the city gas distribution network. A gas pipeline project will be taken up in Jammu and Kashmir
Will approach market for additional Rs 80,000 crore to fund FY21 fiscal deficit. Gross market borrowing target at Rs 12 lakh crore for FY22. Fiscal deficit in 2020-21 pegged at 9.5% of GDP
Major announcements for Indian Railways in Union Budget 2021
High density rail networks and highly utilized rail routes to be provided with indigenously developed automatic train protection system which will eliminate train collision due to human error.
100% electrification of rail broad gauge routes to be completed by December 2023.
Record sum of Rs 1,10,055 crore to be provided for Indian Railways, out of which Rs 1,07,100 is for capital expenditure only
#mute
FM proposees to take concrete steps to increase funding for National Infrastructure Pipeline
1. By creating institutional structures
2. By monetising assets
3. By enhancing share of capital expenditure in Central and State Budgets
40,000 crore for programmes, projects and departments which show good progress in capital expenditure and which may be in need of further funds. More than Rs 2 lakh crore for states and autonomous bodies for capex
Sharp increase of 34.5% in capital expenditure as compared to previous budget estimates - resulting in allocation of Rs 5.54 lakh crore. Echoing the govt.'s effort to spend more on capital expenditure, despite resource crunch
Five operational roads being transferred to NHAI. Rs 7,000 crore assets to be transferred to PGCIL. Railways to monetize dedicated freight corridor assets for O&M, after commissioning. Next lot of airports to be monetized for ops and management concessions
Rally in Dalal Street as government hikes FY22 capex spend. Sensex soars over 900 points, Nifty hovering around 14,000 level
National Monetization Pipeline of potential brownfield infrastructure assets to be launched, for monetizing operating public infra assets. Asset Monetization Dashboard to track progress and provide visibility to investors
Professionally managed Development Financial Institution to be set up, to provide, enable & catalyze infra financing Rs 20,000 crore to capitalize this institution, Aim is to have lending portfolio of at least ₹ 5 lakh crore in 3 years, says FM
To give further thrust to National Infrastructure Pipeline, three concrete actions to be taken in the following areas
Creating institutional structures
Monetizing assets
Increasing share of capital expenditure in central and state budgets
FM provides a record sum of Rs 1,10,055 crores for Railways of which Rs 1,07,100 crores is for Capital Expenditure only: Finance Minister Nirmala Sitharaman
Scheme of Mega Investment Textile Parks to be launched, in addition to PLI scheme, to create world class infra in textile sector, with plug-and-play facilities, to create global export champions. 7 textile parks to be set up over 3 years, FM
Over 13,000 km length of roads at a cost of Rs 3.3 lakh cr has already been awarded under Rs 5.35 lakh cr Bharatmala project of which 3,800 kms have been constructed. By March 2022 we'd be awarding another 8,500 & complete an additional 11,000 kms of National Highway Corridor: FM
Indian Railways has prepared a National Rail Plan for India 2030. The plan is to create a future-ready railways system by 2030 - bringing down logistic cost for industry is at the core of a strategy to enable Make in India.
Rs 1.97 lakh crore over 5 years starting this FY, for Production Linked Incentive Schemes to create manufacturing global champions for an AatmaNirbhar Bharat, FM
Over 13,000 km length of roads at a cost of Rs 3.3 lakh cr has already been awarded under Rs 5.35 lakh cr Bharatmala project of which 3,800 kms have been constructed. By March 2022 we'd be awarding another 8,500 & complete an additional 11,000 kms of National Highway Corridor: FM
I have provided Rs 35,000 crores for COVID 19 vaccine in this year 2021-22. I am committed to provide further funds if required, says FM Sitharaman
Rs 2,217 crore for 42 urban centres with million plus population, to tackle burgeoning problem of air pollution
Urban Swachh Bharat Mission 2.0 with outlay of Rs 1,41,678 crore over 5 years from 2021. Focused on complete fecal sludge management, waste water treatment, source segregation, management of waste from urban construction, bioremediation of legacy dump sites, FM
Proposals in Part A will strengthen the Sankalp of Nation first
1. Doubling farmers' income
2. Strong Infrastructure
3. Healthy India
4. Good Governance
5. Opportunities for Youth
6. Education for All
7. Women Empowerment, and
8. Inclusive Development
Jal Jeevan Mission Urban to be launched, outlay Rs 2.87 lakh crore over 5 years Aimed at universal water supply in all 4,378 urban local bodies, with 2.86 crore household tap connections and liquid waste management in 500 AMRUT cities
For 2021-22, FM proposees a sharp increase in Capital Expenditure & thus provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21
Supplementary Nutrition Programme & POSHAN Abhiyaan to be merged, Mission POSHAN 2.0 to be launched To strengthen nutritional content, delivery & outcome Intensified strategy for improving nutritional outcomes in aspirational districts
The Budget will be the first budget of this decade and will also be a digital budget The Govt. is fully prepared to support and facilitate economy's reset This budget provided every opportunity for economy to capture the pace it needs for a sustainable growth: FM
Only three times has the Budget followed a contraction in the economy. This time, unlike before, the situation is due to a global pandemic. Budget 2021 provides every opportunity for economy to capture pace and grow sustainably: FM
New Centrally Sponsored Scheme PM Aatmanirbhar Swasth Bharat Yojana to be launched, outlay of Rs 64,180 crore over 6 years to develop capacities of health care systems, develop institutions for detection & cure of new and emerging diseases, says FM
Investment on health infra in Budget 2021 has increased substantially. Three areas - Preventive health, curative health and well-being - to be strengthened, says FM
Budget 2021 proposals rest on six pillars: Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D; and Minimum Govt, Maximum Governance, says FM
"Faith is the bird that feels the light and sings when the dawn is still dark" FM quotes Rabindranath Tagore, adding that this moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope"
Aatmanirbhar Bharat packages accelerated structural reforms today, India has two vaccines, we have begun to safeguard both our citizens as well as 100 or more countries Two or more more vaccines also expected soon, FM
The Govt. stretched its resources for the benefit of the poorest of the poor The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves, FM
The total financial impact of all AatmaNirbhar Bharat packages, including measures taken by RBI, was about ₹ 27.1 lakh crore, more than 13% of GDP
FM begins Budget 2021 speech by recounting the unprecedented circumstances through which the nation and the world had to go through and recognizing the service rendered by COVID Warriors during the crucial months of the pandemic.
In May 2020, Govt announced the Atmanirbhar Bharat package, to sustain the recovery further we also rolled out two more Atmanirbhar packages. Total financial impact of all packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores: FM
PM Narendra Modi arrives at Parliament. PM Modi chairs cabinet meet ahead of Sitharaman's Budget speech.
Cabinet's meeting begins ahead of the presentation of Union Budget 2021-22 by Finance Minister Nirmala Sitharaman at the Parliament today.
Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the #UnionBudget 2021-22.
(Pic Source: Rashtrapati Bhavan Twitter account) pic.twitter.com/O7OLovBSqa
— ANI (@ANI) February 1, 2021
Finance Minister Nirmala Sitharaman, MoS Finance and Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, call on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22.
Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament.
Markets opened higher on Monday ahead of the Union Budget 2021-22 presentation in Parliament. The 30-share Sensex was trading higher by 443.06 points or 0.96 per cent at 46,728.83; and the broader Nifty was up 114.85 points or 0.84 per cent at 13,749.45.
FM Nirmala Sitharaman and MoS Finance Anurag Thakur leave from Ministry of Finance. FM will present Union Budget 2021-22 at Parliament at 11 am.
Departing from the usual practice, the Finance Minister will present and read out the Union Budget 2021-22 at the Parliament through a tab, instead of the traditional 'bahi khata'.
While the headline stimulus was pegged at close to Rs 21 lakh crore, the actual fiscal impact of the economic packages works out to be about Rs 3.5 lakh crore (1.8 per cent of GDP).
In response, the government announced a number of policy measures under Aatmanirbhar Bharat package 1.0, 2.0 and 3.0 to support the economy. The package was a combination of grant, equity and liquidity measures by the central government, state governments and the Reserve Bank of India (RBI).
The pandemic struck at a time when the economy was already caught in the grip of a growth slowdown. GDP growth touched an 11-year low of 4 per cent in 2019-20. A steadily declining investment rate has been a major factor in causing deceleration prior to the coronavirus crisis.
A sustainable economic revival will need a policy catalyst. That's where this budget assumes a special relevance.
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