TLI Staff
New Delhi: Finance Minister Nirmala Sitharaman will present the much-anticipated Union Budget 2021 at 11 am on February 1.
Even as finances of the central government have come under strain due to a shortfall in tax collection there are wide expectations that Finance Minister would go for more public spending to boost demand and investment. Most economists and industry captains have recommended higher spending on infrastructure and social sectors to revive the economy.
While Nirmala Sitharaman set the excitement level high by saying it will be never-seen before budget, Narendra Modi’s statement has rationalised the euphoria.
“…….Perhaps, for the first time in the history of India it has happened that our Finance Minister had to present four-five mini budgets as separate packages in 2020. That is, the series of mini budgets continued in a way in 2020. And I am confident that this budget will also be seen as a part of the series of those four-five budgets,” Prime Minister Narendra Modi said at the start of the budget session on Friday.
FM Nirmala Sitharaman and PM Modi have reached the Parliament ahead of Union Budget 2021 presentation.
PM @narendramodi, arrives at Parliament @FinMinIndia @PIB_India @airnewsalerts pic.twitter.com/K9F186PgHT
— DD News (@DDNewslive) February 1, 2021
Finance Minister @nsitharaman, arrives at Parliament @FinMinIndia @PIB_India @airnewsalerts pic.twitter.com/O4T9d4wRfS
— DD News (@DDNewslive) February 1, 2021
12:54PM: We are withdrawing exemption on certain kind of leather imports
12:54PM: Govt to introduce phased manufacturing plan for solar cells & panels & to increase customs duties on some auto parts
12:53PM: Income tax return filers increased to 6.48 crore in 2020 from 3.31 crore in 2014
12:53PM: I propose to review more than 400 old exemptions in customs this year. We will put new customs duty structure into place by Oct-1, 2021
12:52PM: We are cutting custom duty on copper scrap to 2.5% from 5%
12:52PM: We are revoking ADD and CVD on certain steel products and reducing duties on copper scrap from 5% to 2.5%
12:52PM: We are cutting Basic Customs Duty rate on nylon chips & nylon fibre
12:51PM: We are rationalising custom duty on Gold and Silver
12:51PM: Govt proposes to extend exemption available for the purchase of affordable houses & to provide tax exemption for affordable rental housing projects.
12:51PM: Delayed contribution of EPF by employer for employee will not be allowed as a deduction
12:51PM: Domestic electronic manufacturing has grown drastically. We are now exporting mobiles and chargers to the world
12:50PM: We are now increasing our exports of mobiles and chargers
12:5oPM: We have updated our Custom Duty Policies to ensure easy access to raw materials and value added products
12:50PM: Tax holiday for Aircraft leasing business in Gift city
12:49PM: We have made record GST collections in the last few months
12:48PM: GST is now 4 yrs old and we have made several efforts to simplify it:
12:47PM: Tax holidays for startups extended by one year, till 31st March 2022
12:46PM: Affordable housing deduction extended by one year to FY22. Tax exemption to notified rental housing projects
Government is committed to provide affordable rental housing for migrant workers:
12:45PM: For NRIs, Govt proposes to increase threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95% digitally):
12:44PM: Govt proposes to increase threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95% digitally)
12:43PM: Govt to set-up a faceless dispute resolution mechanism for small taxpayers. Govt proposes to reduce time allowed to re-open tax investigation to 3 years vs 6 years now
12:42PM: To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on workers, building/construction workers among others. It’ll help formulate health, housing, skill, insurance credit & food schemes for migrant workers
12:41PM: No income tax filing for senior citizens above 75 years of age having only pension, interest income
12:40PM: We made substantial changes in the Direct Tax System. We slashed our Corporate Tax rate to make it lowest in the world
12:38PM: National Research Foundation to be set up at Rs. 50,000 crores to strengthen the research ecosystem
12:36PM: Fiscal deficit revised to 9.5% for FY21 of GDP and pegged at 6.8% for FY22
12:34PM: Rs.1500 core incentive for digital mode of payment
12:30PM: Union Budget 2021 allows NRIs to operate OPCs in India
12:28PM: Big boost for startups. Incorporation of one person companies to incentivize innovation in startups. Reducing residency limit for Indian citizen to set up 1 person company from 182 to 120 days
12:24PM: Two banks and one Insurance company to be disinvested in 2021-22. IPO of LIC to be brought. City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts
12:21PM: I propose substantial investments in the development of modern fishing harbours and fish landing centres. Five major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat will be developed as hubs for economic activities
12:19PM: A scheme for tea farmers will be introduced for the welfare of women and Children in Assam
12:18PM: I propose to amend the Insurance Act 1938 to increase the permissible FDI limit from 49% to 74% in insurance companies and allow foreign ownership and control with safeguards
12:17PM: We believe in minimal government and maximum governance
12:16PM: National Language Translation Mission will be set up to further boost our regional languages:
12:15PM: Green scheme to be expanded to 22 perishable vegetable products
12:14PM: Government announces multi-state co-operative for ease of doing business
12:13PM: I have provided Rs. 700 crore for MSME sector, more than double of what it was
12:12PM: For further setting up of Higher Education in Ladakh under NEP 2020, I propose to set up a central university in place: FM
12:11PM: 100 new Sainik Schools to be made. There are other ‘umbrella’ structures to be created for higher education: FM
12:10PM: More than 15,000 schools will be strengthened under NEP 2020
12:09PM: 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
12:08PM: Migrant workers can claim ration under ‘One Nation One Ration Card’. Today 32 states & UTs are under the scheme. It is benefitting over 69 core beneficiaries so far
12:06PM: A portion of the agricultural fund will be allocated to APMC for furthering their infrastructure
12:04PM: Cotton farmers saw stupendous increase in the amount that was paid to them in 2013-14, that was 90 cr and it was increased to over 25,000 crore in 2020-21
12:02PM: Paddy MSP doubled this year. 1.5 crore farmers benefitted from increased MSP
12pm: In case of wheat, the amount paid to farmers in 2019-2020 was Rs 62,802 crore and in 2020-2021 it was further increased to Rs 75,060 crore
11:56am: I announce further infusion of Rs. 20,000 crore for public sector banks
11:55am: FDI in insurance companies increased from 49% to 74%, subject to specific compliance
11:54am: I am providing a record sum of Rs 1,10,055 crores for Railways of which Rs. 1,07,100 crores is for Capital Expenditure only:
11:53am: All divestments including Air India to be completed in FY22 and LIC initial public offering will also be in FY22
11:52am: Safety measures undertaken in past years have borne results. Railways will be provided with indigenously developed automatic train protection system that eliminates train collision due to human error
11:51am: Ujjwala LPG Scheme to add 1 crore more beneficiaries, over and above 8 crore
11:50am: I propose to launch hydrogen energy mission to generate hydrogen from green power sources
11:49am: For a 5-trillion dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains
11:48am: 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
11:47am: Rs. 2,217 crore for 42 urban centres with a million-plus population, to tackle burgeoning problem of air pollution
11:46am: A framework will be put in place to give consumers alternatives to choose from more than one distribution company. A revamped reforms-based result linked power distribution sector scheme will be launched with an outlay of 3,05,984 cr over 5 years
11:45am: Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised
11:44am: Highway infrastructure work proposed in the budget include building 8,500-km of highways by March 2022
11:40am: Highway infrastructure work proposed include building 8,500-km of highways by March 2022
are 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at an investment of Rs 65k cr, 675 km in West Bengal at a cost of Rs 95k cr and Rs 1,300 km in Assam in next 3 years Aatma Nirbhar Bharat Ka Budget
11:40am: 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:
11:39am: I propose around Rs. 1 lakh 7 thousand crore for capital expenditure of Indian Railways: FM
11:38am: New scheme will be launched at a cost of Rs 18000 crores to support augmentation of Public Bus Transport Services
11:37am: Main interventions under PM Aatmanirbhar Swasth BharatYojana include Support for Health and Wellness Centres, Setting up Integrated Public Health labs in all districts, Critical care hospital blocks, strengthening of NCDC
11:36am: Indian Railways have a National Rail Plan for 2030. Next lot of airports to be privatized in tier 2 and 3 towns and cities
11:35am: For 2021-22, I propose a sharp increase in Capital Expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21
11:34am: A new centrally sponsored scheme PM Aatmanirbhar Swasth Bharat Yojana will be launched with an outlay of about 64,180 crores over 6 years
11:33am: By March 2022, we would be awarding another 8,500 kms and complete an additional 11,000 kms of National Highway Corridors
11:32am: We will also give Rs. 2 lakh crore to states and autonomous bodies for their capital expenditure
11:31am: Voluntary scrapping policy announced based on fitness test – 20 years in a personal vehicle and 15 years for the commercial vehicle. More details to be available soon
11:30am: We will also give Rs. 2 lakh crore to states and autonomous bodies for their capital expenditure
11:29am: A scheme of Mega Investments Textile Park will be launched in addition to PLI Scheme which will create world class infrastructure with plug and play facilities to enable global champions in exports
11:28am: Union Budget 2021-22 to strengthen the vision of Nation First, doubling farmers’ income, strong infra, women’s empowerment, healthy India, good governance, education for all, inclusive development
11:27am: Govt allocates Rs 35,400 crore towards Covid vaccines for FY22 and is committed to more if required
11:26am: Jal Jeevan Mission will be launched across all urban local bodies. Rs 2.87 lakh cr outlay for Jal Jeevan Mission over 5 years
11:25am: The budget for health and well being would be around Rs. 2 lakh crore
11:24am: India now has one of the lowest Coronavirus 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
11:22am: To strengthen nutritional content, delivery, outreach and outcome, we will merge the supplement Nutrition Programme & Poshan Abhiyan and will launch the Mission Poshan 2.0
11:16am: Total financial impact of all AatmaNirbhar packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores: FM
11:15am: I bow my head in respect to every citizen for endurance shown in facing what was an undeniably a tough year for all our physical and mental well-being.
11: 13 am: Today India has two vaccines available and is not only safeguarding her own citizens against COVID 19 but also of 100 or more countries. It has added comfort to know that two more vaccines are also expected soon.
11:10am: Finance Minister said the government is working towards preparing the vision of Atmanirbhar Bharat. She also said that digital budget will transform future.
11:00am: FM Sitharaman starts her budget speech with the lines of Rabindra Nath Tagore “Faith is the bird that feels the light.”