Budget 2021: Top takeaways from India's first paperless Budget

On Monday, Union Finance Minister Nirmala Sitharaman presented what was perhaps one of the most-awaited Budgets in Indian history.

This is India's first paperless Budget, and the third Budget presented by Sitharaman. The Finance Minister started by thanking the frontline workers, who continued to serve the country amid these difficult times, and announced that Budget 2021 was prepared in "unprecedented times".

She said, "Only three times, the Budget has followed a contraction in Indian economy. This time, it's because of a global pandemic like in other countries. I want to confidently state that the government is fully prepared to support and facilitate the economic reset."

The FM said the Union Budget 2021-2022 proposals are based on six key pillars —

1. Health and wellbeing
2. Infrastructure
3. Inclusive development
4. Development of human capital
5. R&D
6. Minimum government maximum governance

Here's a roundup of YourStory's comprehensive coverage of the Finance Minister's Budget Speech: 

Government fully prepared to support and facilitate the economic reset, says Finance Minister Nirmala Sitharaman

"Faith is the bird that feels the light and sings when the dawn is still dark." Quoting poet and philosopher Rabindranath Tagore, Union Finance Minister Nirmala Sitharaman on Monday presented India’s first-ever paperless Budget 2021, considered one of the most crucial ones in modern India’s history as the country attempts to recover from the after-effects of the COVID-19 pandemic.

Read more: https://yourstory.com/2021/01/budget-2021-finance-minister-nirmala-sitharaman-presents-budget

Budget 2021: Social security benefits to be extended to platform and gig workers, says FM

Read more: https://yourstory.com/socialstory/2021/02/budget-2021-social-security-gig-workers

Made in India tablet replaces 'bahi khata' as Finance Minister prepares for first paperless Budget

This morning, Finance Minister Nirmala Sitharaman made her way to the Parliament, a 'Made in India' tablet wrapped in a velvety red cloth in tow — a contrast to the traditional 'bahi khata' (ledger wrapped in a red cloth) that she'd been carrying in the past two years.

In her first year as FM, Sitharaman broke away from the Budget 'briefcase' with the bahi khata to honour age-old practices. Two years on, she's gearing up to deliver the country's first 'digital' Budget.

Read more: https://yourstory.com/2021/02/budget-2021-made-in-india-tablet-replaces-bahi-khata-finance-minister

Rs 35,000 Cr allocated for COVID-19 vaccination expenditure in FY22

Finance Minister Nirmala Sitharaman on Monday provided Rs 35,000 crore towards COVID-19 vaccination in 2021-22 fiscal.

"I have provided Rs 35,000 crore for COVID-19 vaccine in this year 2021-22. I'm committed to provide further funds if required. The Budget outlay for health and well being is Rs 2.23 lakh crore in 2021-22 as against BE of Rs 94,452 crore and marks an increase of 137 percent," she said while presenting 2021-22 Budget in the Lok Sabha.

Read more: https://yourstory.com/2021/02/budget-2021-rs-35-000-cr-covid-19-vaccination-expenditure-fy22

In welcome move for Indian startups, FM proposes one person company without any restriction on paid-up limit

Finance Minister Nirmala Sitharaman proposed the incorporation of one-person companies, with no restriction in paid-up capital and turnover, as well as an update to the definition of small companies under Companies Act, 2013.

The FM proposed revising the definition of small companies by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh. Budget 2021 also focussed on decriminalisation of limited liability partnerships, with the flexibility to convert a company to any form or LLP to benefit more than two lakh companies in easing the compliance requirement.

Read more: https://yourstory.com/2021/02/budget-2021-nirmala-sitharaman-proposes-one-person-company-without-restriction-startups

Finance Minister announces the launch of Aatmanirbhar Swastha Bharat Yojana with an outlay of Rs 64,180 Cr

With 2020 being one of the most challenging years for the country due to the COVID-19 outbreak, Finance Minister Nirmala Sitharaman announced that health and wellbeing is one of the six pillars for Budget 2021.

While presenting the Union Budget 2021 on Monday, Nirmala Sitharaman announced the launch of Aatmanirbhar Swastha Bharat Yojana, with an outlay of Rs 64,180 crore.

She said these funds will be used for developing primary, secondary, and tertiary healthcare over a period of six years. The finance minister clarified that this initiative will be an addition to the National Health Mission.

Read more: https://yourstory.com/2021/02/budget-2021-fm-nirmala-sitharaman-healthcare-provisions

Aatmanirbhar packages of Rs 27.1 lakh crore sped up the pace of structural reforms: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government's Aatmanirbhar packages, totalling Rs 27.1 lakh crore to deal with the COVID-19 pandemic, accelerated the pace of structural reforms.

Furthermore, the FM highlighted "our manufacturing sector has to grow in double digits on a sustained basis" to achieve the vision of becoming a $5 trillion economy by 2025. She also announced the government's commitment of Rs 1.97 lakh crore under the production-linked incentive (PLI) scheme.

Read more: https://yourstory.com/smbstory/budget-2021-fm-nirmala-sitharaman-msmes-aatmanirbhar-bharat

Social security benefits to be extended to platform and gig workers, says FM

The government on Monday said social security benefits would be extended to platform and gig workers.

Presenting the Union Budget for 2021-22, Finance Minister Nirmala Sitharaman said the government also proposed setting up of a portal to collect information on gig workers, and building and construction workers, among others, to provide them with benefits like health, credit, food, and more.

She noted that for the first time Code on Social Security Code 2020 had made provisions for universalisation of social security for the entire workforce including gig and platform workers.

Read more: https://yourstory.com/socialstory/2021/02/budget-2021-social-security-gig-workers

Budget 2021: Finance Minister Nirmala Sitharaman to present ‘unprecedented’ budget today

For the first time, the government is tasked with bolstering the economy when demand for goods and services remains sluggish and tax collections remain a challenge, amidst a slew of other hurdles. 

India Inc and Indian startups are hoping for some bold reforms across sectors from the Narendra Modi government to pave the way for an economic recovery. The Indian economy, badly bruised by the coronavirus crisis, slipped into recession last year.

Read more: https://yourstory.com/2021/01/budget-2021-nirmala-sitharaman

For YourStory's multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page or budget.yourstory.com