Budget 2021 news updates: Finance Minister Nirmala Sitharaman will present the Budget today
India will present its budget today after a difficult year for the economy due to the COVID-19 pandemic, which shut down businesses for months, leading to lost earnings, curtailed consumer spending and job cuts. The ninth budget - including an interim one - of the government led by Prime Minister Narendra Modi is expected to put weightage on creating jobs and rural development - two areas hit hardest by the pandemic. Finance Minister Nirmala Sitharaman is likely to announce measures to put more money in the hands of taxpayers, in a continuation of the previous move that gave a choice between 25 per cent without claims and 30 per cent with claims income tax slabs.
Today's budget will have to go far beyond what the mini-budget in September 2019 achieved by reducing corporate tax, and the subsequent economy-booster announcements during the lockdown necessitated by the pandemic. The budget will come as an economic vaccine for the pandemic-battered economy and steer India with the much-needed stimulus to boost demand, consumer confidence and at the same time boost purchasing power of people, the Indian Chamber of Commerce said. One of the closely watched aspects of the budget, apart from corporate and income taxes, will be the expenditure on COVID-19 vaccination in fiscal 2022.
Here are the live updates of Union Budget 2021:
Union Budget 2021: Investors Look For Reduction In Withholding Tax Rates
Markets are expecting the Finance Ministry to fill the gap between expenses and income. The expense is around Rs 34 lakh crore, income is around Rs 24 lakh crore is income, while the deficit is around Rs 10 lakh crore. COVID-19 this year is going to cost Rs 2 lakh crore. Additionally, domestic and foreign investors are looking for a reduction in withholding tax rates.
Union Budget 2021: Markets Rise
Shares rose today ahead of the Union Budget where Finance Minister Nirmala Sitharaman is expected to unveil several measures to bolster the economy following the impact of the COVID-19 pandemic. There are also expectations that India will unveil some tax relief measures for pandemic-hit sectors such as real estate, aviation, tourism and automakers. The NSE Nifty 50 index rose 0.78 per cent to 13,741, while the benchmark S&P BSE Sensex was up 0.84 per cent at 46,673.82.
Union Budget 2021: Increase In Spending By 15%
Finance Minister Nirmala Sitharaman is likely to increase spending by more than 15 per cent year-on-year in 2021-22 with an emphasis on infrastructure and healthcare, say senior officials and advisers involved in budget preparation. The economy is projected to contract 7.7 per cent in the current fiscal year.
"If the Finance Minister can bring provisions to attract investors from abroad, then India will have edge over China": Naveen Wadhwa, Taxmann#BudgetWithNDTVpic.twitter.com/FABUL8YIG9
- NDTV (@ndtv) February 1, 2021
Nirmala Sitharaman To Read Out Union Budget 2021 Through A Tab
Finance Minister Nirmala Sitharaman will present the Union Budget 2021 at 11 am. She will read out the Budget 2021 at the Parliament through a tab, instead of the traditional 'bahi khata'.
#BudgetWithNDTV | Markets Reaction
#Nifty #Sensex
Union Budget 2021 Expectations: Experts say Nirmala Sitharaman could unveil plans to shift the economy from survival mode to revival to meet projections of 11 per cent growth rate in the next financial year that starts April, following a forecasted 7.7 per cent contraction in the current fiscal.
#BudgetWithNDTV | What's In Focus For Government's High Stakes #Budget2021 https://www.ndtv.com/business/budget-2021-whats-in-focus-for-governments-high-stakes-union-budget-2360391Budget 2021 Will Be Paperless
Finance Minister Nirmala Sitharaman was seen carrying a tablet in a red sleeve with the national emblem embossed on it. Nirmala Sitharaman had famously replaced the usual Budget briefcase with the traditional red "Bahi-Khata" or cloth ledger in 2019 and had stayed with it last year. She has said it was "high time" to shed the "British hangover". Besides, it was easier to carry, she had confessed. This year, the Finance Minister has launched the "Union Budget Mobile App" to enable MPs and people to access Budget documents easily.
Finance Minister Nirmala Sitharaman was seen carrying a tablet in a red sleeve with the national emblem embossed on it. Nirmala Sitharaman had famously replaced the usual Budget briefcase with the traditional red "Bahi-Khata" or cloth ledger in 2019 and had stayed with it last year. She has said it was "high time" to shed the "British hangover". Besides, it was easier to carry, she had confessed. This year, the Finance Minister has launched the "Union Budget Mobile App" to enable MPs and people to access Budget documents easily.
#BudgetWithNDTV | What are the expectations of Dalal Street from the Union Budget? NDTV's Purva Chitnis reports pic.twitter.com/2rJNx0SkTH
- NDTV (@ndtv) February 1, 2021
Union Budget 2021: Tax Cut Hopes
Corporations and industry chambers expect Finance Minister Nirmala Sitharaman to unveil some tax relief measures for pandemic-hit sectors such as real estate, aviation, tourism and autos. And analysts say the government would also have to consider providing tax relief to small businesses and consumers. But, with India's fiscal deficit for the current financial year ending in March likely rising to more than 7 per cent of gross domestic product (GDP) - double the government's initial estimate of 3.5 per cent - analysts believe this may be quite challenging.
Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur pose with the team ahead of the Budget.
Union Budget 2021: Centre May Hike Import Duties On High-End Goods
The government is likely to hike import duties on a number of high-end goods in a bid to raise more than Rs 210 billion in revenue, news agency Reuters reported. India is also likely to rely heavily on privatisation of state-run firms and sales of minority stakes in large companies such as Life Insurance Corp to fund its expenditure programme.
"My expectation is that it will be a transformational Budget": PKD Nambiar, Political Analyst#BudgetWithNDTVpic.twitter.com/8JLp5RALt1
- NDTV (@ndtv) February 1, 2021
Union budget 2021 news - What Junior Minister Anurag Thakur Said Ahead Of Budget
MoS Finance Anurag Thakur offered prayers at his residence ahead of the presentation of the Union Budget 2021. Mr Thakur said that the budget will be in accordance with people's expectations. He also added that the government is working towards a self-reliant India and making its economy grow.
"Government which functions on mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas' gave new direction to India by announcing Aatmanirbhar package, protecting it from pandemic and bringing economy back on track swiftly," Mr Thakur, MoS Finance, was quoted as saying by news agency ANI.
Nirmala Sitharaman Arrives At Finance Ministry Office
Finance Minister Nirmala Sitharaman has arrived at the Finance Ministry office ahead of her Union Budget presentation at 11 am.
Union Budget 20201: Pre-Budget Speech Procedure
Finance Minister Nirmala Sitharaman will leave for Rashtrapati Bhavan at 9 am. She will as part of the formal process explain the budget and its features to the President and his officials. After he signs the money bill or finance bill, Ms Sitharaman will come to parliament where the cabinet is explained about the budget. She will then seek approval for introduction of the budget. After the cabinet meeting, the Finance Minister will present the budget in Lok Sabha at 11 am.
Finance Minister Nirmala Sitharaman will leave for Rashtrapati Bhavan at 9 am. She will as part of the formal process explain the budget and its features to the President and his officials. After he signs the money bill or finance bill, Ms Sitharaman will come to parliament where the cabinet is explained about the budget. She will then seek approval for introduction of the budget. After the cabinet meeting, the Finance Minister will present the budget in Lok Sabha at 11 am.
Union Budget 2021 news: "Most Crucial Budget After 1991," Tweets Congress's Manish Tewari
"This is the most crucial budget after 1991," tweeted Congress leader Manish Tewari, adding that the GDP is in the 37th straight month of decline.
This is the most crucial budget after 1991. GDP is in the 37 th straight month of Decline.
- Manish Tewari (@ManishTewari) February 1, 2021
I do hope @nsitharaman acknowledges the seriousness of the situation.
However if economic Survey was anything to go by then all you may get is a Talkathon of fluff sans any substance.
Union Budget 2021: Spurt In Tax Collection
A spurt in tax collection in recent months, aided by the lower base of the current year and an expected economic turnaround that saw January goods and services tax (GST) revenues touch a record high, and hiking import duties on several high-end goods will offer some respite for Finance Minister Nirmala Sitharaman.
A spurt in tax collection in recent months, aided by the lower base of the current year and an expected economic turnaround that saw January goods and services tax (GST) revenues touch a record high, and hiking import duties on several high-end goods will offer some respite for Finance Minister Nirmala Sitharaman.
Nirmala Sitharaman will present the ninth budget of Prime Minister Narendra Modi's government in the Lok Sabha at 11 am. (File photo)
Government Likely To Double Healthcare Spending
The government is likely to double healthcare spending with the aim of raising expenditure in the sector to 4 per cent of gross domestic output in the coming four years, as the country looks to fix shortcomings exposed by the pandemic, news agency Reuters reported. The government could also increase a health tax from the current 1 per cent of income and corporate tax to fund the new programme.
Health sector expenditure must increase by 8 to 10 per cent in Union Budget, say experts. NDTV's Uma Sudhir reports#BudgetWithNDTVpic.twitter.com/JrUfB9pEgc
- NDTV (@ndtv) February 1, 2021
Union Budget 2021 Will Be India's First-Ever Paperless Union Budget
This year's Budget will be unique as it will be paperless, in a significant break from tradition, due to the Covid pandemic.
This is the first time in the history of independent India that budget papers will not be printed, so as to minimize the possibility of social interaction and maintain social distancing norms.
"Budget like never before": What to expect from finance minister
Nirmala Sitharaman had earlier this month announced that the budget will be "like never before". Union Budget 2021 - the ninth budget under the Narendra Modi government, including an interim one - is likely to focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with China.
Economic Survey's Forecast
The Economic Survey has forecast a "V-shaped" recovery for the Indian economy and real gross domestic product (GDP) growth of 11 per cent in fiscal 2022, on the back of the rollout of a massive vaccination drive against the coronavirus. "The (Economic) Survey has been written against the backdrop of a very trying time for Indian economy and its people. In that context, no doubt the lockdown was swift and effective as there was a complete freeze on most of the economy but the consequences of that when you close an economy for saving lives where most of the people are employed in the informal sector, we need to ask what saving lives mean," Centre for Policy Research chief Yamini Aiyar told NDTV.
Expenditure On COVID-19 Vaccination
One of the closely watched aspects of the budget, apart from corporate and income taxes, will be the expenditure on COVID-19 vaccination in fiscal 2022. The expenditure could be shared among the centre, states and households. India is running the largest vaccination programme after clearing two vaccines - Covishield, made by the Serum Institute of India, and Covaxin, manufactured by Bharat Biotech.
First Part Of Budget Session To End 2 Days Early
The first part of the budget session of parliament will end on February 13, two days early, as the Rajya Sabha has decided to change its sitting. Rajya Sabha Chairman M Venkaiah Naidu has asked leaders of all parties to ensure the budget session goes smoothly.
Highest GST Revenues In January 2021
The goods and services tax (GST) revenues in January 2021 are the highest since the national tax was introduced in July 2017. The revenues almost touched the Rs 1.2 lakh crore mark, exceeding the last month's record collection of Rs 1.15 lakh crore. GST revenues above the Rs 1 lakh crore for a four months at a stretch indicates rapid economic recovery amid the pandemic.
Watch Live News:
