Budget 2021 LIVE Updates: UTs of Ladakh, J&K have been given growth impetus, says PM
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New Delhi, February 01: And the day arrives.. Finance Minister Nirmala Sitharaman is set to present Union Budget 2021-22 today. While she is likely to use a 'made in India' tablet computer to deliver a paperless Budget address, this Budget assumes greater significance as it comes amid the novel coronavirus pandemic, which has led to massive economic disaster!
The pandemic has led to significant setbacks across the socio-economic fabric of the country. In order to ensure development and growth, it is critical to incorporate adequate policy planning and programs to ensure that women are able to get the benefits of these schemes. There is a need to also address areas like upskilling of the female workforce, more women in tech and women entrepreneurship. Due to the pandemic induced lockdown women, entrepreneurs suffered from factors such as lack of orders, supply chain disruptions, limited workforce, and financial crunch.
We hope the Budget addresses these areas by providing relaxation in taxation policies, new schemes for driving women entrepreneurship opportunities such as increasing the availability of collateral free loans for women entrepreneurs especially in MSMEs and start-ups.
The Budget proposals for 2021-12 rest on six pillars - health & well-being, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & R&D, Minimum Govt & Maximum Governance: FM Nirmala Sitharaman
FM Nirmala Sitharaman rises to present Union Budget 2021-22. Stay tuned to this LIVE blog during and after the finance minister’s speech. Besides talking about Budget announcements, this blog will bring you expert comments, analysis and inputs from our reporters.
In a situation where India is engaged in a prolonged standoff with China in eastern Ladakh, Finance Minister Nirmala Sitharaman on Monday announced an allocation of Rs 4,78,195.62 crore for the defence sector for 2021-22 as against last year's Rs 4,71,378 crore (including Defence Pension). Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year's Rs 3.37 lakh crore.
PM Modi speaks on Union Budget 2021
I am happy that south states, north-east states and UTs of Ladakh and J&K have been given growth impetus; while there is an effort boost coastal areas: PM Modi on Union Budget 2021
Taxation- FM, "I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years. The fiscal deficit in 2021-22 is estimated to be 6.8% of the GDP. Fiscal deficit in 2020-21 pegged at 9.5% of GDP. We would need another Rs 80,000 crores for which we would be approaching the market in these two months
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"
We have launched one nation, one ration card scheme through which beneficiaries can claim their rations anywhere in the country. Migrant workers in particular benefit from scheme. One nation, One ration card plan is under implementation by 32 states & UTs
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
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
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
Safety measures undertaken in past years have borne results. To further strengthen, high-density network & highly utilised network routes of Railways will be provided with indigenously developed automatic train protection system that eliminates train collision due to human error. 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, notes the Budget.
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
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
COVID-19 vaccines- I have provided Rs 35,000 crores for #COVID19 vaccine in this year 2021-22. I am committed to provide further funds if required, says 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
A new centrally sponsored scheme PM Atmanirbhar Swasth Bharat Yojana will be launched with an outlay of about 64,180 crores over 6 years
For 2021-22, Sitharaman proposed a sharp increase in Capital Expenditure & thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21
The Government 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
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
Today India has 2 vaccines available and has begun safeguarding not only her own citizens against #COVID19 but also those of 100 or more countries. It has added comfort to know that 2 ore more vaccines are also expected soon
FM says, 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.
Preparation of this Budget was undertaken under circumstances like never before. We couldn't have imagined the global slowdown during the last Budget. We announced the 'Aatmanirbhar' Package in May 2020 to sustain recovery. Atmanirbhar Bharat and Pradhan Mantri Yojana were like 3-4 mini Budgets in themselves. Total COVID-19 support measures amount to 13 percent of GDP and total COVID-19 support measures by government and RBI amounts to Rs 27.1 lakh crore
Finance Minister, PM Modi, Sec Anurag Thakur arrive at the Parliament
Here is a quick recap on the key budget themes - Healthcare Focus:
In a pandemic year, healthcare is will finally get the attention it deserves. The finance minister is likely to double healthcare spending in the next fiscal year. Analysts expect her to raise expenditure in the sector to 4 percent of gross domestic output (GDP) in the coming four years as India looks to fix shortcomings exposed by the pandemic.
Experts also anticipate the government raising health tax from the current 1 percent of income and corporate tax to fund its expenditure to battle the pandemic.