Highlights ! Union Budget 2021

 

Finance Minister Nirmala Sitharaman presents her third budget today.

WATCH the budget speech live here.



 

FM ends speech; no new tax, no relief

Finance Minister Nirmala Sitharaman concludes her budget speech. The highlights of the budget are increased allocation for health, capital expenditure. She also did not touch the direct tax slabs.

Reopening of tax cases cut to 3 years from 6
Government cuts timeline for reopening of tax cases to 3 yrs from 6 yrs. However, serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years, announces FM Sitharaman.

Seniors over 75 need not file I-T returns
Senior citizens above 75 years exempted from filing income tax returns. banks to deduct the tax on pension paid to them, announces FM Sitharaman.

Big boost to Nagpurmetro, fin minister NirmalaSitharaman
announces Rs 5,976 cr for its second phase.

Govt to sell stake in 2 banks, 1 insurer
Barring four strategic areas, PSUs in other sectors will be divested, says FM announcing the government’s new disinvestment policy.

Two PSBs and one general insurance company to be divested, legislations amendments to be introduced in this session.

FM says NITI Aayog to be asked to work on the next list of central public sector companies for disinvestment.

Disinvestment receipts put at Rs 1.75 lakh cr for fiscal year beginning April 1, 2021.

BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22, announces FM Sitharaman.
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Rs 20,000 cr for recapitalisation of public sector banks
Other announcements made by FM Sitharaman are:

Asset reconstruction and management company to be set up for stressed assets of banks.

FDI in insurance increased to 74 pc from 49 pc.

Consumers can choose from more than one electricity provider
Other announcements made by FM Sitharaman are:

7 port projects worth more than Rs 2,000 cr via PPA mode.

100 pc electrification of broad gauge rail tracks by December 2023.
City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts.

Framework will be put in place to allow electricity consumers to choose from more than one distribution company.

Poll-bound Bengal gets Rs 25,000 cr for roads
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 km and complete an additional 11,000 km of National Highway Corridor, says FM Sitharaman.

Rs 2217 cr to tackle air pollution in 42 metros
Rs 2,217 crore has been allocated for 42 urban centres with million-plus population to tackle burgeoning problem of air pollution, announces FM Sitharaman.

Pipelines of GAIL, IOC and HPCL to be monetised
Other allocations/announcements made by Finance Minister Sitharaman are:

PLI scheme with outlay of Rs 1.97 lakh crore for 5 years starting this fiscal. A scheme of mega investment textiles park in addition to PLI scheme will be launched.

Rs 64,180 cr for Aatmanirbhar health programme
Other allocations announced by Finance Minister Sitharaman include:

Introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 cr; this in addition to the national health mission.

Swachh Bharat 2.0 will be implemented with outlay of Rs 1,41,678 cr over 5 years.

Jal Jeevan mission with outlay of Rs 2.87 lakh crore for 4,378 urban local bodies.

In capex boost, FM announces Rs 5.54 lakh cr
Finance Minister Nirmala Sitharaman has announced a capital expenditure of Rs 5.54 lakh crores for 2021-21, an increase of over 33% over the previous year’s allocation.

Budget 2021 rests on 6 pillars, says Sitharaman
The 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; Minimum government, maximum governance

Rs 35,000 crores for Covid vaccine, says FM
Finance Minister Sitharaman has kept the Budget’s focus on health, and promised an outlay of Rs 35,000 for Covid vaccine development, saying more funds will be allocated as the need arises.

Dawn of a new era: FM quotes Tagore
Finance Minister Sitharaman recalls the words of Tagore in her speech: “Faith is the bird that feels the light and sings when the dawn is still dark,” she says, 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.

Budget prepared in never-before circumstances: FM
The preparation of this Budget was undertaken in circumstances like never before, in view of calamities that have affected a country or a region within a country. But what we have endured with Covid-19 in 2020 is Sui generis: FM Sitharaman.

Rs 27.1 lakh cr spent in mini-budgets: FM

The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves. The total financial impact of all Aatma Nirbhar Bharat packages, including measures taken by RBI, was about 27.1 lakh crore, or more than 13% of GDP, says FM Sitharaman.

FM recalls Covid Warriors’ contribution during the year

Finance Minister Sitharaman begins her Budget2021 speech by recounting the unprecedented circumstances through which the nation and the world had to go through and recognising the service rendered by Covid Warriors during the crucial months of the pandemic.

Unprecedented global contraction in 2020: FM

We could not have imagined we would be faced with an unprecedented contraction in global economy in 2020, Sitharaman begins her speech with these words, setting the tone for what is to follow in her Budget speech