New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Monday presented what she has termed as "never like before" Union Budget 2021-22 in the Parliament. In her third Budget, Sitharaman proposed a sharp rise in capital expenditure for the next fiscal to Rs 5.54 lakh crore, from Rs 4.39 lakh crore in the current financial year.
However, Sitharaman made no changes in personal or corporate tax rates but raised customs duties on certain auto parts, mobile phone components and solar panels to provide impetus to domestic manufacturing. She also imposed an Agriculture Infrastructure and Development Cess (AIDC) on the import of certain items.
Lauding Sitharaman's Budget, PM Modi said that it has put a lot of emphasis on strengthening the farming sector and increasing farmers' income while making an allocation to further empower agriculture mandis.
Here are the highlights from Sitharaman's Union Budget 2021-22:
17:57 pm: Government of India under the leadership of PM Narendra Modi is committed to working for the interest of farmers. Every year the focus is not only on increased budget allocation, but also the implementation of schemes, says Union Agriculture Minister Narendra Singh Tomar
16:28 pm: We welcome the Finance Minister's emphasis on healthcare spending and immunization especially for COVID-19 and the pneumococcal vaccines as this will help India recover rapidly from this pandemic: Serum Institute of India CEO Adar Poonawalla
15:50 pm: Accounting of government expenditure and revenue statements are now a lot more transparent and open, says Finance Minister Nirmala Sitharaman.
15:50 pm: Our fiscal deficit which started at 3.5 per cent during Feb 2020 has increased to 9.5 per cent of GDP, so we have spent, we have spent and we have spent. At the same time, we have given a clear glide path for deficit management, says Finance Minister Nirmala Sitharaman.
15:36 pm: Agri Infra Cess not to result in price increase for end users. Higher cess adjusted with lower customs duty, says Nirmala Sitharaman.
15:28 pm: As a second feature, I tend to the need of the healthcare sector and even there, capacities for better health management had to be brought in in light of what we had gone through last year, says Finance Minister Nirmala Sitharaman
15:28 pm: If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges, ports and so on, says Finance Minister Nirmala Sitharaman
15:28 pm: This Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure, says Finance Minister Nirmala Sitharaman
15:02 pm: Today's Budget shows India's confidence and will instil self-confidence in the world. The Budget has the vision of self-reliance and features every section of the society: PM Modi
14:59 pm: Union Budget 2021-22 has been presented amid unprecedented circumstances, says PM Modi.
14:57 pm: This budget will help in making India Aatmanirbhar, says PM Modi.
14:55 pm: FM spoke of 6 prominent pillars, with the topmost pillar being health and well being. Investment in health sector has risen 137 per cent which is 2.47 times more than our last year's Budget estimates. This is an achievement in its own, says Health Minister Dr Harsh Vardhan.
14:55 pm: Under the scrapping policy, 51 lakhs light motor vehicles that are more than 20 years old will be scrapped. This will boost automobile industry, says Union Minister for Road Transport and Highways Nitin Gadkari.
14:36 pm: People hadn't expected a Budget of this kind because, in a way, government had presented 5 mini-budgets earlier. Several packages were announced, of which Aatmanirbhar Bharat is also a part. It's a superb Budget. The more it is praised, the less it is, says Defence Minister Rajnath Singh.
14:10 pm: Ministry of Defence allocated Rs 4,78,195.62 crores. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year’s Rs 3.37 lakh crore. Ministry of Home Affairs allocated Rs 1,66,546.94 crores.
14:01 pm: It's (Defence) not part of speech but it's there (part of budget). FM has focussed on 6 major pillars in budget. Defence expenditure is important but less connected to our progress. Budget 2021 is focussed on accelerating pace of our progress, says NITI Aayog Vice Chairman Rajiv Kumar.
13:49 pm: In my opinion, Finance Minister had raised a lot of expectations regarding Budget 2021 and she has fulfilled all of them. Given the current times, the budget is focussed on India's growth and is tailored to accelerate the growth rate, says NITI Aayog Vice Chairman Rajiv Kumar.
12:52pm: Sitharaman concludes her Budget speech
- Customs duty on copper scrap cut to 2.5%
- Customs duty on some auto parts to be raised to 15%: FM
- Customs duty on cotton increased to 10%
- Customs duty on solar lanterns cut to 5%
12:47 pm: Custom duty on auto parts increased, decreased on leather products.
12:30 pm: Affordable housing projects can avail tax holiday for another year till March 31, 2022: FM
12:37 pm: Tax audit limit increased from Rs 5 crore to Rs 10 crore: Sitharaman
12:35 pm: Will reduce the time limit for reopening assessments to 3 years from present 6 years: FM
12:34 pm: In the 75th year of Independence of our country, we shall reduce compliance burden on senior citizens. For senior citizens who only have pension and interest income, I propose exemption of filing of income tax returns: FM
12:32 pm: For senior citizens who only have pension and interest income, I propose exemption of filing of income tax returns: FM
12:31 pm: Will take further steps to ease tax compliance: FM Sitharaman
12:22 pm: Fiscal deficit in BE 2021-22 is pegged at 6.8% of the GDP. We aim to bring fiscal deficit below 5% of the GDP by 2025-26: FM
12:21 pm: BPCL, Air India, Shipping Corp, Container Corp and other disinvestments will be completed in 2021-22.
12:08 pm: One Nation One Ration Card scheme announced for migrants labours, to be implemented in 32 states.
12:04 pm: Announcements for Farmers:
- Rs 75,100 crore allocated for farmers.
- Govt says MSP procurement to continue at a steady pace
- Total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21
- FM proposes increase in agriculture credit target to Rs 16.5 lakh crore
11:55 am: FM announces further infusion of Rs 20,000 crore for public sector banks.
11:54 am: FM announces Asset Reconstruction Company and Asset Management Company to help banks tackle bad loans
11:50 am: FDI in insurance hiked to 74% from 49%
11:46 am: Rs 3.05 lakh crore outlay for power sector, announes Sitharaman
11:44 am: Electricity consumers can now choose between providers, new prepaid meters will be installed.
11:40 am: Centre to provide Rs 18,000 crore for public buses, announces FM.
11:39 am: FM announces allocation of Rs 11,000 crore for metro rail projects.
11:36 am: FM announces a sum of Rs 1.10 lakh crore for railways, of which Rs 1.7 lakh crore is for capital expenditure.
11:35 am: Announcements in Infra Sector
- For 2022, I propose a sharp increase in capital expenditure at 5.54 lakh crore, from Rs 4.39 lakh crore in 2021: FM
- More economic corridors being planned to boost road infrastructure: FM
- Government aims to complete 11,000km of national highway infrastructure this year: FM
- Highways projects in Tamil Nadu, Kerala, West Bengal and Assam: FM
- 675 km of highway works in West Bengal at a cost of Rs 25,000 crore: FM
11:28 am: Union Budget 2021: Seven textile parks to come up over three years
11:27 am: FM Sitharaman on debt financing: Will introduce a bill to setup a developmental financial institution with Rs 20,000 crore, says FM.
11:22 am: Nirmala Sitharaman announces Rs 35,000 crore for Covid-19 vaccines. The total budget outlay for healthcare is 2.23 lakh crore. This is an increase of 137% from last year, says FM
11:20 am: Finance minister Nirmala Sitharaman announces outlay of Rs 2.87 lakh crore for Jal Jeevan Mission.
11:17 am: Rs 64,180 crore will be invested over 6 years to improve primary, secondary and tertiary healthcare. This is in addition to National Health Mission, announces Sitharaman.
11:16 am: Budget proposals for 2021-22 rest on six pillars, says Nirmala Sitharaman
11:15 am: The total financial impact of all Aatmanirbhar Bharat packages, including measures taken by RBI, was about Rs 27.1 lakh crore, more than 13% of GDP: FM
11:13 am: FM Sitharaman quotes Rabindranath Tagore in Budget speech: 'Faith is the bird that feels the light when the dawn is still dark'.
11:11 am: "PM Gareeb Kalyan Yojana and many other schemes were like five mini budgets. Rs 27.1 lakh crore - total amount spent by govt and RBI on covid relief measures."
11:09 am: 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 to 2020 is Sui generis: Nirmala Sitharaman
11:08 am: Today, India has two vaccines available and has begun safeguarding not only its citizens but also those from hundreds of other countries.
11:07 am: The Atmanirbhar packages introduced by the government were like 5 mini budgets themselves.
11:06 am: Finance Minister Nirmala Sitharaman says the risk of not having a lockdown was way too high.
11:04 am: Meanwhile, opposition MPs are creating ruckus in the background in protest against the farm laws.
11:01 am: Lok Sabha Speaker Om Birla begins Parliament proceedings. Finance Minister Nirmala Sitharaman presents Union Budget 2021-22.
10:55 am: Congress MP Jasbir Singh Gill wears a black gown to Parliament as a mark of protest against the three farm laws.
10:48 am: Union Cabinet approves the #UnionBudget 2021-22 that will be presented by Finance Minister Nirmala Sitharaman in the Parliament.
10:42 am: Rahul Gandhi tweets, asks Centre to announce measures for farmers and job creation.
#Budget2021 must:— Rahul Gandhi (@RahulGandhi) February 1, 2021
-Support MSMEs, farmers and workers to generate employment.
-Increase Healthcare expenditure to save lives.
-Increase Defence expenditure to safeguard borders.
10:23 am: Also Read -- Nirmala Sitharaman goes digital, replaces traditional 'Bahi-khata' with 'tablet'
10:15 am: PM Modi, Amit Shah and Health Minister Dr Harsh Vardhan have arrived at the Parliament for the Cabinet meeting.
10:03 am: Finance Minister Nirmala Sitharaman and MoS Finance and Corporate Affairs Anurag Thakur arrive at Parliament.
10:02 am: Finance Minister Nirmala Sitharaman, MoS Finance and Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance meet on President Kovind at Rashtrapati Bhavan.
09:52 am: Sitharaman meets President Ram Nath Kovind ahead of Budget presentation
09:36 am: Amid COVID-19 pandemic, Nirmala Sitharaman has decided to go digital. This year, the finance minister will read the Budget from her tablet and not from the traditional 'Bahi Khata'.
09:20 am: Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur leave from Ministry of Finance.
09:02 am: MoS Finance has said that Union Budget 2021-22 will be in accordance with people's expectations.
08:50 am: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance.
08:50 am: Budget will be in accordance with people's expectations. Govt 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: Anurag Thakur
08:40 am: MoS Finance and Corporate Affairs Anurag Thakur arrives at the Ministry of Finance.
08:32 am: Tax experts expect the government to fix some anomalies in the NPS or National Pension Scheme with regard to income tax benefits.
08:20 am: Experts believe that the government may not announce any major changes in personal income tax slabs. Last year, Sitharaman had introduced three new tax slabs with lower rates.
07:55 am: Finance Minister Nirmala Sitharaman will present the Union Budget 2021-22 in the Parliament at 11 am today.
07:45 am: Ahead of Budget 2021, the Economic Survey 2021 projected India's real GDP to record an 11 per cent growth in 2021-22 and nominal GDP to grow by 15.4 per cent-highest since Independence.
07:30 am: Nirmala Sitharaman, who had in her first budget in 2019 replaced leather briefcase that had been for decades used for carrying budget documents with a traditional red cloth 'bahi-khata', had earlier this month stated that the budget for the fiscal year beginning April will be "like never before".
07:22 am: Meanwhile, the GST collections surged to an all-time high of about Rs 1.20 lakh crore in January as economic activities picked up after the withdrawal of stringent lockdown restrictions.
07:15 am: This is Modi government's ninth budget, including an in interim budget, and the first one amid the COVID-19 pandemic which has hit not just the national but the world economy as well like never before.
07:00 am: According to Indian Chamber of Commerce (ICC), 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 the purchasing power of the people.
06:50 am: Last year, the government announced a number of policy measures under Aatmanirbhar Bharat package 1.0, 2.0 and 3.0 to support the economy. The package was a combination of grant, equity and liquidity measures by the central government, state governments and the Reserve Bank of India (RBI). While the headline stimulus was pegged at close to Rs 21 lakh crore, the actual fiscal impact of the economic packages works out to be about Rs 3.5 lakh crore (1.8 per cent of GDP).
Posted By: Abhinav Gupta
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