Union Budget 2021: Here's a quick look at the highlights
Govt unveiled a massive spending plan focused on healthcare and infrastructure on Monday, as the government sought to boost a coronavirus-ravaged economy
Union Finance Minister Nirmala Sitharaman on Monday presented the Budget 2021-22 that aims to shore up an economy badly-hit by the novel coronavirus pandemic. During her third budget speech in Lok Sabha, Sitharaman said that the government is committed to the welfare of farmers and the Minimum Support Price (MSP) regime has undergone a change.
- Nirmala Sitharaman’s Budget is expected to revolve around the philosophy of “growth with a human touch" and focused on raising farmers’ incomes, generating jobs for the young, improving health care standards and ease of compliance for citizens and businesses, people aware of the development told HT.
- The BSE benchmark Sensex surged over 443 points and the NSE Nifty advanced 115 points in opening trade ahead of the Union Budget 2021-22 presentation in Parliament.
- Nirmala Sitharaman's Budget speech 2020 was the longest going by the duration. Her speech lasted for about two hours and 40 minutes. She even felt unwell and had cut her speech short. In 2003, Jaswant Singh made a record of two hours and 15 minutes.
- After replacing the budget briefcase with a Bahi Khata in 2019, this time the FM will present the Budget through a Made-in-India tab.
- FM Nirmala Sitharaman, MoS Finance Anurag Thakur and the team have left North Block. FM was seen carrying a 'Bahi Khata'. In all probability, it has a tablet in it.
- 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 & bringing economy back on track swiftly: Anurag Thakur, MoS Finance
- Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance.
- Union Budget 2021 can also be downloaded from the Government of India's official website www.indiabudget.gov.in after the Budget will be tabled in the Parliament.
- All tax experts were of the view that there some deductions that would be available for medical expenses that many families had to bear due to covid-19. This could be done under Section 80D.
- Nirmala Sitharaman is likely to increase spending by more than 15% year-on-year in 2021-22 with an emphasis on infrastructure and healthcare.
- Citigroup expects a 19% year-on-year growth in gross tax revenue next year, with healthier goods and services tax revenue helping boost overall collection. It expects GST to average ₹1.15 lakh a month next fiscal -- translating into nearly ₹14 lakh in total for the year.
- The Union Cabinet will hold a meeting at 10:15 am before the presentation.
- Ahead of her third Budget presentation, the Finance Minister and her team will meet President Ram Nath Kovind, and will likely be accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry.
- Finance Minister had launched the "Union Budget Mobile App" for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience.
- Sitharaman 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'.
- If history is a guide, the recent rough ride for Indian stocks will continue after Monday’s budget. Read how Sensex faces Budget hurdle with history as a guide.
- The stock market tanked almost 40% in March 2020 and bounced back to achieve new all-time high milestones. With that said, investors will be keenly awaiting the budget and the impact it may have on the investment decisions. Here are few expectations retail investors have from Budget 2021.
- Tax experts expect the government to fix some anomalies in the NPS or National Pension Scheme with regard to income tax benefits. Here are five changes to income tax rules that could be announced in Budget 2021.
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