New Delhi: Finance Minister Nirmala Sitharaman addressed parliament today with details of the Union Budget 2021, the first after a difficult year for the economy due to the COVID-19 pandemic. She announced foreign direct investment (FDI) hike in insurance to 74 per cent from 49 per cent with foreign control under safeguards. The Finance Minister has set a target of Rs 16.5 lakh crore as agricultural credit. Her budget speech comes 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 total impact of Atmanirbhar Bharat and measures by RBI was Rs 27.1 lakh crore, which amounts to 30 per cent of GDP," Ms Sitharaman said. "2021 is a year of many milestones," she said.
The ninth budget - including an interim one - of the government led by Prime Minister Narendra Modi has put weightage on creating jobs and rural development - two areas hit hardest by the pandemic. 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 comes as an economic vaccine for the pandemic-battered economy and to steer India with the much-needed stimulus to boost demand and consumer confidence.
Here are the live updates of Union Budget 2021:
Feb 01, 2021 22:59 (IST)
Minority Affairs Ministry Allocated Over ₹ 4,810 Crore In Budget
The Minority Affairs Ministry was allocated ₹ 4,810.77 crore in the 2021-22 Union Budget on Monday which is ₹ 805.77 crore more than than the revised figures of the previous fiscal.
In the budget presented for 2021-22 by Finance Minister Nirmala Sitharaman, it is proposed to give ₹ 4,810.77 crore to the Ministry of Minority Affairs.
The budget estimate for the Ministry of Minority Affairs in the financial year 2020-21 was ₹ 5,029 crore and later the revised allocation was ₹ 4,005 crore.
Of the proposed allocation to the ministry, ₹ 1,378 crore is for the pre-matric scholarship scheme and ₹ 468 crore is for the post-matric scholarship.
Feb 01, 2021 22:24 (IST)
Budget Is Transparent, Nothing Pushed Under Carpet: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Monday said the government has come out with open and transparent Budget and has not made any attempt to hide anything under the carpet.
She said that the focus of the Budget 2021-22 has been on spending big on infrastructure and attending to the needs of healthcare sector for reviving Indian economy which is expected to contract by 7.7 per cent in the current fiscal ending March.
Briefing media after the presentation of Budget in Parliament, Ms Sitharaman said the government has not lost opportunity to clean up its own book.
Feb 01, 2021 19:26 (IST)
Budget Reflects Sidelining Of Non-BJP Ruled States: Amarinder Singh
Punjab Chief Minister Amarinder Singh on Monday flayed the Union Budget, saying it reflects the Centre's "persistent efforts to sideline" non-BJP ruled states.
His reaction came hours after Finance Minister Nirmala Sitharaman presented the Union Budget for 2021-22.
The Punjab CM claimed that the Budget was "reflective of the BJP-led central government''s total apathy towards the common man, the middle class and farmers".
Amarinder Singh criticised the Centre for the "stepmotherly" treatment meted out to Punjab and other northern states, claiming that it was "designed" to cater to the poll-bound states of West Bengal and south India with a massive infrastructure development allocation for these regions.
Feb 01, 2021 18:48 (IST)
Government plans to handover India's assets to its ''crony capitalist friends'', alleges Rahul Gandhi
Congress leader Rahul Gandhi on Monday accused the Narendra Modi government of planning to "handover India's assets to crony capitalist friends".
In his reaction to the union budget presented in parliament on Monday, Gandhi also alleged that the government had not put money in the hands of people in the situation created by COVID-19.
"Forget putting cash in the hands of people, Modi Govt plans to handover India's assets to his crony capitalist friends," Mr Gandhi said in a tweet.
The Congress leader had earlier in the day said the government should support MSMEs, farmers and workers for generating employment.
He had also sought an increase in healthcare expenditure and defence expenditure.
