Business & Finance

Budget 2021 Live Updates: Sensex Rises By 1420.03 Points, Nifty Up By 362.70 points

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FM Nirmala Sitharaman also proposed to launch a portal to collect relevant information on gig workers, building/construction workers among others.

Finance Minister Nirmala Sitharaman will present the first post-Coronavirus lockdown budget today. This will be her third budget. Both the general public and the business world have high expectations from this budget. The reason for the hope is his statement of 18 December last year. Hinting at the budget, she had said that such a budget would not have been presented in the last 100 years. In the Economic Survey presented in Parliament on 29 February, many hints have been given for this.

Krishnamurthy Subramanian, the chief economic adviser who prepared the economic survey, had said, ā€œThe time has come when the government should increase its spending and reduce the tax burden on the people.ā€ However, private companies are not in a position to increase expenditure yet. On the other hand, the government lacks money to spend. Therefore, the expectation of tax relief is also less. The upside is the discussion of imposing Corona-cess, even if it hits high earners and companies.

Live Updates:

12:58 PM- Sensex rises by 1420.03 points, Nifty up by 362.70 points. Sensex currently at 47,705.80 and Nifty at 13,997.30

12:46 PM- 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 the committee: FM Sitharaman.

12:43 PM- 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: FM Nirmala Sitharaman

The fiscal deficit in 2021-22 is estimated to be 6.8% of the GDP: Nirmala Sitharaman

12:38 PM- The forthcoming census would be the first digital census in the history of India. For this monumental task, I have allocated 3,768 crores in this year 2021-22: FM Nirmala Sitharaman.

12:32 PM- FM Sitharaman proposes a central university in Leh for accessible higher education in Ladakh.

12:26 PM- FM Nirmala Sitharaman proposes to launch a portal to collect relevant information on gig workers, building/construction workers among others to extend efforts towards unorganised labour force. It’ll help formulate health, housing, skill, insurance credit &food schemes for migrant workers, says FM Sitharaman.

12:24 PM- 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: FM Nirmala Sithraman

12:20 PM- 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: FM Nirmala Sithraman.

12:12 PM-

 

11:59 AM- Government is committed to the welfare of farmers. MSP has gone through a sea change. Over Rs 75,000 crore paid to wheat farmers in 2020-21, 43.36 lakh benefited from this: FM SItharaman

11:58 AM- The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering in the coming year. An amendment to the existing Act to facilitate the public offer: FM Sitharaman

11:50 AM- Finance Minister announces Bad Bank. A new asset reconstruction and asset management company announced.

11:47 AM- Finance Minister Nirmala Sitharaman announces a new gas pipeline project for Jammu and Kashmir.

11:44 AM- Rs 3.05 lakh crore outlay announced for power sector. 100 more cities to be added in the next 3 years to the gas distribution network.

11:40 AM- Centre to provide Rs 18,000 crore for public buses: FM Sitharaman

11:38 AM- Rs 1.10 lakh crore outlay for railways, of which Rs 1.7 lakh crore is for capital expenditure, announces FM Sitharaman

11:35 AM- “Government aims to complete 11,000 km of national highway infrastructure this year”: FM Sitharaman

11:34 AM- “For 2022, I propose a sharp increase in capital expenditure at 5.54 lakh crore, from Rs 4.39 lakh crore in 2021. More economic corridors being planned to boost road infrastructure”: FM Sitharaman

11:31 AM- Rs 95,000 crore to be spent on roads in West Bengal, announces Finance Minister Sitharaman – the announcement for the state of Bengal got the loudest thumping of desks, this as the state goes to polls in a few months, reports Indian Express.

11.27 AM- Health & well-being, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & R&D, Minimum Govt & Maximum Governance are six pillars of Budget 2021-22: FM Sitharaman.

11.21 AM- The finance minister announces Rs 35,000 crore for Covid-19 vaccine. “The government is committed to providing more funds. The Budget outlay for health and welfare is Rs 2,23,846 crore in the 2021-22 Budget. This is a 137 per cent increase,” said FM Sitharaman.

11:19 AM- Government to launch Mission Poshan 2.0, Jal Jeevan Mission Urban will be launched. The Urban Swachh Bharat scheme will be implemented with an outlay of over Rs 1.4 lakh crore: FM Sitharman.

11:18 AM- “Intend to focus on reduction of single use plastic, air pollution and segregation of waste”: FM Sitharaman on Swaccha Bharat and Swastha Bharat.

11: 16 AM- FM Sitharaman announces PM Aatmanirbhar Swastha Bharat ; to be launched with an outlay of 64,180 cr over 6 years.

11.13 AM- India has two Covid-19 vaccines available, 2 more are expected soon: FM Sitharaman

11.12 AM- Total impact of stimulus packages announced by the government in the wake of Covid-19 pandemic is Rs 27.1 lakh crore: FM Sitharaman.

11:07 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,” says FM Nirmala Sitharaman.

11:00 AM- Finance Minister Nirmala Sitharaman begins her address to the parliament to present the union budget for this year.

10:45 AM- Union cabinet approves the budget to be presented at 11:00 AM by FM Nirmala Sitharaman.

10:44 AM- Two congress MPs wear black gowns with a placard hanging on it in protest of the three controversial farm laws.

10:33 AM- Lok Sabha speaker Om Brila arrives at the parliament for union budget 2021.

10:25 AM- Prime Minister Narendra Modi arrives at the parliament for union budget 2021.

10:20 AM- Ahead of the presentation of UnionBudget 2021-22 by Finance Minister Nirmala Sitharaman at the Parliament today, the meeting of union cabinet has begun. Ms Sitharaman will table the budget in parliament at 11 AM.

10:05 AM- Union Home Minister Amit Shah and Union Health Minister Harsh Vardhan arrive at the parliament for the Union Budget 2021.

10:00 AM- Union Finance Minister Nirmala Sitharaan and MoS Finance Anurag Thakur arrive at the Parliament. The Finance Minister to table budget at 11.00 AM.

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