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Union Budget 2021 key highlights: Chidambaram says budget fails on most counts

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Finance Minister Nirmala Sitharaman on Monday presented her third union budget in the Parliament dressed in a saree from Bengal. The budget focused on infrastructure projects and economic growth. She also announced some reforms in the taxation process during her budget speech. Those above 75 years of age will not have to file IT returns, while the tax slabs remain unchanged. Sitharaman also announced Aatmanirbhar packages totalling Rs 27.1 lakh crore to fight the Covid pandemic in her budget speech.

During her speech, the finance minister said government is committed to welfare of farmers and the MSP regime will continue as before amid the raging farmers’ protest.

Sitharaman also announced highway projects in three states set to go to polls later this year. Over Rs 1 lakh crore have been allocated for highway projects in Tamil Nadu, Rs 65,000 crore for National Highways in Kerala and Rs 95,000 crore for road projects in West Bengal.

The Finance minister said Centre will borrow Rs 80,000 crore in remaining two months to meet FY21 expenditure, Sitharaman announced in her budget speech.

Following the budget, the Sensex rose by 1420.03 points, while the Nifty was up by 362.70 points.

Highlights:

Budget fails on most counts: P Chidambaram

Former FM P Chidambaram said the Congress had suggested a 10 point list to the government on January 28 but it barely passes on one point.

No praise enough for budget: Rajnath Singh

Defence minister Rajnath Singh has praised the budget 2021. He said it was a superb budget and no praise would be enough for it.

NITI Aayog Vice chairman Rajiv Kumar praises budget.

He said the FM has fulfilled all the expectations as the budget is focused on India’s growth and is tailored to accelerate the growth rate.

Shashi Tharoor hits out at the BJP after budget presentation

Tharoor took a sarcastic dig at the BJP goevrnment following Sitharaman’s budget speech.

Sensex, Nifty surge following budget

Sensex rose by 1420.03 points, currently at 47,705.80. Nifty up by 362.70 points, currently at 13,997.30

Sitharaman’s budget speech concludes.

Finance Minister Nirmala Sitharaman has concluded her budget speech in the Lok Sabha.

Farm cess proposed on petrol, diesel

Government has proposed farm cess of Rs 2.5/litre on petrol and Rs 4 on diesel.

No change in income tax slabs

Income tax slabs will remain the same, announced FM in her budget speech. To further ease filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled.

Fiscal deficit for 2021-22 at 6.8% of GDP

Sitharaman announced fiscal deficit for 2021-22 at 6.8% of GDP.

Government to borrow Rs 80,000 crore in a bid to meet FY21 expenditure.

Centre will borrow Rs 80,000 crore in remaining two months to meet FY21 expenditure, Sitharaman announced in her budget speech.

No IT returns for those above 75

Those above 75 years of age will not have to file I-T returns.

FM announces deep ocean mission with an outlay of Rs 4,000 crore

FM has announced deep ocean mission with an outlay of Rs 4,000 crore over the next four years to investigate seabed and biodiversity.

Central University in Leh

FM Nirmala sitharaman has announced that a central university will be set up in Leh.

Government committed to welfare of farmers

Sitharaman says government is committed to welfare of farmers amid the ongoing protests across the country against farm laws. She said MSP has gone through a sea change. Over Rs 75,000 crore have paid to wheat farmers in 2020-21 and 43.36 lakh farmers have benefited from this. She added that MSP procurement will continue at a steady pace.

Centre to bring LIC IPO this year

Sitharaman announced government’s plan to sell part of its holding in Life Insurance Corporation of India (LIC) this year through initial public offering.

Pneumococcal vaccine to rolled out across the country

The vaccine is currently limited to only five states. The FM said the move will avert more than 50,000 child deaths annually.

FDI in insurance sector to be hiked to 74%: FM Nirmala Sitharaman

FDI in insurance sector will be hiked to 74% from 49% at present, announced FM in her budget speech.

Rs 1.10 lakh crore outlay for railways announced by FM Sitharaman

FM has announced Rs 1.10 lakh crore outlay for railways, of which Rs 1.7 lakh crore will be for capital expenditure

Highway boost for Tamil Nadu, Kerala, West Bengal

Over Rs 1 lakh crore have been allocated for highway projects in Tamil Nadu, Rs 65,000 crore for National Highways in Kerala, Rs 1.18 lakh crore for Road Transport Ministry. Rs 95,000 crore for road projects in West Bengal. All these states go to the polls later this year.

FM allocates Rs 95,000 crore for roads development in Bengal.

Finance Minister has allocated Rs 95,000 crore for roads development in Bengal. West Bengal is set to go to polls later this year.

Government introduces voluntary scrapping policy for old vehicles.

The Centre introduces voluntary scrapping policy to remove unfit vehicles. All private vehicles older 20 years and commercial vehicles older than 15 years old will have to undergo fitness test.

Sitharaman announces Rs 35,000 crore for Covid-19 vaccine

FM Nirmala Sitharaman has announced Rs 35,000 crore for Covid-19 vaccine. She said 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, which is a 137 per cent increase.

FM Nirmala Sitharaman announces PM Aatmanirbhar Swastha Bharat

Nirmala Sitharaman has announced PM Aatmanirbhar Swastha Bharat, which will be launched with an outlay of 64,180 cr over 6 years 

Budget prepared in unprecedented circumstances: Sitharaman

Finance minister Nirmala Sitharaman said the budget has been prepared under unprecedented circumstances. She also hailed country’s fight against the pandemic.  She said the country has begun to safeguard not only its citizens but citizens of other countries as well by gifting them vaccines.

Finance minister Nirmala Sitharaman begins her budget speech.

FM Nirmala Sitharaman has started her budget speech in the Parliament amid sloganeering from the opposition.

Union Cabinet approves Budget 2021

Union Cabinet has approved the budget. FM Nirmala Sitharaman will be presenting it shortly in Parliament.

Congress leaders reach Parliament in black gowns.

Congress MPs Jasbir Singh Gill and Gurjeet Singh Aujla wear a black gown to the Parliament to protest against the three farm laws, that have sparked a widespread agitation by farmers.

Lok Sabha Speaker Om Birla, BJP MP Hema Malini arrive at the Parliament.

Lok Sabha Om Birla and BJP MP Hema Malini have arrived at the Parliament ahead of budget presentation by Finance Minister Nirmala Sitharaman.

Union Cabinet meet begins ahead of budget presentation.

The Cabinet meeting has begun ahead of budget presentation by Finance minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament.

FM Nirmala Sitharaman has reached the Parliament to present budget along with her team. A cabinet meet will be taking place shortly in Parliament House.

Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur meet President Ram Nath Kovind

Sitharaman along with MoS Finance Anurag Thakur and senior officials meet President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget.

Ahead of Budget presentation, Sensex surges 401.77 points to 46,687.54 in opening trade; Nifty up 114.85 points at 13,749.45

Finance Minister Nirmala Sitharaman leaves for Parliament to present Union Budget 2021-22

Sitharaman carried a tablet covered in red sleeve with the national emblem embossed on it, replacing the usual Budget briefcase. The Finance Minister has launched the Union Budget Mobile App to enable MPs and people to access Budget documents easily this year. The budget will be paperless for the first time ever, owing to Covid-19 pandemic.

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