09:07 (IST)
Budget 2021 LATEST Updates
Nirmala Sitharaman arrives at the Ministry of Finance
Delhi: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the #UnionBudget 2021-22 in the Parliament today. pic.twitter.com/rtS3izUHcm
— ANI (@ANI) February 1, 2021
09:04 (IST)
Budget 2021 LATEST Updates
A sneak peek to how the day will unfold today:
Here's a rough schedule of how things may unfold on Monday based on the practices so far. However, this is subject to changes due to COVID-19 safety protocols among other factors.
1) Finance Minister Nirmala Sitharaman and her team will leave the North Block
2) The finance ministry team will call on President Ram Nath Kovind at the Rashtrapati Bhavan and brief him about what's in store
3) Sitharaman will then head to Parliament
4) Cabinet will meet to pass the Budget at 10.15 am
5) At 11am, Lok Sabha Speaker Om Birla will convene the House sitting and invite the finance minister to present the Union Budget
6) The finance minister will address the House
7) The House will be adjourned for the day by the Lok Sabha Speaker
8) Prime Minister Narendra Modi may deliver a brief address to the nation and talk about the Budget. This has been the practice for the last few years
08:51 (IST)
Budget 2021 LATEST Updates
After pandemic disruption, time to focus on demand side of economy
Whichever way one may look at, the priority of FY 2022 Union Budget has to be and would be on getting the economy back on track. However, it is easier said than done, given the challenges and disruptions caused by the COVID-19
pandemic.
The FY 2021 Budget was presented well before the COVID-19 related disruption occurred. However, even at that time government finances were constrained and the government used the escape clause available under the Fiscal Responsibility and Budget Management (FRBM) Act to let the fiscal deficit of FY 2020 slip by 50 bp to 3.8 percent of GDP and budgeted the fiscal deficit for FY 2021 at 3.5 percent of GDP.
The budgeted deficit of 3.5 percent for FY 2021 was based on nominal GDP growth of 10.0 percent.
08:49 (IST)
Budget 2021 LATEST Updates
FM aims to revive pandemic-hit economy, raise spending on key sectors
Experts say Nirmala Sitharaman could unveil plans to shift the economy from survival mode to revival to meet projections of 11 percent growth rate in the next financial year that starts April, following a forecasted 7.7 percent contraction in the current fiscal.
08:29 (IST)
Budget 2021 LATEST Updates
Ninth Budget under NDA govt to focus on healthcare and infrastructure
Finance Minister Nirmala Sitharaman had earlier said her government's focus will be on economic growth by raising spending on sectors like healthcare and infrastructure amid the coronavirus pandemic.
The budget, the ninth under the NDA government, is also widely expected to focus on increasing spending on creation of jobs and rural development, generous allocations for development schemes, handing more money to the common man and easing rules to attract foreign investments.
08:05 (IST)
Budget 2021 LATEST Updates
Reintroduce single tax slab structure, raise minimum taxable income to Rs 7.5 lakh
The pandemic and the subsequent Work From Home policy has led to some employers offering allowances and reimbursement to employees. All eyes are on the upcoming budget for the next financial year as India looks to recover from the economic devastation caused by the coronavirus pandemic in 2020-21. It is widely expected that the government will prioritise spending in the next fiscal and ensure a smooth transition into growth territory in 2021-22.
Tax experts shared with Firstpost what they felt the government could announce by way of relief to employees.
Divakar Vijayasarathy, Founder and Managing Partner, DVS Advisors LLP
The salaried class could be disappointed if it’s expecting a reduction in tax rates. In fact, it should brace itself for a COVID cess. However, relief in terms of spending- based deductions, more in line with the alternate mechanisms provided for LTA during the Atmanirbhar Bharat package to improve domestic demand, can be expected. The deductions, unlike the investments based in the past, could be more available on spending. An increase in health insurance deduction and COVID-related hospitalisation can be anticipated. Considering the moratorium provided for 6 months during the pandemic, there could be a retrospective amendment on deductions available on housing loan interest and principal repayment.
08:02 (IST)
Budget 2021 LATEST Updates
When and where to watch the Budget speech
Union Budget 2021 is scheduled to be presented in the Parliament on Monday with the Budget speech most possibly starting at 11 am. The live telecast of the Union Budget 2021 can be viewed on several platforms including Lok Sabha TV, Doordarshan, Rajya Sabha TV and PIB and the YouTube channels of these outlets.
The government has also launched the Budget App for Android and IOS mobile phones which will have all the information about the Budget. Firstpost will also cover live updates on it's special Budget coverage page, along with in-depth sector-wise analysis.
07:57 (IST)
Budget 2021 LATEST Updates
Nirmala Sitharaman to present Budget at 11 am
All eyes are on Finance Minister Nirmala Sitharaman, who will be presenting the Budget in Parliament at 11 am today (Monday). This will be the ninth consecutive annual budget presented before the country by the Narendra Modi government.
In the face of a slew of challenges ranging from a once-in-a-century pandemic, ensuing job losses, resentment among farmers and friction with neighbours, many expect Sitharaman to announce generous public spending but also make tough choices given a mountain of debt.
Union Budget 2021 LATEST Updates: The Budget is widely expected to focus on increasing spending on creation of jobs and rural development, generous allocations for development schemes, handing more money to the common man and easing rules to attract foreign investments.
All eyes are on Finance Minister Nirmala Sitharaman, who will be presenting the Budget in Parliament at 11 am today (Monday). This will be the ninth consecutive annual budget presented before the country by the Narendra Modi government.
In the face of a slew of challenges ranging from a once-in-a-century pandemic, ensuing job losses, resentment among farmers and friction with neighbours, many expect Sitharaman to announce generous public spending but also make tough choices given a mountain of debt.
Earlier in January, Finance Minister Nirmala Sitharaman had said that the budget for the FY2021 beginning April will be "like never before". In a significant break from tradition owing to the novel coronavirus, this year's financial statement will be completely paperless.
Sitharaman has also launched the "Union Budget Mobile App" for hassle-free access of Budget-related documents by Members of Parliament (MPs) and the public.
Meanwhile, India's gross domestic product (GDP) contracted by 23.9 percent in the first quarter of the financial year and as per the World Bank, the economy is estimated to contract by 9.6 percent in FY21, reflecting a sharp drop in household spending and private investment.
Since the last Budget, the size of the Indian economy has reduced from Rs 2.24 lakh crore nominal GDP considered in the FY2021 Budget to Rs 1.94 lakh crore.
However, the World Bank projected economic growth to recover to 5.4 percent this year.
It is important to note that the country's economy found itself caught up in a recessionary phase owing to the pandemic and the subsequent nationwide lockdown.
With inputs from agencies
from Firstpost India Latest News https://ift.tt/2Mcn4xP
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