So how will Ms Sitharaman manage the expectations and constraints faced in this budget? Ziraat Times brings here the live coverage as the day unfolds:
2:30 PM
Petrol and diesel on fire: Farm cess imposed at Rs 2.5 a litre on petrol, Rs 4 on diesel
1 PM:
Customs duties on some automobile parts to be increased, says Sitharaman
12:40 AM
Foreign portfolio investors to get deduction of tax on dividend at a lower treaty rate.
Bill to set up Development Financial Institution by providing Rs 20,000 crore to be introduced in Parliament.
12:30 AM
Senior citizens exempted from filing Income Tax Returns
11:50 AM
Another ₹20,000 crore set aside to recapitalise government banks
Deposit insurance law will be tweaked so that depositors can get their insured amount of money back in a timely manner.
11:46 AM
Power consumers to be given a choice of more than one distribution company
Budgwet 2021 for Power sector: Consumers to be given a choice of more than one distribution company, says FM Nirmala Sitharaman.
Mega national highway projects announced in poll-bound Tamil Nadu, West Bengal, Assam and Kerala
Rs 1.3 trillion for economic corridors in Tamil Nadu
675 km of NH in West Bengal at a cost of Rs 25,000 crore
1,100 km of NH work in Kerala
11:45 AM
FY21 fiscal deficit pegged at 9.5% of GDP: Bloomberg reports
Ratings agency ICRA had expected a budget deficit of 7.5% due to the additional expenses incurred due to the pandemic and the fall in tax revenue.
₹3 lakh crore set aside to support power distributors in India
The power distribution companies have been under debt and distress for years. A previous debt restructuring scheme did not yield the desired results.
11:35 AM:
Special mechanism to be worked out to nudge states to spend more on infrastructure.
To augment road infra, more economic corridors being planned.
Railways’ national rail plan for India to prepare a future-ready railway system by 2030
Eastern and western dedicated freight corridors to be commissioned by June 2022.
11:30 AM:
Money to be spent in FY22 as capital expenditure ₹5.54 lakh crore, 44.5% more than last year’s budget estimate
To be provided for projects or departments that have shown good progress and need more funds. Over and above this, another 2 lakh crore to states and autonomous bodies and nudge states to create infrastructure.
A new centrally sponsored health programme ₹64,180 crore over six years
This will be in addition to National Health Mission. Support for both urban and rural health centres, establishing 12 central institutions, strengthening the NCDC, expansion of the health info portal to all states and UTs to connect all health labs, and much more.
11:20 AM:
A voluntary vehicle scrapping policy to reduce pollution and oil import bills
Personal vehicles older than 20 years and commercial vehicles older than 15 years will undergo tests and phased out if they fail to meet the requirements.
The proposed development finance institution will have a capital ₹20,000 crore
The target for the new infra lending institution will be to have assets worth ₹5 lakh crore in 3 years.
9 AM:
Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the UnionBudget 2021-22 in the Parliament today.
Here’s what India’s co-working sector is hoping to hear from FM Sitharaman in the upcoming Budget 2021
– At the top of their list of requirements is their need to be recognized within the real estate sector. -Need for institutional capital: The co-working sector needs a financial push from the government. Expansion across the country, especially into the Tier 2 and 3 markets, would also require creating financial instruments and loans for the sector-Call for lower GST rates: Currently, co-working spaces charge GST of 18% to all their clients, which are mostly startups and small businesses. GST reduction to the lowest slab for upcoming startups would help co-working spaces retain them as long-term clients.
More disposable income in the hands of the people?
According to reports, Budget 2021 might take forward the relief announced with the Atma Nirbhar package with the basic tax exemption limit for an individual being raised to ₹5 lakh from the current ₹2.5 lakh.
From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans
Defence Budget to get a massive hike
Amidst the long standoff between India and China, according to reports, India’s defence budget could see an ‘unprecedented hike’ to meet the urgent requirements of the Indian Army.
India’s education sector pins its hopes on Finance Minister Nirmala Sitharaman
– FM may allocate more funds for education. Currently, public expenditure on education stands at 4.4% of GDP.- Guidelines on an implementation plan for the National Education Policy.- More focus on digital infrastructure: Internet, smartphones or computers must be made ‘more’ available across the country to bring in inclusivity – Edtech startups seek tax sops, reform measures and incentives to boost online education. Indian edtech startups have raised over $2 billion in 2020. – FDI in education: The sector expects the government to share the burden of funds, and make way for foreign direct investments.
