Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2021-22 in Parliament on Monday. She announced changes in the taxation process, exempting senior citizens above age 75 from filing income tax returns. She also announced new rules for removal of double taxation for NRIs, and a reduction in the time period of tax assessments among other measures. She announced Aatmnirbhar packages totalling Rs 27.1 lakh crore to fight the Covid pandemic in her budget speech. She allotted Rs. 35,000 crore for Covid-19 vaccine.
While presenting the Budget, Sitharaman said the budget for 2021-22 rests on six pillars – health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & R&D, Minimum Govt and Maximum Governance. The Finance Minister had assured that the 2021-22 budget will be a Budget like never before.
Sitharaman said government is committed to welfare of farmers. 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. The finance minister announced to hike the FDI limit in Insurance from 49% to 74%.
The FM Sitharaman allotted announced 11,000 km of national highway infrastructure this year specifically in three states which are set to contest elections later this year. Over Rs 1 lakh crore have been allocated to Tamil Nadu, Rs 65,000 crore for National Highways in Kerala and Rs 95,000 crore for road projects in West Bengal.
The Finance Ministry’s Economic Survey projected that India’s GDP will record 11 percent growth in 2021-22. The nominal GDP growth has been estimated at 15.4 percent, implying an assumption of 4.4 per cent inflation during the year. This year’s budget is unique as it is paperless. The finance minister used a tablet computer to deliver a paperless Budget address.
Watch Nirmala Sitharaman’s speech here:
The Aam Aadmi party took a dig at Modi government in its tweet after the Finance Minister presented the Budget in Lok Sabha. This is what the AAP tweeted.
After the presentation of Budget in Lok Sabha, senior Congress leader Shashi Tharoor took a dig at the BJP government. This is what he tweeted.
Surge in Sensex and Nifty following budget
Sensex rose by 1420.03 points, currently at 47,705.80. Nifty up by 362.70 points, currently at 13,997.30
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.
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.
The fiscal deficit in 2021-22 estimated to be 6.8% of the GDP
Finance Minister Nirmala Sitharaman announces fiscal deficit for 2021-22 at 6.8% of GDP.
Nirmala Sitharaman says no IT returns for those above 75
Those above 75 years of age will not have to file I-T returns.
The government has launched one nation, one ration card scheme through which beneficiaries can claim their rations anywhere in the country. The scheme is under implementation by 32 states & Union Territories.
Government committed to welfare of farmers, says FM
Amid the ongoing farmers’s protest against the centre’s three farm laws, Sitharaman says government is committed to welfare of farmers. 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.
The government announces LIC IPO in 2021-2022
In 2021-22 the government will also bring the IPO of LIC for which the FM is bringing the requisite amendments in this session itself. The FM announced government’s plan to sell part of its holding in Life Insurance Corporation of India this year through initial public offering.
FM infuses Rs 20,000 crore for public sector banks
FM announces further infusion of Rs 20,000 crore for public sector banks
The FM Sitharaman increases FDI limit in insurance to 74 percent
The finance minister announced to hike the FDI limit in Insurance from 49% to 74%. She however said that majority directors on board and Key management personnels will be Indians.
The pneumococcal vaccine to be rolled out across the country. This will avert more than 50,000 child deaths annually, says FM.
Rs 18,000 crore for public buses, says FM Sitharaman
The government announces a budget of Rs 18,000 crore for public buses.
FM announces Rs 1.10 lakh crore outlay for railways
The centre to provide Rs 1.10 lakh crore outlay for railways, of which Rs 1.7 lakh crore is for capital expenditure.
The Finance minister allocates Rs 64,180 crore for healthcare sector
The government has announced a new central healthcare scheme to strengthen the country’s healthcare infrastructure over the next 6 years. The Pradhan Mantri Atma Nirbhar Swasthya Bharat Yojana has been allocated around Rs 64,180 crore.
Government aims to complete 11,000 km of national highway infrastructure this year: FM Sitharaman
3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at investment of Rs 65,000 cr, 675 km in West Bengal at a cost of Rs 95,000 cr, 1,300 km in Assam in the next 3 years
Sitharaman introduces Voluntary scrapping policy for vehicles
All private vehicles beyond 20 years and commercial vehicles older than 15 years old will have to undergo fitness test.
Sitharaman announces 35 thousand crores for Covid-19 vaccine.
FM Sitharaman announces Rs 95,000 crore for roads development in Bengal.
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,” she said.
Sitharaman said today India has 2 #COVID19 vaccines available and has begun safeguarding not only its own citizens but also those of 100 or more countries.
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 finance minister Nirmala Sitharaman.
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.
The Cabinet ministers have approved the #UnionBudget 2021-22 that will be presented by Finance Minister Nirmala Sitharaman in the Parliament at 11 am.
Ahead of the Budget 2021 presentation, Congress leader Rahul Gandhi has tweeted that MSMEs, healthcare and defence sectors should be at top focus.
The Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, met President Ram Nath Kovind before presenting the budget 2021-22.
At the start of the joint session of Parliament on Friday, Prime Minister Narendra Modi said Finance Minister Nirmala Sitharaman had already announced 3-4 mini budgets and that the 2021-22 Budget should be seen as an extension of the same effort.
Chhattisgarh: Prime Minister Narendra Modi hits out at Congress, accuses party of dividing Hindus
PM Modi quoted his predecessor PM Manmohan Singh and said the minorities had the first right to the country’s resources. PM Modi added Congress is now saying the population of the community will decide who will have the first right to the country’s resources.
Prime Minister Narendra Modi slammed Congress after the Bihar government’s caste census results were declared. He said the Congress party is dividing the Hindus as the poor people formed the largest part of the population. PM Modi was addressing a rally in Poll bound Chhattisgarh Jagdalpur
PM Modi quoted his predecessor PM Manmohan Singh and said the minorities had the first right to the country’s resources. PM Modi added Congress is now saying the population of the community will decide who will have the first right to the country’s resources. PM Modi asked if the Congress party wanted to decrease the rights of the minority. He further inquired whether the Congress party wanted to remove the minorities.
PM Modi continued to his attack on the Congress and asked whether the Hindus who formed the largest section of India’s population come forward and take their rights. PM Modi further added the Congress party is not run by its people and has been outsourced. He said senior Congress leaders did not have their say in the decisions made by the Congress party.
PM Modi said the Congress party is trying to divide the Hindus. He added the Congress party is dividing the poor. They are trying to destroy the country. PM Modi slammed the Congress party for playing with the emotions of the poor. He added the Congress party has divided India on the basis of caste lines for sixty years.
The Bihar government released the findings of its caste census. According to the survey extremely Backward classes (EBC’s) and other backward classes (OBC’s) constitute 63 percent of total population of Bihar. The Congress party has promised a caste based census in the country if it came to power at the Centre.
India-Canada ties: India asks Canada to withdraw 40 diplomats by October 10
Canada has currently a total of 62 diplomats in India. New Delhi has instructed Canada to decrease the number to 41 at their high commission.
India has asked Canada to withdraw around 40 diplomats by October 10 as the diplomatic row between the two nations over Ottawa’s allegations of New Delhi’s involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar in Canada. According to reports India has threatened to remove the diplomatic immunity of any candian diplomat if they remained in India after October 10.
Canada has currently a total of 62 diplomats in India. New Delhi has instructed Canada to decrease the number to 41 at their high commission. Boehm said PM Justin Trudeau does not expect to back down. He added India sees Canada as an easy mark. He said India is aware of Ottawa’s limited capacity to retaliate because of the presence of a minority government in Canada.
Trudeau is the leader of the Liberal Party. He shares power with Canadian Sikh leader and Indian origin Jagmeet Singh who is the head of the New Democratic Party in Canada. India had previously said it wanted an equal number of diplomats posted in the country and Canada. At the High commission in Delhi Canada has many diplomats compared to what India has in Ottawa.
Diplomatic crisis between Canada and India emerged after Canadian PM Justin Trudeau said the Canadian agencies have been actively pursuing credible allegation of a potential link the killing of Hardeep Singh Nijjar and the Indian government. India had stated Nijjar as a terrorist in 2020. India rejected Canada’s allegations and called them motivated and absurd.
Hardeep Singh Nijjar was the chief of the banned Khalistan Tiger Force (KTF). He was shot dead outside a Gurudwara in Surrey, British Columbia, Canada in the month of June. Ottawa expelled an Indian official over the case. India in response expelled a Canadian diplomat. Visa services were also expelled by the Indian government for Canadian citizens.
Earthquake of 6.2 magnitude on Richter scale shakes up Delhi-NCR, North India
Reports said the tremors were felt acutely by people residing in high rises and many fled by staircase to the groundfloor and were awaiting more aftershocks.
Strong tremors lasting almost a minute rocked parts of Delhi-National Capital Region, and several northern states after a 6.2 magnitude earthquake at its epicentre hit Nepal.
Reports said the tremors were felt acutely by people residing in high-rises and many fled by staircase to the groundfloor and were awaiting more aftershocks. Similar sights were visible in the region’s office districts. The tremors were also felt in parts of Haryana, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand just after 2.45 pm. According to the Delhi Disaster Management Authority website, “Delhi is located in zone IV which has fairly high seismicity where the general occurrence of earthquakes is of 5-6 magnitude, a few of magnitude 6-7 and occasionally of 7-8 magnitude. Delhi thus lies among the high-risk areas.” The site adds that Delhi and the union territory region has already seen five earthquakes of the 5.5 to 6.7 scale since 1720.
There has been no report of damage to life and property as of now and reports are awaited on the situation in Nepal. Seismologists said the epicentre was 5 km underground in Bhatekhola in Nepal. The Himalayan country has already faced a massive quake on April 25, 2015 of 7.8 magnitude. Some 9,000 people died and injured more than 20,000.
According to the National German Research Centre for Geo sciences has said that magnitude 5.6 earthquake struck Nepal region. According to National Siesmological Centre an earthquake measuring 5.3 magnitude hit western parts of Nepal. No loss of property or life has been reported.
The earthquake was recorded with epicenter at Talkot area of Bajhang district, 700 km west of Kathmandu. Two earthquakes of magnitude 4.6 and 6.2 on the Richter scale jolted Nepal. The two tremors were felt within half an hour time. Union Health Minister Mansukh Mandaviya came out of Nirman Bhawan with others, as strong tremors hit different parts of North India.