 "Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors")
 "How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution")
Union Budget 2021 LATEST Updates: Taking a swipe at the BJP government for what he dubbed a deceptive budget, former finance minister and Congress leader P Chidambaram said that the government has failed on 9 out of 10 most important pointers on economy. On a question about the ongoing farm crisis, Finance Minister Nirmala Sitharaman said, “On Farm laws, government is and has always been open to dialogue with farmers; agriculture minister has been ready to have clause-by-clause discussion with farmers on the farm laws. Hence we believe that dialogue is the way forward.” The Budget focuses on increasing farmers’ income, several measures have been taken in this direction. Farmers will be able to get loans easily. Provisions have been made to strengthen APMC markets with the help of Agriculture Infrastructure Fund, said Prime Minister Narendra Modi in his post-Budget speech. Finance minister Nirmala Sitharaman on Monday announced highway bonanza for 4 poll-bound states in Union Budget 2021. Finance Minister Nirmala Sitharaman said that the the fiscal deficit for the financial year 2021 is expected to be around 9.5 percent. This will drop down to a 6.8 percent of the GDP by FY 2022, she added. Government has committed Rs 1.97 lakh crore for PLI schemes covering 13 sectors. Further 7 textile parks will be launched over three years. Sitharaman said, " A scheme of ega Investments Textile Park will be launched in addition to PLI Scheme which will create world class infrastructure with plug and play facilities to enable global champions in exports." The Budget proposals for 2021-12 rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, Minimum Govt and Maximum Governance, finance minister Nirmala Sitharaman said. The Union Cabinet meet is now over and Budget 2021 will be presented by the Finance Minister at 11 am in Parliament. Breaking from tradition since Independence, the Union Budget will not be printed this year due to COVID-19 pandemic. Last year, the Nirmala Sitharaman had ditched the leather briefcase for a traditional “bahi khaata” — or red, handmade ledger. Indian indices opened nearly a percent higher on Monday as investors kept an eye on the Budget 2021 to be tabled in the parliament by Finance Minister Nirmala Sitharaman later today. 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
Budget 2021 Updates: Nirmala Sitharaman claims govt delivered on healthcare, infra; 'let down like never before,' says Chidambaram
Budget 2021: Taking a swipe at the BJP government for what he dubbed a deceptive budget, former finance minister and Congress leader P Chidambaram said that the government has failed on 9 out of 10 most important pointers on economy.
 "Budget 2021 Updates: Nirmala Sitharaman claims govt delivered on healthcare, infra; 'let down like never before,' says Chidambaram")
Budget 2021 LATEST Updates
P Chidambaram says Budget a let down like never before
Former finance minister Chidambaram used Nirmala Sitharaman’s words to turn it around and criticise what was her third Budget. Sitharaman had claimed days ahead of today’s speech that this Budget would be one like never before. Chidambaram, seeking to disagree, claimed it was a monumental let down like never before. He said the government failed on two most important factors, Defence and Healthcare. He said the Budget carried zero propositions for migrant workers, salaried class and the poor who are all struggling due to the pandemic and a bleak economy.
Budget 2021 LATEST Updates
Maharashtra ministers accuse Centre of leaving state out of Budget allocations
The ruling Shiv Sena on Monday said Maharashtra was ignored in the Union Budget 2021-22 while its ally NCP termed the annual financial plan as “disappointing” and a move towards “privatisation”. “The Budget presented by the Central government is very disappointing. It seems a move towards privatisation. The common man has been neglected in this budget. Similarly, no concrete decision has been made for farmers,” state home minister and senior NCP leader Anil Deshmukh told reporters in Nagpur.
NCP’s Maharashtra chief spokesperson Mahesh Tapase said Union Finance minister Nirmala Sitharaman “used flowery words” in her Budget speech to hide the “real intention of privatisation”. Tapase also said the Budget didn’t provide any specific roadmap to tackle unemployment. “Defence found no mention even when China has encroached into our territory. No specific roadmap to tackle unemployment,” he alleged.
Shiv Sena MP Sanjay Raut said “Maharashtra is not seen in this Budget”.
या वर्षीच्या अर्थसंकल्पाचा सरळ आणि सोपा अर्थ...
— Dr.Jitendra Awhad (@Awhadspeaks) February 1, 2021
देश विकायला काढलायं... #India_For_Sale
Budget 2021 LATEST Updates
Miniscule increase in health budget if you take out one-time expense on vaccine: Chidambaram
Congress leader and former finance minister P Chidambaram slammed the Union Budget as decietful and empty. He said that the government has failed to perform on Defence and Healthcare, the two core points that were crucial for India. Dismatling the claim that there has been a 137 percent increase in health spending, Chidambaram said that a one-time investment in COVID vaccine programme cannot be deemed an investment into the healthcare infrastructure. “If you take that one-time expense out, there is very little increase in the health budget,” Chidambaram said.
Budget 2021 LATEST Updates
‘Get Well’ Budget
Nikhil Rungta, Country Manager, India, Verizon Media
This is a ‘get well’ budget with an expansionary outlook and focused on growth. Given the times it might not be a radical budget, but it is practical and thoughtful, which will propel the the consumption and growth of business. This Budget has also rightly signalled the need for greater inclusion in India’s workforce. Women being allowed to work in all sectors and in night-shifts with adequate protection, and social security benefits extended to gig workers will provide an impetus for women to step up their contribution towards Aatmanirbhar Bharat.
Budget 2021 LATEST Updates
Budget 2021 holds out various positives for startups
Kunal Bahl, Co-Founder and CEO, Snapdeal
Budget 2021 holds out various positives for the startup sector. The move towards providing social security benefits for gig workers will add a much-needed safety net that will help this sector grow in a sustainable way and help the many millions that are a part of it. Reducing residency requirements for founders will allow talent to flow and will boost the start-up ecosystem. Extension of tax holiday for start-ups by 1 yr, boost to digital payments, increasing threshold for small businesses to Rs 2 crore are other gains for the startup sector.
Budget 2021 LATEST Updates
Ease in return filing aims to provide more transparency
Kapil Rana, Founder & Chairman, HostBooks
The relief to senior citizens of an age 75 years or more from filing ITR with a pension and interest income only, the period of re-assessment has been reduced to 3 years from six years in some specific cases, this will ease their burden. It will help the department in easing related burdens and will raise confidence within taxpayers allowing future growth rather than worry about past mistakes.
To woo small taxpayers a new committee has been formed known as dispute resolution committee for taxable income up to 50 Lakh and disputed income up to 10 lakh, E-assessment up to ITAT level. For businesses, the turnover limit of Tax Audit has been increased to 10 crores from 5 crores where 95 percent transactions are in digital mode and advance tax liability on dividend income arises after the declaration of dividend. By giving relaxation in Tax Audit (No tax audit up to 10 crores for business having 95 percent digital transactions), the government focuses more on digital payment to curb black money which is an interesting move.
Budget 2021 LATEST Updates
Mamata Banerjee says Budget is ‘anti-people’
West Bengal chief minister Mamata Banerjee on Monday slammed the Union Budget as “anti-people” aimed at deceiving the masses and said the BJP talks about nationalism, but in practice, they are the ones who are selling resources of the nation to the private players.
Iterating the demand for withdrawal of the new farm laws, Banerjee wondered if the Centre can waive off NPAs running into crores of rupees then why is it hesitant to write-off farm loans. “They (BJP) lectures others on nationalism, but in practice, they are the ones who are selling the nation. They are selling everything from PSUs, Insurance, railways and ports. This is a budget to deceive the masses. It’s an anti-farmer, anti-people and anti-country budget,” Banerjee said, while addressing the inaugural ceremony of Uttar Banga Utsav.
Budget 2021 LATEST Updates
Healthcare, wellness given importance
RB Smarta, Managing Director, Interlink Consultancy
Overall, it is a very promising and encouraging budget for the health and wellness sector. Happy to see that health and well-being has been given due importance and noted as the first pillar of the budget. Most of our suggestions have been incorporated.
Increasing outlay by 138 percent and the focus on strengthening the healthcare infrastructure across the primary, secondary and tertiary levels is a welcome move. The investments allocated for the detection and cure of new and emerging diseases renewed thrust to Mission Poshan, skill development appropriate to the healthcare segment and commitment to meet one of the SDGs on infant mortality is commendable.
I believe all these steps combined will benefit millions of Indians and help us move ahead on the goal of ensuring healthcare access for all.
The only let down in a sense has been that while the government has increased funding and allocation, in some areas it has increased the cost of doing business. Again, given that healthcare is a largely state issue, the onus will be on the states to ensure that these allocations reap benefits. On the whole, I would give the budget a thumbs up, but resource allocation and on-ground implementation will be critical for success. I would also like to see prevention, cure and wellness being continuing themes for the budget y-o-y.
Budget 2021 LATEST Updates
‘No clue’ that Centre had imposed cess on many products, says P Chidambaram
Congress leader and former Union finance minister P Chidambaram on Monday said, “Deceived those listening to the speech, especially the members of parliament who had no clue she [Sitharaman] had imposed cess on large number of products, including petrol and diesel.”
Budget 2021 LATEST Updates
Congress claims govt slashed NREGA budget by 45%
Terming the Union Budget as “directionless”, the Congress on Monday said it was a case of “wrong diagnosis and prescription”, and Finance Minister Nirmala Sitharaman could have been “brave” by extending help to the poor, but chose to be “timid”.
The opposition party also said that Sitharaman’s speech was oblivious to the declining GDP and alleged that the budget was without a roadmap for accelerating growth and revival of consumer demand.
ग्रामीण भारत और गरीब के साथ घोर अन्याय !
— Randeep Singh Surjewala (@rssurjewala) February 1, 2021
महात्मा गाँधी नरेगा का बजट 42% काटा -
₹1,66,000 करोड़ से कम कर ₹96,773 करोड़
गरीब मज़दूर, SC, ST व पिछड़ों पर मोदी सरकार का ये प्रहार ग्रामीण भारत के लिए घातक होगा।#Budget https://t.co/HoWwExLIQ1
Budget 2021 LATEST Updates
Public infrastructure to benefit from foreign investment
Abhaya K Agarwal, Partner- Strategy and Transaction, Infrastructure & Government and Public Sector, EY India
The infrastructure sector is expected to get a significant boost from reforms to ease foreign investment, particularly participation of the pension funds in the infrastructure sector such as the issuance of zero-coupon bond and relaxation regarding commercial activities. Setting up of a professionally managed Development Finance Institution (DFI) will be critical for speedy launch of the National Asset Monetisation Pipeline and to fund new infrastructure projects, for which the government has allocated Rs 20,000 crore in this Budget.
The government has allocated Rs 5.54 lakh crore for capital creation in the infrastructure sector. The transport sector has received a fair share of allocation in the budget with new economic corridors being planned to boost highways and railways sector. The government has also allocated Rs 1.18 lakh crore for the roads and highways sector and Rs 18,000 crore for the public transport in this year’s budget. About 8,500 km of road and highway projects are being planned to be awarded by March 2022 including the new road corridor projects.
Railways have seen a significant allocation in this year’s Budget with a total allocation of Rs 1.1 lakh crore, mostly on the capital expenditure including the railways corridors. The National Rail Plan 2030 to create a future-ready railways system will be critical for boosting and bringing investment into the Railways sector.
Budget 2021 LATEST Updates
Nirmala Sitharaman’s balanced Budget to help economic growth
Krish Raveshia, CEO, Azlo Realty
The real estate industry was expecting growth measures from the Union Budget. Given the current situation, the Finance Minister has presented a balanced budget. The budget was primarily focused on the infra and healthcare sector. Steps like a 1-year tax holiday for affordable housing projects and a 1-year extension for an additional deduction of interest up to Rs 1.5 lakh on loan for affordable housing will benefit all stakeholders of the industry and boost investments. Relief on TDS for dividend on REITs and InvITs will boost investment in these instruments.
A development finance institution for the infrastructure sector will facilitate funding, the good part is that it will be professionally managed to ensure seamless execution of operations. The Union government has done its part to help economic growth, it is over to RBI to keep rates low, liquidity at ease to ensure a quick revival of the economy.
Budget 2021 LATEST Updates
Nirmala Sitharaman’s Budget worthy of upgrading India to AAA
Rajiv Agarwal, CEO and MD, Essar Ports Ltd.
Budget 2021 is an extremely positive, driving the country towards Aatmanirbhar Bharat by laying huge stress on health care, infrastructure, banking and insurance, textile and agriculture that will aid the country not only towards economic revival but also spur growth. The Infrastructure spending is going up by 34 percent through NIP and a welcome focus on a boost to road and railway infrastructure with new economic corridors planned will undoubtedly help the growth of the logistics sector and will lead to enhancing trade in the country.
The announcement of the launch of the National Asset Monetisation Pipeline which will include transmission lines of the power grid, oil and gas pipelines, airports, toll roads etc will be a game-changer. The government’s increased focus on the infrastructure sector will certainly bring in positive measures for the holistic growth of the logistics and maritime sector. No new tax is a very big positive in these times.
This considering that we are one of the strongest economies and have shown the revival and resilience in most difficult conditions.”
Budget 2021 LATEST Updates
Budget 2021 proposals tax-efficient
Makarand Joshi, partner, MMJC and Associates LLP
The Budget has proposed no restriction on paid-up capital and turnover, to incentivise incorporation of one-person companies; conversion of one-person company to any other kind, reducing residency limit from 182 days to 120 days and allows non-resident Indians to incorporate one-person companies in India.
The Budget proposal is tax-efficient for all those individuals who pay taxes as high as 42 percent, while the corporate tax is not more than 25 percent. So far, the ceiling on maximum turnover and paid-up capital was making it unviable to shift their individual balance sheet to one person company structure. Now with this proposed change, 17 percent saving in tax is going to be a big motivator.
The Budget proposal augurs well as Decriminalisation leads to (1) no prosecution and (2) penalty levying power vested with Registrar of Companies, and hence there won’t be any prosecution. But on the other side enforcement will be extremely strong with Version 3 of MCA 21 (e-governance portal of Ministry of Corporate Affairs), as levying penalty may get automated and therefore any form of non-compliance will lead to a severe monetary penalty.
Budget 2021 LATEST Updates
Govt efforts on garnering resources without increasing tax rates commendable
Pratik Jain, Partner and Leader Indirect Tax, PwC India
On indirect tax, it’s encouraging that the Government continues the efforts of garnering resources through technology-led administration, without necessarily increasing the tax rates or imposing new taxes, except agriculture/ infrastructure cess on few imported items.
On customs duty, the proposal of wider consultation for rationalization of duty exemptions is a welcome step along with a series of duty rate changes to address the inverted duty structure and incentivizing domestic manufacturing. Having a sunset period for customs duty exemptions going forward and a reduced timeline for completion of proceedings would bring in more certainty for businesses.
Intention to address the inverted duty structure under GST, as indicated in the speech, is welcome as well. On GST, few important legislative changes have been proposed (as recommended by the GST council) which further tighten the regulations around claiming input credit and put greater onus on businesses by way of self-certification of annual statements.
Budget 2021 LATEST Updates
No mention of National Logistics Policy
Sonesh Jain, EIR, WheelsEye
Budget 2021 is a pro-transportation, pro-development budget. While the 34.5 percent increment in capital expenditure will drive demand upwards, the reinforced focus on improving road infrastructure will help in delivering a faster, safer, and reliable supply chain. The mention of the National Logistics Policy was completely missing. While the Budget has emphasised enough on building better road infra by announcing targets of adding 12 percent to national highways and adding 30 percent to the budget allocation of the Ministry of Roads, it focuses little on empowering small and medium commercial vehicle owners.
Budget 2021 LATEST Updates
Budget revolving around reviving growth
Nirav Karkera, Head of Research, Fisdom
The Budget has been an act of impeccable balance having financial prudence and booster shots on either end. It revolves around reviving growth through the focused deployment of funds which can be expected to create a larger wave of broad-based economic growth.
The setting up of a Development Financial Institution with a target of building a Rs 5 lakh crore debt portfolio, major allocation towards capital expenditure out of the budget allocated to railways, along with the creation of headroom for departments willing to undertake productive capital expenditure will be key in spurring overall economic growth. The proposal to set up an asset reconstruction unit to buy and resolve stressed portfolios along with a public sector bank recapitalisation tranche underway reflects the government’s commitment to an economic rebound. While there is not much for the common Indian to talk about, the results of larger developments are expected to benefit the on-ground employment, income and investment landscape in a significantly positive manner.
Considering that the Budget surprised capital markets positively, we can expect broader indices to recoup grounds lost to pre-budget nervousness immediately.
Budget 2021 LATEST Updates
A sigh of relief for higher-income bracket taxpayers
Ranen Banerjee, Leader – Economic Advisory Services, PwC India
The finance minister has responded to the calls from the economists for a fiscal stimulus pegging the fiscal deficit at 6.8 percent for FY 2022. She has also signallled that the fiscal policy support of the economy will continue for at least 3 years with the deficit being brought under 4.5 percent by FY 2025-26. This is possibly a more realistic glide path as the economy will take time to recover fully from the aftereffects of the pandemic as well as socio-political demands that will be incumbent on the government. Though the small taxpayers could be disappointed with no tax sops for them, the higher income bracket taxpayers will have a sigh of relief with no additional tax imposition on them. The limited fiscal headroom and the need for spending has constrained the hands of the FM towards providing additional tax sops.
Budget 2021 LATEST Updates
‘100% visionless Budget’: TMC
The Trinamool Congress lashed out at the Centre, terming the Union Budget “a 100 percent visionless” document, and said that its theme was “sell India.”
“India’s first paperless budget is also a 100 percent visionless budget. Theme of the fake budget is Sell India!” TMC spokesperson Derek O’Brien said. “Railways: sold, Airports: sold, Ports: sold, Insurance: sold PSUs: 23 sold!”
O’Brien claimed common people and farmers were ignored, adding that the Budget would make the rich richer and the poor poorer, while the middle class got “nothing”.
Budget 2021 LATEST Updates
Budget 2021 give wings to dream of 50% enrolment ratio in education
Shishir Kumar is the Director General at ImaginXP
The Budget gives a runway to the dream of reaching a 50% gross enrolment ratio in India. We are at 25 percent today, and online degree programmes, focus on embedded courses in university and enabling colleges to work on their own curriculum are great accelerators. It helps a university in India focus on research-based learning. The Budget is a 4 percent increase over last year and the innovative idea to use retired teachers as mentors will take us a long way. The cream of the cake is in the implementation of the NEP 2020 and the Budget sets the right direction over expenditure.
Budget 2021 LATEST Updates
Major boost for Fintech ecosystem
Kumar Abhishek, CEO and Founder, ToneTag
The support extended by the government to GIFT city is a crucial development for the Fintech ecosystem, especially startups. The availability of customised support and tools will not only expedite the processes and development but also create an environment conducive to ideas and innovations. Also, the investment to promote digital payment will definitely uplift and establish infrastructure throughout the country, especially in Tier 2 and Tier 3 cities. Fintech companies will have better access to different locations and adequate incentives for growth.
Budget 2021 LATEST Updates
Budget lacked coverage of wider farm issues
Ajay Kakra, Leader – Food and Agriculture, PwC India
The Budget announcement for the agriculture sector maintained the reform momentum but lacked coverage of wider issues. Some announcements such as the the extension of farm credit provision to farmers, commodity expansion to operation green and extension of AIF to APMC did hit the target.
Budget 2021 LATEST Updates
Firms waiting to enter India get a chance
Joydeep K Roy, Partner and Leader – Insurance, PwC India
An increase of FDI in Insurance to 74 percent which is proposed with safeguards will possibly bring in more capital, and more importantly fresh capital from companies which have been waiting to enter India. However, apart from that, the important considerations like IFRS17 accounting principles, Deferred Acquisition Costs, Solvency II measures, Risk-Based Capital introduction, etc., have to be accelerated at the regulatory and policy levels to bring India at par with the world is actually inviting and encouraging FDI. Along with that, further sweeping reforms in distribution to encourage insurance-selling for all channels will then complete the loop and contribute towards Nation Building by increasing penetration very significantly.
Budget 2021 LATEST Updates
Our govt made budget and spending transparent
“We have made government accounts more transparent. We are absolutely upfront with fiscal deficit. We not only ensured repeated review of capital expenditure and ensured that spending was encouraged and not delayed,” said Sitharaman insisting that accounting of government expenditure and revenue statements are now a lot more transparent and open.
Budget 2021 LATEST Updates
‘Govt’s policies have destroyed economy’, says Congress
Slamming the Union government for its handling of the economy, the Congress said in a tweet on its official handle, “Due to the Modi government’s policies, government borrowings have seen a consistent rise. The government’s policies have destroyed the country’s economy.”
मोदी सरकार की नीतियों के कारण सरकारी उधारी में लगातार बढ़त दर्ज की जा रही है। मोदी सरकार की नीतियों ने देश की अर्थव्यवस्था को तबाह कर दिया है।#Budget2021 pic.twitter.com/Z80FhMDUM1
— Congress (@INCIndia) February 1, 2021
This BJP government reminds me of the garage mechanic who told his client, “I couldn’t fix your brakes, so I made your horn louder.” #Budget2021
— Shashi Tharoor (@ShashiTharoor) February 1, 2021
Budget 2021 LATEST Updates
Can’t say govt paused spending during pandemic: Sitharaman
“Our fiscal deficit which started at 3.5 percent during February 2020 has increased to 9.5 percent of GDP, so we have spent, we have spent and we have spent. At the same time, we have given a clear glide path for deficit management,” the finance minsiter said.
Budget 2021 LATEST Updates
A bold and transformative budget
Naveen Aggarwal, Partner, Tax, KPMG in India
Precise and immediate actionable measures to put India back on in its growth trajectory through rebuilding and reordering development priorities with a focus on going full throttle on capital expenditure, infrastructure development and ease of compliance.
Budget 2021 LATEST Updates
Directionally a good Budget
Himanshu Parekh, Partner and Head, Corporate and International Tax, KPMG in India
The proposed hike of FDI in the the insurance sector to 74 percent from 49 percent will give a significant boost to the sector. A slew of tax proposals were announced with a view to ease the compliance burden and bring in transparency. These include reducing the time frame for reopening of assessments from 6 years to 3 years, waiving off withholding tax on dividend payment to ReIT and InvIT and granting benefit of tax treaty rates the for dividend to FPIs.
In order to provide a boost to the startups, the eligibility for claiming tax holiday is proposed to be extended by one more year. It is also proposed to extthe end benefit of additional deduction of interest n aon affordable home loan up to FY2021-22. In order to ease compliances, it is proposed that the tax return forms will be pre-filled with details of capital gains, dividend and interest income.
Directionally, it was a good Budget aimed at -ump priming the economy, ramping up government expenditure for stimulating growth, reducing compliances and bringing the economy back to pre-COVID level.
Budget 2021 LATEST Updates
Touted as Budget of century, FM has lived up to expectations
Gaurav Taneja, Partner and National Leader, Government and Public sector, EY India
I am very pleased to hear the thrust on public healthcare, particularly around capacity building, creating new institutions and significant allocation to COVID-19 vaccines. The thrust on overall infrastructure sector, i.e. creation of a new development financial institution, continuing work on road building, economic corridors, airports on PPP, railways and metros, and focus on affordable and rental housing, would definitely bring fresh capital to play, create deep economic linkages and generate new employment opportunities.
I would particularly like to compliment the government around the announcement of 7 port projects worth more than Rs 2,000 crore via PPP mode which will provide the necessary fillip to maritime trade. The creation of Asset Reconstruction and Management company is yet another positive move, as it will enable banks to sell their NPA and recapitalise their balance sheets to lend to the private sector, which definitely will be required. The divestment program, asset and land monetisation, bank privatisation, and raising of FDI in the insurance sector are steps in the right direction but execution will be key though. Overall, it’s a growth-oriented budget with a direct impetus to the economy.
Budget 2021 LATEST Updates
Investment in infra will accelarate economy
Alok Mittal, CEO and Founder, Indifi Technologies
Significant investments in the infrastructure sector is a welcome step and is likely to accelerate the revival of the economy in a sustainable fashion. Setting up of a world-class fintech hub in GIFT City is a tremendous opportunity to provide seamless linkage for Indian fintech companies to global financial ecosystems. MSMEs have borne the brunt of COVID-linked disruptions, and more may have to be done outside of the budget announcements to revive that key engine of India’s economy.
Budget 2021 LATEST Updates
Big infra spending, impetus to healthcare two biggest takeaways, says Nirmala Sitharaman
Finance Minister Nirmala Sitharaman, in a press briefing post the Budget, said that there were two key takeaways for her from the Budget.
“If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges, ports & so on. As a second feature, I tend to the need of the healthcare sector and even there, capacities for better health management had to be brought in in light of what we had gone through last year,” Sitharaman said.
Budget 2021 LATEST Updates
‘Forward-looking Budget’, say BJP leaders
Union Defence Minister Rajnath Singh, BJP leader Jyotiraditya Scindia and party spokesperson Shahnawaz Hussain were among the party members who hailed the Union Budget as one for ‘Aatmanirbhar Bharat’, and asserted that this will strengthen the economy.
I specially thank PM& FM for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 percent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15yrs
— Rajnath Singh (@rajnathsingh) February 1, 2021
A forward-looking #Budget - it will make good on the govt’s $5 trillion economy promise.Multiple pluses:increased govt spending in major sectors like infrastructure, agriculture & healthcare; safety net expanded for the vulnerable; & opportunities for greater private investments.
— Jyotiraditya M. Scindia (@JM_Scindia) February 1, 2021
Budget 2021 LATEST Updates
We used Budget as opportunity for creating new openings for youth
We have taken the approach of widening new opportunities for growth, new openings for our youth, a new high to human resources, develop new regions for infrastructure, walking towards technology and bring new reforms with this Budget, the prime minsiter said.
Budget 2021 LATEST Updates
Delivered transparent Budget, didn’t burden common man, says Narendra Modi
Many thought we will put the tax burden on the common man. However, we focused on a transparent Budget, said prime minister Narendra Modi.
Budget 2021 LATEST Updates
Budget focuses on increasing farmers’ income, says Narendra Modi
The Budget focuses on increasing farmers’ income, several measures have been taken in this direction. Farmers will be able to get loans easily. Provisions have been made to strengthen APMC markets with the help of Agriculture Infrastructure Fund, said Prime Minister Narendra Modi in his post-Budget speech.
Budget 2021 LATEST Updates
Fintech sector hails proposals to promote digital payments, rise in infra outlay
Seshadri Kulkarni, CEO, DigitSecure
The development of fintech hub in GIFT City and Rs. 1,500 crores to promote digital payments clearly demonstrate the government’s strong commitment to digital economy. The RBI’s Payments Infrastructure — Development Fund of Rs. 345 crores to drive merchant acceptance in rural India combined with today’s budget allocation are certain to boost digital payments benefitting all the stakeholders.
The government’s facilitation in setting up ‘world class’ fintech hub will help bring together new technologies such as big data, AI and blockchain to transform the way that financial services are delivered, making them cheaper, more efficient, more convenient and more inclusive. The fintech hub will also help facilitate interaction and collaborative learning between regulators, innovators, investors, startups and established players.
Budget 2021 LATEST Updates
Budget announcement on dividends timely
Gopal Bohra, Partner – Direct Tax, NA Shah Associates
In order to avoid the difficulty of estimating dividend income for the purpose of payment of advance tax, FM has announced that only that dividend which is declared and distributed at the time of discharging advance tax instalent to be included for such installent. Last year when the dividend distribution tax was abolished and such dividend was made taxable directly in the hands of the shareholders, iand t created amanychallenges to estimateingthe dividend income for the purpose of payment of advance tax instalment. This also resulted in consequent levy of interest under section 234C which will now not be applicable.
Budget 2021 LATEST Updates
Budget 2021 highlight govt’s holistic approach towards healthcare
Rajinish Menon, Founder and CEO, Sukino Healthcare
This year the focus of the world was squarely centred on the healthcare industry. Continuing the trend, the Budget highlighted the government’s holistic approach to healthcare with the allocation of 2.23 lakh crore, a 137 percent increase from last year under the Atmanirbhar Swast Bharat Yojana. By converging multiple fragmented health schemes into the world’s largest medical umbrella, the government has indeed taken a giant step towards healthcare innovation.
In addition to the National Health Mission, pragmatic measures such as the investment of Rs 64,180 crore over the next 6 years will significantly improve primary, secondary and tertiary healthcare. The number of free COVID -19 cases treated is remarkable given the challenging economic times faced by the country. An announcement of 35000 crore vaccines will ensure continued uninterrupted healthcare services for more people. Establishment of healthcare infrastructure in form of critical care units and hospital blocks will also help spur the growth of the domestic market growth and place India as a key player in the global markets.
Budget 2021 LATEST Updates
Faceless tax dispute resolution system will fast-track process
Lalit Keshre, Co-founder and CEO, Groww
The income tax filing exemption granted to senior citizens, who rely on only pension and interest income, will significantly reduce their tax compliance burden. The announcement of a faceless dispute resolution system should help taxpayers by fast-tracking the resolution process. The pre-filled capital gains and interest income in ITRs will make income tax filing easier for retail investors. Overall, these measures announced in the budget will simplify the lives of small taxpayers and are welcome.
Budget 2021 LATEST Updates
A comprehensive, progressive economic document: CAIT
Praveen Khandelwal, Secretary General, Confederation of All India Traders (CAIT)
The Union Budget is a comprehensive and progressive economic document which ensures the development of each sector in a structured way and providing ease of doing business to traders, relieving senior-most citizens from the burden of tax, ensuring robust growth in health sector and services and above all becomes an effective document where no new tax or cess is levied removing all such fears those were circling around since last more than a fortnight across the country.
We disagree with the finance minister that GST has been rationalised rather it has become a more complicated tax system and also deeply regret that no supporting policy has been announced for the retail trade of India which generate an annual turnover of more than Rs 80 lakh crores and providing employment to nearly 40 crore people in the country. We shall be taking up this issue with the Finance Minister Nirmala Sitharaman. In totality, the government has come out with a best possible budget under the backdrop of COVID pandemi
Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions
Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.
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