Nirmala Sitharaman presents Budget 2021. ANI
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