Union Budget 2021-22

  • India Union Budget - Clean & Conservative but...
    By Sreejith Balasubramanian IANS | February 3 Most of us awaited Indias Union Budget 2021-22 for its fiscal policy strategy to support growth, as the economy slowly emerges from the pandemic. Given previous episodes of shortfalls in realized receipts and rising off-budget expenditure, one was also ready to calculate more likely receipts and the true fiscal deficit. As mentioned in our previous note (link), the budget was a pleasant surprise as it estimated tax revenue conservativel
  • No new tax for the rich, FPIs lead to 2,300-point Sensex salute for Budget
    New Delhi, February 1 (IANS): The stock markets have saluted the Union Budget with a massive gain of 2,300 points as the fears of a Covid cess or increase in capital gains tax did not materialise while withholding tax for FPIs found no mention. Nitesh Mehta, Partner (transaction tax), BDO India, said the Finace Minister's clarification on tax withholding on dividend payment to FPIs to be done after considering the tax treaty benefits is a welcome move as the current law is silen
  • FM announces new public transport technologies for urban areas
    New Delhi, February 1 (IANS): Emphasising on better connectivity in urban areas, Union Finance Minister Nirmala Sitharaman on Monday said the Centre would work towards raising the share of public transport in urban areas through the expansion of metro rail networks and also announced two new technologies -- Metrolite and MetroNeo for Tier 2 cities. She said, "A total of 702 km of conventional metro is operational and another 1,016 km of metro and RRTS (Rapid Regional Transport
  • Farmers will get justice: Ramdas Athawale on Budget
    New Delhi, February 1 (IANS): Lauding the Union Budget presented by Finance Minister Nirmala Sitharaman, various political leaders on Monday emphasized that the announcements are for the benefit of the farmers. Union Minister Ramdas Athawale said that the budget assured "increased allocation" for the farmers. "Farmers and labourers will get justice," he said. Amid the farmers' protest against the three contentious agri laws, the Finance Minister on Monday
  • Budget is a progressive and comprehensive document: CAIT
    New Delhi, February 1 (IANS): The Confederation of All India Traders (CAIT) on Monday termed the Union Budget 2021 as a "progressive and comprehensive document". "The Union Budget is a progressive and comprehensive document that ensures the structured development of every sector of the economy. It also brings relief to senior citizens from the burden of paying taxes. Also, developing the health sector and strengthening its services are its specialty," the CAIT sa
  • Modi plans to give assets to crony capitalist friends: Rahul
    New Delhi, February 1 (IANS): Congress leader Rahul Gandhi on Monday slammed the Centre for not providing cash transfers to the poor in the Union Budget, and said the Modi government was planning to give the country's assets to a few capitalists. In a tweet after the Budget, he said, "Forget putting cash in the hands of people, Modi Govt plans to handover India's assets to his crony capitalist friends." The Congress and the opposition came down heavily on the Ce
  • Budget announces 'Zero Coupon Bond' push for infrastructure
    New Delhi, February 1 (IANS): In a bid to attract investments into the country's infrastructure sector, the government will notify Infrastructure Debt Funds eligible to raise funds by issuing tax efficient "zero coupon bonds". A zero-coupon bond is a debt security that does not have to pay interest but instead trades at a deep discount, rendering a profit at maturity, when the bond is redeemed for its full face value. "In order to allow funding of infrastructur
  • Modi congratulates Sitharaman for Budget presentation
    New Delhi, February 1 (IANS): Prime Minister Narendra Modi on Monday congratulated Finance Minister Nirmala Sitharaman for her marathon 110-minute Budget speech and also inquired about her health soon after she completed her presentation. The Finance Minister began her Budget speech at 11 a.m. for the third time in the National Democratic Alliance (NDA) government led by Prime Minister Modi. She concluded it after almost two hours, speaking about the prime features of the Budget wit
  • Custom duty hike: Phones may get costlier by 3-4% after Feb 2
    New Delhi, February 1 (IANS): In another bid to boost domestic manufacturing, the government on Monday announced an increase in custom duty for up to 10 per cent on mobile chargers and some sub-parts of phones, a move that can make handsets costlier by 3-4 per cent from February 2. Finance Minister Nirmala Sitharaman, during her Union Budget 2021-22 speech, said that withdrawing exemptions on parts of chargers and mobile phones will boost local manufacturing of smartphones. "
  • Country on sale, only election 'jumlas': Oppn on Budget
    New Delhi, February 1 (IANS): The Congress on Monday criticised the Modi-led NDA government for giving a sizeable chunk of the infra-Budget to the election-bound states of Assam, West Bengal, Tamil Nadu and Kerala, and termed the Budget as "road for vote" and full of election "jumlas". Congress Assam chief Ripun Bora said, "So, the BJP government has made Parliament the place to launch election manifestos for the Assembly elections. This Budget is nothing mo
  • Union Budget for 'Aatmanirbhar Bharat': Himachal CM
    Shimla, February 1 (IANS): Himachal Pradesh Chief Minister Jai Ram Thakur on Monday hailed the Union Budget 2021. He said that under the leadership of Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman presented a Budget to fulfill the hopes and aspirations of the people. "The Union Budget is for 'Aatmanirbhar Bharat' and have taken care of every section of the society," Thakur said in a tweet. The Budget adopted a holistic approach towards health
  • Thrifty Budget: FM proposes mega spending push to rev-up Economy
    New Delhi, February 1 (IANS): Finance Minister Nirmala Sitharaman on Monday proposed to unleash a massive fiscal expansion in 2021-22 on the back of fire sales and cesses, to revive India's pandemic-battered economy. Accordingly, she proposed to increase the capital expenditure by 34 per cent in Budget 2021-22 in comparison to the previous fiscal BE (Budget Estimate). In her Budget speech that lasted for around 1 hour and 45 minutes, she doled out enormous amounts for railway
  • Raj educationists hail Budget focus on NEP
    Jaipur, February 1 (IANS): Educationists in Rajasthan on Monday praised the Union Budget 2021-22, saying that it is focussed on the National Education Policy (NEP) which will improve the education sector. "The Budget presented by Finance Minister Nirmala Sitharaman has duly focused on the key areas -- health and education -- providing robust infrastructure to these sectors. When it comes to education, the Budget has announced all the moves needed to make it reach the last mile
  • Dividend payments to REITs, InvITs exempted from TDS
    New Delhi, February 1 (IANS): The government has decided to exempt dividend payments to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) from tax deduction at source (TDS). Presenting the Union Budget FY22, Finance Minister Nirmala Sitharaman said that the move has been made to provide ease of compliance. "Further, as the amount of dividend income cannot be estimated correctly by the shareholders for paying advance tax, I propose to provide
  • 3 new DFCs announced in budget worth Rs 1.78 lakh crore: Officials
    New Delhi, February 1 (IANS): The three new dedicated corridors for railways announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2021-22 are valued at Rs 1.78 lakh crore, officials related to the development said. The Railways Minister last year had assigned the Dedicated Freight Corridor Corporation of Indian Limited (DFCCIL) to undertake and prepare the detailed project report (DPR) for new DFC. The DFCCIL will submit the report for the East Coast corrido
  • Agriculture Infra Fund to be available for APMC mandis: FM
    New Delhi, February 1 (IANS): Union Finance Minister Nirmala Sitharaman made a major announcement in the Union Budget 2020-21 related to the agriculture sector on Monday, saying that the Agriculture Infrastructure Fund would also be available for Agricultural Produce Market Committee (APMC) mandis. Sitharaman has announced to hike the target of agricultural loans (farm credit) to Rs 16.5 lakh crore in the Union budget. Apart from this, the budget for Sukshma Sinchai Yojana (micro-ir
  • Barring tourism, Goa business, industry stakeholders laud budget
    Panaji, February 1 (IANS): Barring travel and tourism industry stakeholders, small, medium and big business and industry stakeholders in Goa welcomed the announcements made in the budget for 2021-22, underlining no major fresh tax levies and focus on infrastructure and health sectors as the key initiatives taken by Finance Minister Nirmala Sitharaman. "There has been no increase in taxes on or education cess, this comes as a relief... The government also appears to be focusing
  • Goa gets Rs 300cr for 60th Liberation Day anniversary celebration
    Panaji, February 1 (IANS): The Goa government appeared to have got an unlikely windfall in the 2021-22 budget in form of the Rs 300 crore announced by Union Finance Nirmala Sitharaman for celebration of the state's 60 years of liberation from Portuguese rule. The announcement of Rs 300 crore by Sitharaman follows repeated requests made by Chief Minister Pramod Sawant for a package of Rs 100 crore for celebration of the event across the country and restoration of places of histor
  • Govt is procuring crops at 1.5 times of MSP: Sitharaman
    New Delhi, February 1 (IANS): Finance Minister Nirmala Sitharaman on Monday said that farmers are getting 1.5 times of the minimum support price (MSP) on procurement of foodgrains. In her Budget speech, the Finance Minister said that the procurement of crops will continue at the MSP. Presenting statistics on procurement of wheat and rice on the MSP, she said that this year Rs 1,72,752 crore is estimated to be spent on procurement of paddy while Rs 63,928 crore was spent in 2013-1
  • Customs duty up 2.5% on mobile parts, phones to get expensive
    New Delhi, February 1 (IANS): In another bid to boost domestic manufacturing, the government on Monday announced a 2.5 per cent increase in customs duty on mobile chargers and some sub-parts of phones, a move that will make phones more expensive. Finance Minister Nirmala Sitharaman, during her Budget speech, said, "Withdrawing exemptions on parts of chargers and mobile phones will boost local manufacturing of smartphones. Domestic electronic manufacturing has grown rapidly. We