2021 Union Budget of India

February 01, 2021

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BUDGET - Live Commentary

Hon'ble Finance Minister Nirmala Sitharaman Presented Union Budget

  • 01:02 PM   Finance minister Nirmala Sitharaman concluded her Budget speech
  • 01:01 PM   FM Sitharaman announces Rs 2.87 trn outlay for Jal Jeevan mission in Budget
  • 01:00 PM   National faceless income tax appellate tribunal to be established
  • 01:00 PM   FM announces to amend FRBM act.
  • 01:00 PM   Deep sea ocean biodiversity conservation gets some critical funds in the budget
  • 01:00 PM   Dairies allocation for RIDF and micro irrigation funds enhanced
  • 01:00 PM   Have asked Niti Aayog to list out companies for disinvestments, says FM.
  • 01:00 PM   Government to launch Securities Market Code.
  • 01:00 PM   GIFT-IFSC to become a financial hub. Will get an Institutional framework to encourage robust Corporate bond market.
  • 01:00 PM   Independent Gas Transplant system operator will be set up
  • 01:00 PM   Gas pipeline project in Jammu and Kashmir
  • 01:00 PM   Propose to set up a central university in Leh to promote higher education in Ladakh. Also announces, more ekalavya residential schools.
  • 12:57 PM   A national language translation mission to be introduced.
  • 12:57 PM   FM announces raise in customs duty on cotton from 0% to 10%; on raw silk and silk yarn from 10% to 15%.
  • 12:50 PM   To support domestic manufacturing in the solar sector, The duty increased for solar inverters from 5% to 20%.
  • 12:50 PM   Custom duty exemptions on tunnel boring machines to be withdrawn, says FM.
  • 12:50 PM   FM announces, special scheme for tea workers in West Bengal and Assam.
  • 12:50 PM   Exempting duty on steel scrap for a specified period.
  • 12:50 PM   Cutting duty on copper scrap 2.5% from 5%.
  • 12:50 PM   Reducing duties on copper scrap from 5% to 2.5%.
  • 12:50 PM   Revoking ADD and CVD on certain steel products.
  • 12:50 PM   Nirmala Sitharaman proposes to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021.
  • 12:50 PM   A phased manufacturing plan to be introduced for solar cells and panels
  • 12:50 PM   Customs duties on gold and silver proposed to be rationalised
  • 12:49 PM   Some mobile phone parts to move from zero customs structure to a 2.5% duty rate
  • 12:48 PM   Notified infrastructure debt funds to be eligible to raise tax-efficient zero-coupon bonds
  • 12:47 PM   Tax forms to come pre-filled with details of capital gains, dividend income and interest income
  • 12:47 PM   Late deposit of employee`s contribution to PF by employers will not be allowed as deduction to employer: FM
  • 12:47 PM   GST to be made smoother by removing anomalies.
  • 12:46 PM   Some of the conditions related to private funding and direct investment in infrastructure relaxed
  • 12:46 PM   Finance Minister Nirmala Sitharaman said the government will borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure.
  • 12:45 PM   Extra tax exemption for affordable house loan for another year
  • 12:45 PM   Budget 2021 Live updates: The FM proposes extension of tax holiday for start-ups by one more year.
  • 12:43 PM   Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014, says FM.
  • 12:43 PM   Government to provide tax exemption for relocating funds to IFSC
  • 12:43 PM   Aviation gets a boost, Sitharaman gives tax holiday for aircraft leasing business in Gift city
  • 12:40 PM   To provide tax exemption for affordable rental housing projects : FM
  • 12:40 PM   Govt to extend eligibility of erstwhile tax sop on home loan up to FY22; propose that affordable housing projects can avail tax holiday for one more year
  • 12:40 PM   Boost to NRIs in Sitharaman`s Budget: Government to notify rules to eliminate double tax for NRIs on foreign retirement funds
  • 12:38 PM   Tax exemption for aircraft leasing companies.
  • 12:38 PM   FPI to get deduction of tax on dividend at lower treaty rate.
  • 12:38 PM   Advance tax liability on dividend to arise only after declaration.
  • 12:38 PM   Govt proposes to increase threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95% digitally)
  • 12:38 PM   For ease of compliance, dividend payment for REIT and InVIT exempted from tax.
  • 12:37 PM   Budget 2021 Live updates: Govt to set-up a faceless dispute resolution mechanism for small taxpayers.
  • 12:37 PM   Budget 2021 Live updates: FM reduces tax burden on senior citizens above 75 years. Pensioners over 75 years of age are exempt from filing returns .
  • 12:37 PM   The pandemic necessitated deviation from glide path to achieve fiscal deficit target under FRBM Act.
  • 12:36 PM   Govt announces monetising more airports
  • 12:36 PM   Market borrowing in FY22 seen at 12 lakh crore
  • 12:36 PM   FY22 gross expenditure seen at Rs 34.83 lakh crore
  • 12:36 PM   Union Budget 2021 live: FY21 fiscal deficit at 9.5% of GDP
  • 12:36 PM   India to launch Deep Ocean Mission, with allocation of Rs 4,000 crore over 4 years.
  • 12:36 PM   Union Budget 2021 live: Government announces multi-state co-operative for ease of doing business
  • 12:36 PM   Social security benefits will be extended to gig and platform workers.
  • 12:33 PM   MSME allocation to be doubled. Government to set aside Rs 15,700 crore in FY22. Government also proposes to reduce margin money requirement from 25% to 15% for startups.
  • 12:33 PM   Union Budget 2021 live: 69 crore beneficiaries or 86% covered under one-nation, one-ration, says the Finance Minister
  • 12:33 PM   Re-opening time limit for direct tax assessment reduced to 3 years from the current 6 years.
  • 12:32 PM   Loans to FCI proposed to be discontinued, says Sitharaman
  • 12:31 PM   Contingency Fund of India to be increased to Rs 30,000 crore
  • 12:31 PM   Will take further steps to ease tax compliance: FM Sitharaman
  • 12:30 PM   Budget 2021 LIVE updates: Senior citizens exempted from filing incom-tax returns. The paying bank will deduct the tax on their behalf
  • 12:29 PM   Budget 2021 LIVE: 41% devolution of funds to states has been retained
  • 12:28 PM   Our tax system should be more efficient and transparent and should not put undue burden on the taxpayer. Finance minister quotes Thiruvalluvar
  • 12:28 PM   Budget 2021 LIVE updates: FM begins Part B of her speech
  • 12:28 PM   Budget 2021 LIVE updates: FY21 expenditure target revised to Rs 34.50 trillion. Government to approach market for additional Rs 80,000 cr to fund the FY21 fiscal deficit.
  • 12:27 PM   Gross borrowing target for FY22 set at Rs 12 trillion
  • 12:27 PM   Budget 2021: Fiscal deficit to be contained under 4.5% of GDP by FY26
  • 12:27 PM   Bill for the National Commission for Allied Healthcare Professionals to be introduced in Parliament
  • 12:25 PM   Rs 1,500 crore earmarked for a scheme to boost digital payments, says Sitharaman
  • 12:19 PM   Rs 300 crore granted to the govt of Goa for celebration of 50 years of independence from the Portuguese
  • 12:19 PM   Forthcoming census will be the first digital census in the history of India -- Rs 3,768 crore allocated for the purpose, says Nirmala Sitharaman.
  • 12:18 PM   Budget 2021 LIVE updates: Functioning of tribunals to be rationalised
  • 12:17 PM   Sixth pillar dwells on: Minimum government, maximum governance
  • 12:17 PM   Four Indian astronauts being trained in Russia. First unmanned space mission to be launched in Decemebr 2021.
  • 12:17 PM   First unmanned space mission to be launched in Decemebr 2021, says FM
  • 12:15 PM   A multi seaweed park will be set up in Tamil Nadu, says Nirmala Sitharaman.
  • 12:14 PM   Rural infra fund has been increased to Rs 40,000 crore: Budget 2021
  • 12:13 PM   100 new Sainik schools to be set up in partnership with NGOs.
  • 12:13 PM   Union Budget 2021 on fourth pillar for revival: Reinvigorating human capital
  • 12:12 PM   Minimum wages to apply to all categories of workers. Women to be allowed to work in all shifts, even in night shift, with adequate protection
  • 12:12 PM   Minimum wages to apply to all categories of workers, says FM
  • 12:11 PM   One nation, one ration card scheme under implementation in 32 states. the four others to be integrated soon.
  • 12:11 PM   Portal to be set up for gig workers, construction workers, says FM
  • 12:10 PM   Budget 2021 on agriculture sector: 1,000 more mandis to be integrated with e-Nam
  • 12:10 PM   SPV to aid timely closure for sick units
  • 12:10 PM   Non-core assets with govt not to be a part of Aatmanirbhar, says FM Nirmala Sitharaman
  • 12:10 PM   Budget 2021 on combating Climate Change: Hydrogen energy mission for generation using clean resources
  • 12:06 PM   Scheme updates : Amount paid to farmers for pulses in FY21 seen at Rs 10,530 crore vs Rs 8,285 crore in FY20
  • 12:06 PM   Scheme updates : Amount paid to farmers for paddy in FY21 seen at Rs 1.72 lakh crore Rs vs Rs 1.41 lakh crore in FY20
  • 12:06 PM   Scheme updates : Amount paid to farmers for wheat in FY21 was Rs 75,060 crore vs Rs 62,802 crore in FY20
  • 12:06 PM   Scheme updates : 1.54 crore farmers benefited from MSP in paddy and wheat in FY21 vs 1.24 crore YoY
  • 12:06 PM   Micro irrigation corpus doubled to Rs 10,000 cr. Agriculture infra fund will be made available to APMCs.
  • 12:06 PM   Five major fishing harbours to be developed as hubs for economic activity
  • 12:06 PM   To increase provision to rural infra development fund to Rs 40,000 crore from Rs 30,000 crore
  • 12:06 PM   Budget 2021: Sitharaman dwells on the third pillar for fiscal revival
  • 12:06 PM   Budget 2021 on agriculture sector : FM announces enhanced agri credit target to Rs 16.5 trillion for FY22, gives update on welfare schemes.
  • 12:03 PM   It will complete the divestments of BPCL, CONCOR and SCI in financial year 2021-22.
  • 12:03 PM   Government to privatise 2 PSU banks, one general insurance company in FY22: Nirmala Sitharaman
  • 12:03 PM   BPCL, CONCOR, Pawan Hans, Air India divestments to be completed in FY22
  • 12:01 PM   Fiscal support in FY22 depends on revenue generation from the success of these programmes.
  • 12:01 PM   The government has approved a new public sector enterprises policy, which is intended to drive privatisation.
  • 12:01 PM   Some of the big ticket divestments planned last year, like the stake sale in LIC, may conclude this year.
  • 12:01 PM   In FY21, the government had budgeted to raise Rs 2.1 lakh crore through divestments but fell short.
  • 12:01 PM   Divestment target for FY22 at Rs 1.75 lakh cr, FM says
  • 11:57 AM   Allow non-resident Indians to incorporate one-person companies in India
  • 11:57 AM   Conversion of one-person company to any other kind, reducing residency limit from 182 days to 120 days
  • 11:57 AM   No restriction on paid-up capital and turnover, to incentivise incorporation of one-person companies
  • 11:57 AM   The one man show, Government to now allow one-person companies
  • 11:57 AM   The Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
  • 11:57 AM   Union Budget 2021 live: Government allots Rs 20,000 crore for bank recapitalisation, as FM emphasizes the need to clean up banks` books
  • 11:57 AM   Sitharaman`s announcement of the addition of 100 cities to the City Gas Distribution network
  • 11:57 AM   LIC to come up with an IPO in 2021-22, says FM Nirmala Sitharaman
  • 11:57 AM   SEBI to be notified as a regulator for gold exchanges, too, says FM Sitharaman
  • 11:55 AM   DICGC Act to be moved for amended in this session itself to provide support to depositors of stressed banks .
  • 11:55 AM   Decriminalisation under limited liability partnerships to be taken up
  • 11:54 AM   Government to amend Insurance Act to allow higher FDI
  • 11:54 AM   FDI in Insurance to be raised to 74% from 49%, foreign ownsership allowed
  • 11:49 AM   Finance Minister Nirmala Sitharaman proposes to consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act
  • 11:49 AM   Ujjwala Scheme : An independent gas transport system operator to be set up
  • 11:49 AM   Ujjwala Scheme : 100 more districts to be added in the next 3 years for city gas distribution
  • 11:49 AM   Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, says FM in Budget for 2021-22
  • 11:49 AM   The government had pegged the fiscal deficit at 3.5% for FY21 in the last budget before the onset of the Covid-19 crisis.
  • 11:49 AM   FY22 fiscal deficit seen at 6.8%. : FM
  • 11:49 AM   Over and above this, Rs 2 lakh crore will be provided to states and autonomous bodies to nudge their expenditure.
  • 11:49 AM   Rs 44,000 crore under capital expenditure to be given to Department of Economic Affairs in FY22
  • 11:49 AM   FY21 capital expenditure seen at Rs 4.39 lakh crore
  • 11:49 AM   Budget 2021: Ujjwala scheme, which has benefitted 80 mn households will be expanded to include 10 mn more
  • 11:44 AM   Budget 2021 for Power sector: Consumers to be given a choice of more than one distribution company
  • 11:44 AM   Budget 2021 for Transport sector: Share of public transport to be enhanced with an outlay of Rs 18,000 cr
  • 11:42 AM   702 km of metro rail already operation; 1,016 km in works, says Sitharaman
  • 11:42 AM   Eastern and western dedicated freight corridors to be commissioned by June 2022.
  • 11:42 AM   FY22 allocation for railways at Rs 1,10,055 cr
  • 11:40 AM   Next lot of airports to be privatized in tier 2 and 3 towns and cities
  • 11:40 AM   Indian Railways National Rail Plan for India to prepare a future-ready railway system by 2030, says the FM.
  • 11:40 AM   Out of the Rs 1.15 lk cr for Railways, Rs 1.07 lk cr is towards CAPEX
  • 11:40 AM   FM`s infra boost: Providing Rs 1.15 lk cr for Railways, privatizing airports
  • 11:36 AM   Providing Rs 1.18 trn for Ministry of Roads, of which Rs 1.08 trn will be towards CAPEX, the highest ever
  • 11:36 AM   1,300 km in Assam in the next 3 years
  • 11:36 AM   675 km in West Bengal at a cost of Rs 95,000 cr
  • 11:36 AM   1,100 km in Kerala at investment of Rs 65,000 cr
  • 11:35 AM   Rs 1.3 trillion for 3,500 km economic corridors in Tamil Nadu
  • 11:35 AM   Highway infra work proposed include building 8,500-km of highways by March 2022.
  • 11:35 AM   National Monetisation Pipeline for brownfield projects to be launched. NHAI and PGCIL have sponsored one InvIT each.
  • 11:33 AM   Special mechanism to be worked out to nudge states to spend more on infrastructure
  • 11:32 AM   Sharp increase in capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore for FY22.
  • 11:25 AM   Rs 7,000 to be transferred to the PGCIL InVIT
  • 11:25 AM   Rs 5,000 crore to be transferred to NHAI InVIT
  • 11:25 AM   NHAI and PGCIL will sponsor one InVIT each
  • 11:25 AM   Government to set-up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore
  • 11:25 AM   FM Sitharaman commits Rs 1.97 trillion to the manufacturing sector over 5 years
  • 11:23 AM   Mega textile park over and above PLi. Seven parks to be set up in three years
  • 11:23 AM   Second pillar for revival focusses on financial capital, infrastructure.
  • 11:23 AM   Budget speech 2021 LIVE on Second pillar for revival in 2022: Financial capital, infrastructure
  • 11:22 AM   Provided Rs 35,000 crore for Covid-19 vaccines, will ramp up if needed, says FM Sitharaman in Budget speech
  • 11:22 AM   Pneumococcal vaccine distribution to be expanded to help save 50,000 lives every year, says Sitharaman
  • 11:22 AM   Budget Speech 2021 on Clean air: Rs 2,217 cr for 42 urban centres with million-plus population
  • 11:22 AM   Vehicles to undergo fitness tests after 20 yrs for PVs, 15 years for CVs, says FM, announcing a voluntary vehicle scrapping policy.
  • 11:22 AM   Rs 1.41 lakh crore for Urban Clean India Mission
  • 11:19 AM   Urban Swachh Bharat Mission 2.0 will be rolled out with an outlay of Rs 1.48 trillion over 5 years: FM
  • 11:18 AM   Will be spent on primary, secondary and tertiary healthcare, In addition to the National Health Mission.
  • 11:18 AM   17,000 rural and 11,000 urban health and wellness centres to be set up
  • 11:18 AM   FM lays out a Rs 64,180 crore spending plan, Aatmanirbhar Health Yojana for healthcare over the next six years
  • 11:16 AM   Revival in 2022 rest of five pillars, says Sitharaman
  • 11:15 AM   We are on the path of fast implementation are our 13 promises made in Budget 2015-16, says Sitharaman
  • 11:15 AM   Atmarnirbhar Bharat is the ambition and goal of India`s 1.3 billion people : FM
  • 11:14 AM   Lockdown hurt us in many ways. I bow my head before every citizen for showing endurance, says FM Sitharaman
  • 11:14 AM   2021 is a year of many milestones for our history, says FM Sitharaman
  • 11:13 AM   Our govt is fully prepared to facilitate the economy`s reset: FM Sitharaman
  • 11:13 AM   This Budget is a digital Budget : FM
  • 11:12 AM   Today, data show that India has one of the lowest Covid death rate, says FM
  • 11:12 AM   The finance minister quotes Rabindranath Tagore to infuse hope in the midst of pandemic-induced gloom
  • 11:10 AM   Today, India has two coronavirus vaccines available: FM
  • 11:09 AM   In addition, we presented the equivalent of five mini Budgets last year: FM
  • 11:08 AM   The government stretched its resources to provide for the most vulnerable : FM
  • 11:08 AM   India poised to lead world in recovery, says FM
  • 11:07 AM   The total estimate of all relief measures announced by govt & RBI so far is Rs 27.1 lakh cr (13% of GDP), Finance Minister says.
  • 11:07 AM   FM recognises contribution of essential service providers in times of coronavirus
  • 11:05 AM   Global economy, which was slowing down, was pushed into uncertainty due to COVID-19. The risk of not having a lockdown was far more, far too high: FM
  • 11:04 AM  Preparation of budget was undertaken in an environment like `never before`. : FM
  • 11:02 AM  FM Nirmala Sitharaman presents Union Budget 2021-2022