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Budget 2021 speech highlights: IPO of LIC to come in 2021-22, says FM

Finance Minister Nirmala Sitharaman says preparation of this Budget was taken under circumstances like never before

twitter-logoBusinessToday.In | February 1, 2021 | Updated 15:12 IST
Budget 2021 highlights: FM may announce raising of exemption limit under section 80C to Rs 2 lakh
Finance Minister Nirmala Sitharaman is expected to announce steps to further boost the economy and create jobs in her third Budget speech today
  • Budget will bring several positive changes for individuals, investors, industry and infrastructure sector: Modi
  • This Budget talks of all-round development for all parts of country; Record increase in allocation for infrastructure building, says PM
  • It's a pro-active budget that gives boost to wealth as well as wellness: PM Modi
  • This was one of rare Budget speeches that elicited so many positive reactions from experts within 1-1.5 years
  • Budget contains vision of self-reliance as well as inclusiveness, says PM Modi
  • No change in income tax rates, 80C and 80D limits
  • Customs duty on cotton, raw silk raised
  • Customs duty on certain auto parts, solar equipment raised
  • Rationalising customs duties on gold and silver: FM
  • Govt proposes to review over 400 old exemptions in indirect taxes; to begin extensive consultation from October 2021
  • Tax holiday for startups extended by 1 yr; exemption on capital gains on investment in startups extended by 1 yr
  • FM Nirmala Sitharaman tables 15th Finance Commission report in Lok Sabha
  • FM proposes to impose import duty on components of mobile phones and chargers, to enhance local value addition
  • Agri infra cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel proposed
  • Government estimates fiscal deficit of 6.8 per cent of the GDP in the next financial year beginning April 1
  • Customs duty on certain auto parts, solar equipment raised
  • Govt proposes to review over 400 old exemptions in indirect taxes; to begin extensive consultation from October 2021
  • Rs 1.5 lakh deduction on payment of interest for affordable housing extended by 1 year
  • Govt proposes to ease norms to attract more foreign investment in infrastructure sector
  • Gross market borrowings target of Rs 12 lakh crore for FY 22
  • Record GST collections in last few months; govt to take every possible measure to reduce anomalies: FM
  • Tax holiday for startups extended by 1 yr; exemption on capital gains on investment in startups extended by 1 yr
  • Fiscal deficit for FY21 pegged at 9.5% of GDP
  • No need for senior citizens above 75 years with only pension, interest income to file ITR
  • Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014
  • States to get 41% share of taxes as per 15th Finance Commission recommendation; govt has accepted the recommendation
  • FM allocates Rs 3,726 cr for forthcoming Census which will be the first digital census
  • Seven port projects worth more than Rs 2,000 crore investment announced
  • Rs 1,500 cr earmarked for scheme to incentivise digital payments
  • One nation, one ration card plan under implementation in 32 states, 1 union territory
  • Govt to infuse Rs 20,000 crore into public sector banks in 2021-22: FM
  • Govt to soon put in place a framework to allow electricity consumers choose service providers or discoms: FM
  • Farmers paid Rs 75,100 crore on wheat MSP in FY21
  • The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities: FM
  • Govt committed to the welfare of farmers
  • Ujjwala scheme will be expanded to over 1 crore more beneficiaries
  • FM proposes record sum of Rs 1,10,055 crore for Railways of which Rs 1,07,100 crores is for capital expenditure
  • Two PSBs and one general insurance company to be divested, legislations amendments to be introduced in this session
  • FM says NITI Aayog to be asked to work on next list of CPSEs for disinvestment
  • FM announces voluntary vehicle scrapping policy to phase out old and polluting vehicles
  • FY22 divestment target set at Rs 1.75 lakh crore
  • All divestments announced so far will be carried out in 2021-22
  • IPO of LIC to come in 2021-22, says FM
  • FM proposes capital expenditure at Rs 5.54 lakh crore, 34% higher than last year
  • FM proposes introduction of Aatmanirbhar health programme with an outlay of Rs 64,180 cr
  • India now has one of the lowest COVID19 death rates of 112 per million population and one of the lowest active cases of about 130 per million, says FM
  • Budget proposals rest on 6 pillars, including health and well-being; physical and financial capital: FM
  • Rs 35,000 crore more allocated to Covid 19 vaccines in 2021-22, committed to providing more funds, says FM
  • It has added comfort to know that 2 more Covid vaccines are also expected soon
  • The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves, says FM
  • Govt fully prepared to support and facilitate economic reset, says Sitharaman
  • Preparation of this Budget was taken under circumstances like never before, says FM
  • Higher deductions on housing loans are likely to be announced in FM's Budget speech
  • Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app
  • Rupee rises 7 paise to 72.89 against US dollar in early trade
  • Establishment of a bad bank to clean up banks' balance sheets is likely to be announced
  • The budget will come as an economic vaccine for the pandemic-battered economy, said the Indian Chamber of Commerce (ICC)
  • Sensex surges 443 pts to 46,728 in opening trade, Nifty up 114 pts at 13,749
  • More support to real estate sector is expected from the government, especially affordable housing segment
  • Arun Singh, Global Chief Economist at Dun and Bradstreet said a big bang package of reforms is on the anvil in Budget
  • The government is expected to disclose revenue from the privatisation of companies such as BPCL, Air India and Shipping Corporation of India
  • This is the ninth budget under the Modi government, including an interim one
  • GST collections hit all-time high of about Rs 1.20 lakh crore in January on resumption of economic activities
  • Health infra, demand revival, banking sector reforms, fiscal consolidation and implementation of 15th Finance Commission report need to be addressed in Budget, said Brickwork Ratings
  • India Ratings and Research sees fiscal deficit at over 7% in the current fiscal as against budget target of 3.5 per cent
  • India Ratings and Research has projected Rs 60,000-crore revenue shortfall in the fiscal year ending March 31
  • Market borrowings are expected to remain elevated and external deficit financing would increase, according to experts
  • The annual GDP for FY21 will decline by 7-8 per cent, one of the weakest performances among developing nations, say economists
  • Tax relief measures for pandemic-hit sectors such as real estate, aviation, tourism and auto are expected
  • PM Narendra Modi has said budget will be in continuation of government efforts to revive sectors impacted by pandemic
  • The government expects the economy to grow at 11% in next fiscal fiscal
  • The economy is projected to contract 7.7% in the current fiscal year
  • A hike in infrastructure spending is on anvil to put economy on high-growth path
  • The govt may impose Covid-19 cess for high-income earners to earn revenue from income tax
  • The government could focus more on offering incentives to private investments for public infrastructure development
  • The pharmaceutical sector is expecting more reduction in duties to bring down the prices of medicines
  • Expenditure on health sector is also likely to be raised amid the challenges posed by pandemic
  • Government is expected to focus on growth instead of containing fiscal deficit to put the pandemic-hit economy back on on growth path
  • Middle class hit by Covid 19 pandemic expects government to announce measures to help increase its savings
  • Government is expected to announce steps to further boost the economy and create jobs
  • Finance minister is likely to announce raising of exemption limit under section 80C to Rs 2 lakh
  • Upper limit on health insurance premiums under Section 80D is likely to be raised
  • Centre could also make provisions for Covid-19 related expenses
  • Tax deduction toward increased health expenses on account of Covid-19 is expected
  • Centre's fiscal deficit is also going to swell to double of the 3.5 per cent of the GDP projected in February 2020
  • Relief on income tax front is unlikely since coronavirus pandemic has badly affected government's finances
  • Narendra Modi government to present its first Budget amid tough times of Covid-19 pandemic
  • Finance Minister Nirmala Sitharaman will present her third consecutive Union Budget in Parliament on February 1, 2021
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