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Stepping into their centenary year, the Board of the Thoothukudi(Tuticorin)-based Tamilnad Mercantile Bank (TMB) has revealed the reviewed results for the quarter ended on December 31st, 2020.

Stepping into their centenary year, the Board of the Thoothukudi(Tuticorin)-based Tamilnad Mercantile Bank (TMB) has revealed the reviewed results for the quarter ended on December 31st, 2020. The Bank has reported a net profit of Rs.180.81cr, with a growth of 95.64%, when compared to the 2019-20 figure of Rs.92.42cr. Net NPA, meanwhile, dropped by 52.08 per cent to Rs.270.36 crore from Rs. 564.18 crore, whereas, in percentage terms, it dropped to 0.92 per cent from 2.13 per cent. Gross NPA dropped 30.69 per cent to Rs 977.88 crore from Rs 1,410.98 crore, in percentage it dropped to 3.24 per cent from 5.16 per cent. The total business of the bank at the nine-months ended December 2020 stood at Rs 68,101.12 Crores with a growth rate of 8.88 per cent, over the previous year’s 62,544.21cr in the corresponding period. According to a statement, the bank has been giving continued thrust on Loans to Priority sectors like Agriculture, MSME, Education, Housing etc, constituting 76.57% of its Adjusted Net Bank Credit (ANBC), above the regulatory requirement of 40%. The bank's advances to the Agriculture sector stood at Rs.7,812.54crores, which is 25.86% of the bank’s advances. In terms of credit to MSME sector, it has increased to Rs.11,893.72cr, from the previous year’s 10,362.56cr. WION also had an exclusive conversation with K V Rama Moorthy, MD & CEO, Tamilnad Mercantile Bank. WION: The board has revealed that the bank has always posted profits in its 99-year existence. Tell us more about how you make this possible. K V Rama Moorthy: Historically, this bank has been a regional one - more connected to customers and branch-level connectivity is the key. How strongly we are connected is aptly demonstrated by the rapport that our bank managers share with the customers. WION: What are some of the significant lessons from over the years? K V Rama Moorthy: Our learning has been that - come what may, we shouldn’t leave our customer’s relationship. We need to create a confidence level in the customer’s mind that, this bank is almost ready for any of may difficulties. Even on a rainy day, this bank is ready with an umbrella. With that confidence, we can emerge the winner. WION: Based on your interaction with customers and the overall performance, how do you view the economic recovery? K V Rama Moorthy: Most customers in the agro sector don’t have any problem. Micro, small and medium industries (MSME) had issues earlier, but are getting back to near-normal. Retail will take another 3 to 6 months, some people who lost their jobs, had a dip in income will pick up in 3 to 6 months. WION: Kindly tell us about your targets and how far you've come towards achieving them. K V Rama Moorthy: Rs 72500 crore is the top-line target and we've reached Rs 68,000 crore. We are very confident of posting remaining numbers by March. Also, regarding the bottom line that we projected, very comfortably, we’ll be able to surpass. Gross NPA level, whichever was projected we should be able to maintain. WION: What are your thoughts on the budget? K V Rama Moorthy: It is a well-balanced exercise. It has satisfied a good number of people. Overall, it has come under a challenging time. It will help the healthcare, MSME and Agro sector.

Tamilnad Mercantile Bank reports net profit of Rs 180.81 crore, with a growth of 95.64%

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A day after finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Sitharaman</a> presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-what-budget-2021-does-not-mention-360730/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The strong showing at the stock exchange was dominated by finance and infra stocks with HDFC Bank rising 6.6 per cent.

The NSE Nifty was higher by 222.65 points at 14,503.85 in early trade.

Infrastructure firm Larsen &amp; Toubro climbed 6 per cent as the post-Budget euphoria continued in the Indian stock market. On Tuesday, the Sensex closed 2,314.84 points up to close at 48,600.61 after reaching an intra-day high of 48,764.40.

The Nifty was also boosted by the <a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Budget </a>surging 646.60 points to finish at 14,281.20.

In the <a href="https://www.wionews.com/business-economy/union-budget-2021-how-will-it-affect-petrol-and-diesel-prices-360695">post-Budget</a> meeting, India's finance minister Nirmala Sitharaman had said that the government had chosen to spend big on infrastructure spanning across roads, power generation, bridges and ports.

The finance minister had said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

A day after finance minister Nirmala Sitharaman presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635.

A day after finance minister Nirmala Sitharaman presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635. Watch: The strong showing at the stock exchange was dominated by finance and infra stocks with HDFC Bank rising 6.6 per cent. The NSE Nifty was higher by 222.65 points at 14,503.85 in early trade. Infrastructure firm Larsen & Toubro climbed 6 per cent as the post-Budget euphoria continued in the Indian stock market. On Tuesday, the Sensex closed 2,314.84 points up to close at 48,600.61 after reaching an intra-day high of 48,764.40. The Nifty was also boosted by the Budget surging 646.60 points to finish at 14,281.20. In the post-Budget meeting, India's finance minister Nirmala Sitharaman had said that the government had chosen to spend big on infrastructure spanning across roads, power generation, bridges and ports. The finance minister had said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

Day after Budget, Sensex surges 1,300 points; Nifty tops 14,500

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. &nbsp; 
&nbsp;&nbsp; 
BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains. The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent.&nbsp; 
&nbsp;&nbsp; 
Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains.&nbsp; 
&nbsp;&nbsp; 
Global cues&nbsp; 
&nbsp;&nbsp; 
Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver.&nbsp; 
&nbsp;&nbsp; 
Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.9 per cent.&nbsp; 
&nbsp;&nbsp; 
MSCI's world equity index, which tracks shares in 49 countries, was 0.4 per cent firmer after posting its strongest day in three months on Monday.&nbsp; 
&nbsp;&nbsp; 
MSCI's gauge of Asia Pacific stocks outside Japan rose 1.5 per cent, with China's benchmark CSI300 Index climbing 1.5 per cent, helped by easing concerns about tight liquidity and falling cases of new coronavirus infections. Japan’s Nikkei 225 added 1 per cent.&nbsp; 
&nbsp;&nbsp; 
E-mini futures for the S&amp;P 500 index added 0.8 per cent.&nbsp; 
&nbsp;&nbsp; 
(With inputs from Reuters)&nbsp;

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among.

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains. The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent. Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains. Global cues Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver. Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.9 per cent. MSCI's world equity index, which tracks shares in 49 countries, was 0.4 per cent firmer after posting its strongest day in three months on Monday. MSCI's gauge of Asia Pacific stocks outside Japan rose 1.5 per cent, with China's benchmark CSI300 Index climbing 1.5 per cent, helped by easing concerns about tight liquidity and falling cases of new coronavirus infections. Japan’s Nikkei 225 added 1 per cent. E-mini futures for the S&P 500 index added 0.8 per cent. (With inputs from Reuters)

Sensex soars nearly 1,200 points, Nifty near 14,650 extending Budget day rally 

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). <a href="https://www.wionews.com/topics/budget">Budget 2021</a> was India's first budget since coronavirus pandemic had a severe impact on global economy. The main thrust of budget this year was health and infrastructure. Income Tax slabs remained unchanged. The budget may have all the complex numbers but for a common man, what matters is things getting cheaper or costlier. This impacts his pocket in one of the ways that are more direct.

<h2>What got cheaper in Union Budget 2021</h2>

<ul>
	<li>Insurance</li>
	<li>Steel utensils</li>
	<li>Items made of Copper</li>
	<li>Nylon clothes</li>
	<li>Silk and Cotton</li>
	<li>Gold and gold dore</li>
	<li>Silver and silver dore</li>
	<li>Iron</li>
	<li>Steel</li>
</ul>

Also Read | <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget</a>

<h2> 
What got costlier in Union Budget 2021</h2>

<ul>
	<li>LED lamps</li>
	<li>Compressors for refrigerators and air conditioners</li>
	<li>Printed circuit boards</li>
	<li>Mobile phone charger components such as input and raw materials for Lithium-ion battery</li>
	<li>Mobile phone parts like camera module, PCBA, back cover, connectors, side keys</li>
	<li>Finished leather products</li>
	<li>Plastic builder wares</li>
	<li>Ink spray nozzles</li>
	<li>Ink cartridges</li>
	<li>Nylon fibre</li>
	<li>Nylon yarn</li>
	<li>Cut, polished synthetic stones, cut polished cubic Zirconia</li>
	<li>Solar inverters</li>
	<li>Raw Silk</li>
	<li>Raw Cotton</li>
	<li>imported automobile parts such as toughened glass, windscreen wipers, signalling equipment</li>
</ul>

(With inputs from PTI)

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). Budget 2021 was India's first budget since coronavirus pandemic had a severe impact on global economy.

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). Budget 2021 was India's first budget since coronavirus pandemic had a severe impact on global economy. The main thrust of budget this year was health and infrastructure. Income Tax slabs remained unchanged. The budget may have all the complex numbers but for a common man, what matters is things getting cheaper or costlier. This impacts his pocket in one of the ways that are more direct. What got cheaper in Union Budget 2021 Insurance Steel utensils Items made of Copper Nylon clothes Silk and Cotton Gold and gold dore Silver and silver dore Iron Steel Also Read | Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget What got costlier in Union Budget 2021 LED lamps Compressors for refrigerators and air conditioners Printed circuit boards Mobile phone charger components such as input and raw materials for Lithium-ion battery Mobile phone parts like camera module, PCBA, back cover, connectors, side keys Finished leather products Plastic builder wares Ink spray nozzles Ink cartridges Nylon fibre Nylon yarn Cut, polished synthetic stones, cut polished cubic Zirconia Solar inverters Raw Silk Raw Cotton imported automobile parts such as toughened glass, windscreen wipers, signalling equipment (With inputs from PTI)

Union Budget 2021: What got cheaper, what is now costlier

India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559">Sitharaman</a> while presenting the Budget before Parliament on Monday said that&nbsp;Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-FDI-limit-insurance-sector-from-49%25-to-74%25-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Read:&nbsp;LIVE Union Budget 2021</a>

BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister announced. The finance minister announced the undertaking of disinvestment of two PSBs and one general insurance companies apart from IDBI bank in the financial year 2021 with legislations amendments to be introduced in this session.

"The Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised," the finance minister said.

<h2>2021 Budget for banking sector</h2>

The finance minister said asset reconstruction and management company will be set up for stressed assets of banks. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore.

"Barring four strategic areas, PSUs in other sectors will be divested," &nbsp;the finance minister said while announcing the new disinvestment policy while adding that &nbsp;NITI Aayog will be asked to work on the next list of central public sector companies for disinvestment.

The finance minister said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.

<h2>Insurance sector Budget 2021-22</h2>

The minister said that Foreign Direct Investment(FDI) in insurance will be increased to 74 per cent from 49 per cent.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament on Monday said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament on Monday said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22. Also Read: LIVE Union Budget 2021 BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister announced. The finance minister announced the undertaking of disinvestment of two PSBs and one general insurance companies apart from IDBI bank in the financial year 2021 with legislations amendments to be introduced in this session. "The Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised," the finance minister said. 2021 Budget for banking sector The finance minister said asset reconstruction and management company will be set up for stressed assets of banks. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. "Barring four strategic areas, PSUs in other sectors will be divested," the finance minister said while announcing the new disinvestment policy while adding that NITI Aayog will be asked to work on the next list of central public sector companies for disinvestment. The finance minister said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh. Insurance sector Budget 2021-22 The minister said that Foreign Direct Investment(FDI) in insurance will be increased to 74 per cent from 49 per cent.

Union Budget 2021: LIC IPO in 2021-22; FDI in insurance increased

India's finance minister&nbsp;Nirmala Sitharaman&nbsp;while presenting the&nbsp;<a href="https://www.wionews.com/topics/budget">Union Budget&nbsp;202</a>1 in Parliament on Monday said that the government is fully prepared to support and facilitate "economic reset" in India.&nbsp;

Sitharaman said the&nbsp;Budget&nbsp;rests on six pillars: health and well being, physical and financial capital infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&amp;D and minimum government and maximum governance.

Tabling the Union Budget 2021-22, <a href="https://www.wionews.com/topics/nirmala-sitharaman">Sitharaman</a> said the total financial impact of all AtmaNirbharBharat packages, including measures taken by RBI, was estimated to be about Rs 27.1 lakh crore, with an amount of more than 13 per cent of GDP.

<h2>Key highlights of Nirmala Sitharaman's infrastructure&nbsp;plan in Union Budget 2021:</h2>

<ul>
	<li>The proposition of&nbsp;a sharp increase in capital expenditure and&nbsp;Rs 5.54 lakh crores allotted, which is 34.5 per cent&nbsp;more than the BE 2020-21.</li>
	<li>FY21 Capital expenditure at Rs 4.39 lakh crore; 3500 kms of national highway works in TamilNadu with an investment of Rs 1.03 lakh crore, 1500 kms of national highway road in Kerala at a cost of Rs 65,000 crore</li>
	<li>An enhanced outlay of Rs 1.18 lakh crore for Ministry of Road Transport and&nbsp;Highway</li>
	<li>702 km of metro rail already operation in 26 cities 1016 km in the works.&nbsp;</li>
	<li>Eastern and western dedicated freight corridors to be commissioned by June 2022</li>
	<li>Power distribution: Consumers to be given a choice of more than one distribution company; share of public transport to be enhanced with an outlay of Rs 18,000 crore</li>
	<li>The DFI is proposed to be capitalized with Rs 20,000 crore and is expected to have a lending portfolio of at least Rs 5 lakh crores within three years' time</li>
	<li>&nbsp;</li>
	<li>Ujjwala Scheme will be extended to cover 1 cr more beneficiaries; will add 100 more districts to city gas distribution network</li>
	<li>7 port projects to be offered in private-public partnership mode; plan to support Indian shipping cos with subsidy</li>
	<li>Allocation of Rs 1,000 cr to Solar Energy Corporation of India</li>
	<li>Corporate bond market: Permanent institutional framework to be put in place to purchase investment-grade papers</li>
	<li>Hydrogen energy mission to be launched for generation using clean sources</li>
	<li>To allow depositors of stressed banks to access up to Rs 5 lakh&nbsp;as per DICGC; small companies threshold for paid-up capital hiked to up to Rs 2 crore</li>
</ul>

The Indian economy is projected to contract 7.7 per cent&nbsp;in the current fiscal year, although the government forecasts growth of 11 per cent&nbsp;for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments.

The first part of the Budget Session is scheduled to continue till February 15 while the second part of the session will be held from March 8 to April 8. Rajya Sabha will function from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 in Parliament on Monday said that the government is fully prepared to support and facilitate "economic reset" in India.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 in Parliament on Monday said that the government is fully prepared to support and facilitate "economic reset" in India. Sitharaman said the Budget rests on six pillars: health and well being, physical and financial capital infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and minimum government and maximum governance. Tabling the Union Budget 2021-22, Sitharaman said the total financial impact of all AtmaNirbharBharat packages, including measures taken by RBI, was estimated to be about Rs 27.1 lakh crore, with an amount of more than 13 per cent of GDP. Key highlights of Nirmala Sitharaman's infrastructure plan in Union Budget 2021: The proposition of a sharp increase in capital expenditure and Rs 5.54 lakh crores allotted, which is 34.5 per cent more than the BE 2020-21. FY21 Capital expenditure at Rs 4.39 lakh crore; 3500 kms of national highway works in TamilNadu with an investment of Rs 1.03 lakh crore, 1500 kms of national highway road in Kerala at a cost of Rs 65,000 crore An enhanced outlay of Rs 1.18 lakh crore for Ministry of Road Transport and Highway 702 km of metro rail already operation in 26 cities 1016 km in the works. Eastern and western dedicated freight corridors to be commissioned by June 2022 Power distribution: Consumers to be given a choice of more than one distribution company; share of public transport to be enhanced with an outlay of Rs 18,000 crore The DFI is proposed to be capitalized with Rs 20,000 crore and is expected to have a lending portfolio of at least Rs 5 lakh crores within three years' time Ujjwala Scheme will be extended to cover 1 cr more beneficiaries; will add 100 more districts to city gas distribution network 7 port projects to be offered in private-public partnership mode; plan to support Indian shipping cos with subsidy Allocation of Rs 1,000 cr to Solar Energy Corporation of India Corporate bond market: Permanent institutional framework to be put in place to purchase investment-grade papers Hydrogen energy mission to be launched for generation using clean sources To allow depositors of stressed banks to access up to Rs 5 lakh as per DICGC; small companies threshold for paid-up capital hiked to up to Rs 2 crore The Indian economy is projected to contract 7.7 per cent in the current fiscal year, although the government forecasts growth of 11 per cent for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments. The first part of the Budget Session is scheduled to continue till February 15 while the second part of the session will be held from March 8 to April 8. Rajya Sabha will function from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour.

Union Budget 2021: Key highlights of physical, financial capital and infrastructure reforms introduced

The BSE Sensex shot up 900 points on Monday as India's finance minister Nirmala Sitharaman presented the&nbsp;<a href="https://www.wionews.com/photos/key-facts-about-indias-budgets-till-date-277967">Union Budget</a>.&nbsp;India's BSE Sensex had surged over 400 points in early trade.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-indias-finance-minister-nirmala-sitharaman-arrives-in-finance-ministry-360487">LIVE Union Budget 2021</a>

The Nifty up 114.85 points at 13,749.45 in early trade ahead of the Budget on Monday.

The markets had closed down on Friday amid decline in pharmaceutical and information technology stocks.

The Sensex had closed 1.26 per cent down to end at 46,285.77 on Friday with the NSE Nifty 50 index falling 1.32 per cent to end at 13,634.6 which was the sixth session of losses ahead of the Budget.

IT stocks Infosys and Tata Consultancy Services had dropped &nbsp;2.9 per cent and 2.7 per cent respectively with the Pharma index falling 1.8 per cent.

HDFC Bank was the biggest gainer on Friday even as Dr Reddy's stocks fell &nbsp;6.6 per cent.

India had entered a "technical" recession for the first time since independence in 1947 after contracting for the second successive quarter between July and September amid the coronavirus pandemic.

The BSE Sensex shot up 900 points on Monday as India's finance minister Nirmala Sitharaman presented the Union Budget. India's BSE Sensex had surged over 400 points in early trade.

The BSE Sensex shot up 900 points on Monday as India's finance minister Nirmala Sitharaman presented the Union Budget. India's BSE Sensex had surged over 400 points in early trade. LIVE Union Budget 2021 The Nifty up 114.85 points at 13,749.45 in early trade ahead of the Budget on Monday. The markets had closed down on Friday amid decline in pharmaceutical and information technology stocks. The Sensex had closed 1.26 per cent down to end at 46,285.77 on Friday with the NSE Nifty 50 index falling 1.32 per cent to end at 13,634.6 which was the sixth session of losses ahead of the Budget. IT stocks Infosys and Tata Consultancy Services had dropped 2.9 per cent and 2.7 per cent respectively with the Pharma index falling 1.8 per cent. HDFC Bank was the biggest gainer on Friday even as Dr Reddy's stocks fell 6.6 per cent. India had entered a "technical" recession for the first time since independence in 1947 after contracting for the second successive quarter between July and September amid the coronavirus pandemic.

Union Budget 2021: Sensex surges over 900 points as Sitharaman presents Budget

India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-tablet-replaces-bahi-khata-in-sitharamans-paperless-budget-360520">Sitharaman</a> on Monday presented the Modi government's Union Budget 2021 while asserting that this<a href="https://www.wionews.com/topics/budget"> Budget</a> has been created in "situations like never before"&nbsp;referring to the coronavirus pandemic.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Read:&nbsp;LIVE Union Budget 2021: Nirmala Sitharaman presents Union Budget in Parliament</a>

India's finance minister informed Parliament that the country has two vaccines currently and it has begun safeguarding not just itself but a hundred more countries.

Sitharaman added that two more vaccines are expected soon.

"There are signs that political strategic relations across the world are changing," India's finance minister informed the house in the opening address while presenting the Union Budget.

"India now has the lowest death rate and one of the lowest active coronavirus cases. This has laid the foundation to the revival, we are now seeing in the economy," India's finance minister said.

India's finance minister Nirmala Sitharaman on Monday presented the Modi government's Union Budget 2021 while asserting that this Budget has been created in "situations like never before" referring to the coronavirus pandemic.

India's finance minister Nirmala Sitharaman on Monday presented the Modi government's Union Budget 2021 while asserting that this Budget has been created in "situations like never before" referring to the coronavirus pandemic. Also Read: LIVE Union Budget 2021: Nirmala Sitharaman presents Union Budget in Parliament India's finance minister informed Parliament that the country has two vaccines currently and it has begun safeguarding not just itself but a hundred more countries. Sitharaman added that two more vaccines are expected soon. "There are signs that political strategic relations across the world are changing," India's finance minister informed the house in the opening address while presenting the Union Budget. "India now has the lowest death rate and one of the lowest active coronavirus cases. This has laid the foundation to the revival, we are now seeing in the economy," India's finance minister said.

Union Budget 2021: Two more vaccines expected soon, says Nirmala Sitharaman

Amid the pandemic, India's finance minister Nirmala Sitharaman on Monday emerged from the finance ministry with a tablet instead of a "bahi khata" which was presented last year as India's Budget goes paperless. Indian Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2021 in Lok Sabha on February 1 at 11 AM.

What can we expect from India's Union Budget 2021?

India has kept Rs 2031.93 Cr for international organizations under the budget for the financial year 2021-22&nbsp;announced on Monday. The United Nations organization will get Rs 400 cr under the budget provision of the Ministry of External Affairs. &nbsp;

The BIMSTEC secretariat got Rs 25 cr, while SAARC secretariat got Rs 12 cr. Interestingly, in last year's budget, BIMSTEC got Rs 20 cr, but it is the revised budget only Rs 9.28 cr was used. As for SAARC, it got Rs 8 cr, but revised budget stood at Rs 12 cr, showing an increase. &nbsp;

New Delhi plays an important role in both the groupings, but has seen an increased focus on BIMSTEC. &nbsp;Last year, at the oath-taking ceremony of the Indian PM Modi for the 2nd term, all BIMSTEC leaders were invited. SAARC, due to Pakistan's obstructionism has seen little activity. &nbsp;&nbsp;

To UNICEF, which comes under the domain of ministry of women and child development, India has budgeted Rs 5.60 Cr, while to WTO, which comes under the commerce ministry, Rs 3cr is kept as a contribution. &nbsp;

Meanwhile, commonwealth secretariat got Rs 11.22 cr and the Commonwealth Foundation, which is its sister organisation got Rs 1.40 cr. Nalanda international university got Rs 250 cr, while South Asian university gets Rs 314 cr. &nbsp;&nbsp;

Total money allocated for Indian embassies and missions stands at Rs 3240.07 Cr. India has more than 190 missions and posts around the world, in every part of the world. ICCR or Indian council of cultural relations, whose main function is to showcase and expand India's culture abroad got Rs 300 Cr. &nbsp;

Rs 150 cr has been kept for the maintenance of the aircraft of Air India for VVIP travel, like high-level visits of President, Vice President and Prime Minister. While no travel has happened for over a year due to COVID Pandemic, Indian Prime Minister Modi is expected to visit Dhaka in March for the 50th Independence year celebration of the country. The last visit of Indian PM Modi was to Brazil for BRICS meet in November of 2019. &nbsp;&nbsp;

Other than that, Rs 2cr has been kept in the MEA budget for "demarcation of boundaries", Rs 3000.01 cr for "Special diplomatic expenditure" and Rs 1 cr for "Expenditure relating to pilgrimage abroad". Membership contribution to FATF is at Rs 1cr.&nbsp;

India has kept Rs 2031.93 Cr for international organizations under the budget for the financial year 2021-22 announced on Monday. The United Nations organization will get Rs 400 cr under the budget provision of the Ministry of External Affairs.

India has kept Rs 2031.93 Cr for international organizations under the budget for the financial year 2021-22 announced on Monday. The United Nations organization will get Rs 400 cr under the budget provision of the Ministry of External Affairs. The BIMSTEC secretariat got Rs 25 cr, while SAARC secretariat got Rs 12 cr. Interestingly, in last year's budget, BIMSTEC got Rs 20 cr, but it is the revised budget only Rs 9.28 cr was used. As for SAARC, it got Rs 8 cr, but revised budget stood at Rs 12 cr, showing an increase. New Delhi plays an important role in both the groupings, but has seen an increased focus on BIMSTEC. Last year, at the oath-taking ceremony of the Indian PM Modi for the 2nd term, all BIMSTEC leaders were invited. SAARC, due to Pakistan's obstructionism has seen little activity. To UNICEF, which comes under the domain of ministry of women and child development, India has budgeted Rs 5.60 Cr, while to WTO, which comes under the commerce ministry, Rs 3cr is kept as a contribution. Meanwhile, commonwealth secretariat got Rs 11.22 cr and the Commonwealth Foundation, which is its sister organisation got Rs 1.40 cr. Nalanda international university got Rs 250 cr, while South Asian university gets Rs 314 cr. Total money allocated for Indian embassies and missions stands at Rs 3240.07 Cr. India has more than 190 missions and posts around the world, in every part of the world. ICCR or Indian council of cultural relations, whose main function is to showcase and expand India's culture abroad got Rs 300 Cr. Rs 150 cr has been kept for the maintenance of the aircraft of Air India for VVIP travel, like high-level visits of President, Vice President and Prime Minister. While no travel has happened for over a year due to COVID Pandemic, Indian Prime Minister Modi is expected to visit Dhaka in March for the 50th Independence year celebration of the country. The last visit of Indian PM Modi was to Brazil for BRICS meet in November of 2019. Other than that, Rs 2cr has been kept in the MEA budget for "demarcation of boundaries", Rs 3000.01 cr for "Special diplomatic expenditure" and Rs 1 cr for "Expenditure relating to pilgrimage abroad". Membership contribution to FATF is at Rs 1cr.

Budget 2021: India keeps over Rs 2000 cr for international organisations; BIMSTEC get Rs 25 cr, SAARC Rs 12 cr 

Indian Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2021 in Lok Sabha on February 1. In this video, know what to expect from Union Budget 2021.

Watch: What to expect from Union Budget 2021

Key facts about India's Union Budgets till date

Four basic things about India's budget, you need to know!

India will be providing financial assistance in form of grants and loans worth Rs 6458.95 cr to 10 countries in the region, budget documents have announced.&nbsp;The highest assistance goes to Bhutan on expected lines, with New Delhi announcing Rs 3004.5 cr to the country--2124.20 in form of a grant and 880.75 cr in form of a loan.&nbsp;

The second&nbsp;highest amount goes to Nepal at Rs 992 cr, followed by the Indian Ocean Island country of Mauritius at Rs 900 cr. Afghanistan, where India has a history of building mega projects like India Afghanistan friendship dam in Herat, Afghan Parliament gets Rs 350 cr.

The Maldives got Rs 250 cr, while Myanmar got Rs 400 cr. Both Bangladesh and Sri Lanka got Rs 200 cr while&nbsp;Seychelles got Rs 160Cr and Mongolia Rs 2Cr. India has been involved in a number of development and Infrastructure and capacity building projects in the region.&nbsp;

Focus increasingly has been on connectivity projects as well.&nbsp;The Chabahar project has been given Rs 100 cr, and the same amount it&nbsp;got last year.

When it comes to Africa, New Delhi has kept aside Rs 300 cr, for Eurasian countries Rs 100 cr, a significant increase from Rs 40 cr last financial year, and for Latin America Rs 40 cr.&nbsp;Around half of the Ministry of External Affairs budget goes in the assistance. The budget for MEA for the Financial year 2020-21 stands at Rs 18154.73 cr.

India will be providing financial assistance in form of grants and loans worth Rs 6458.95 cr to 10 countries in the region, budget documents have announced. The highest assistance goes to Bhutan on expected lines, with New Delhi announcing Rs 3004.

India will be providing financial assistance in form of grants and loans worth Rs 6458.95 cr to 10 countries in the region, budget documents have announced. The highest assistance goes to Bhutan on expected lines, with New Delhi announcing Rs 3004.5 cr to the country--2124.20 in form of a grant and 880.75 cr in form of a loan. The second highest amount goes to Nepal at Rs 992 cr, followed by the Indian Ocean Island country of Mauritius at Rs 900 cr. Afghanistan, where India has a history of building mega projects like India Afghanistan friendship dam in Herat, Afghan Parliament gets Rs 350 cr. The Maldives got Rs 250 cr, while Myanmar got Rs 400 cr. Both Bangladesh and Sri Lanka got Rs 200 cr while Seychelles got Rs 160Cr and Mongolia Rs 2Cr. India has been involved in a number of development and Infrastructure and capacity building projects in the region. Focus increasingly has been on connectivity projects as well. The Chabahar project has been given Rs 100 cr, and the same amount it got last year. When it comes to Africa, New Delhi has kept aside Rs 300 cr, for Eurasian countries Rs 100 cr, a significant increase from Rs 40 cr last financial year, and for Latin America Rs 40 cr. Around half of the Ministry of External Affairs budget goes in the assistance. The budget for MEA for the Financial year 2020-21 stands at Rs 18154.73 cr.

Indian budget to provide financial support worth ₹6450 cr to 10 countries in the region

Union Budget 2021 was presented in the parliament on Monday, February 1. The first paperless budget presented by Finance Minister Nirmala Sitharaman is likely to have an impact on petrol and diesel prices. Fuel prices were already up so all eyes were on Budget 2021 to know its impact on petrol and diesel rates.

Here's how the prices will be impacted

The government has imposed Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel. This cess will be Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.&nbsp;

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While this may appear to suggest that prices will increase but the finance minister said that the implementation of the measure will be done in a manner that wouldn't put too much pressure on consumers' pockets.

The finance minister said that Basic Excise Duty (BED) and Special Additional Excise Duty (SAED) on petrol and diesel have been reduced to give relief to citizens.

Also Read | <a href="https://www.wionews.com/business-economy/union-budget-2021-what-got-cheaper-what-is-now-costlier-360666">Union Budget 2021: What got cheaper, what is now costlier</a>

Rising oil prices has been a much-discussed issue lately as these prices have a direct impact on private mobility as well as food prices.

Union Oil Minister Dharmendra Pradhan had said earlier the output cut by Saudi Arabia was one of the main reasons why fuel prices were up.

“A few months back, we all were discussing consumption-centric revival, demand-driven revival, and we were supposed to restrict our production cut, and ramp-up (of production) gradually by January. But contrary to that, we all are controlling oil production (now),” Pradhan was earlier quoted as saying by PTI.

Union Budget 2021 was presented in the parliament on Monday, February 1. The first paperless budget presented by Finance Minister Nirmala Sitharaman is likely to have an impact on petrol and diesel prices.

Union Budget 2021 was presented in the parliament on Monday, February 1. The first paperless budget presented by Finance Minister Nirmala Sitharaman is likely to have an impact on petrol and diesel prices. Fuel prices were already up so all eyes were on Budget 2021 to know its impact on petrol and diesel rates. Here's how the prices will be impacted The government has imposed Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel. This cess will be Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. × While this may appear to suggest that prices will increase but the finance minister said that the implementation of the measure will be done in a manner that wouldn't put too much pressure on consumers' pockets. The finance minister said that Basic Excise Duty (BED) and Special Additional Excise Duty (SAED) on petrol and diesel have been reduced to give relief to citizens. Also Read | Union Budget 2021: What got cheaper, what is now costlier Rising oil prices has been a much-discussed issue lately as these prices have a direct impact on private mobility as well as food prices. Union Oil Minister Dharmendra Pradhan had said earlier the output cut by Saudi Arabia was one of the main reasons why fuel prices were up. “A few months back, we all were discussing consumption-centric revival, demand-driven revival, and we were supposed to restrict our production cut, and ramp-up (of production) gradually by January. But contrary to that, we all are controlling oil production (now),” Pradhan was earlier quoted as saying by PTI.

Union Budget 2021: How will it affect petrol and diesel prices

India's finance minister<a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559"> Nirmala Sitharaman</a>&nbsp;while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore&nbsp;for the forthcoming census which will be the first digital census in the country.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Follow:&nbsp;LIVE Union Budget 2021-&nbsp;Senior citizens exempted from filing ITR</a>

Sitharaman also proposed a portal to collect information for gig-workers, building and construction workers&nbsp;among others.

The finance minister said the government is committed to bringing down fiscal deficit below 4.5 per cent of GDP by 2025-26. Sitharaman said the fiscal deficit has been pegged at 9.5 per cent of GDP during the current fiscal ending March 31 and 6.8 per cent in the next fiscal.

The government will borrow about Rs 12 lakh core in FY22, the finance minister said while presenting the Union Budget with expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending.

The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, the finance minister announced.

The states to get 41 per cent share of taxes as per 15th Finance Commission recommendation, the finance minister informed with the government having accepted the recommendation.

Sitharaman said that <a href="https://www.wionews.com/business-economy/union-budget-2021-two-more-vaccines-expected-soon-says-nirmala-sitharaman-360542">COVID-19 </a>relief led to a rise in expenditure to Rs 34.50 lakh crore in the current fiscal as against Rs 30.42 lakh crore budgeted a year back.

"The pandemic resulted in weak revenue inflow and higher expenditure incurred to provide support for the economy and people," Sitharaman said.

The government also proposed the introduction of National Nursing and Midwifery Commission Bill and the setting up of Central university to be set up in Leh.&nbsp;

Sitharaman said the allocation for rural infrastructure development has been increased to Rs 40,000 crore in next fiscal from Rs 30,000 crore in FY21.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore for the forthcoming census which will be the first digital census in the country.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore for the forthcoming census which will be the first digital census in the country. Follow: LIVE Union Budget 2021- Senior citizens exempted from filing ITR Sitharaman also proposed a portal to collect information for gig-workers, building and construction workers among others. The finance minister said the government is committed to bringing down fiscal deficit below 4.5 per cent of GDP by 2025-26. Sitharaman said the fiscal deficit has been pegged at 9.5 per cent of GDP during the current fiscal ending March 31 and 6.8 per cent in the next fiscal. The government will borrow about Rs 12 lakh core in FY22, the finance minister said while presenting the Union Budget with expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending. The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, the finance minister announced. The states to get 41 per cent share of taxes as per 15th Finance Commission recommendation, the finance minister informed with the government having accepted the recommendation. Sitharaman said that COVID-19 relief led to a rise in expenditure to Rs 34.50 lakh crore in the current fiscal as against Rs 30.42 lakh crore budgeted a year back. "The pandemic resulted in weak revenue inflow and higher expenditure incurred to provide support for the economy and people," Sitharaman said. The government also proposed the introduction of National Nursing and Midwifery Commission Bill and the setting up of Central university to be set up in Leh. Sitharaman said the allocation for rural infrastructure development has been increased to Rs 40,000 crore in next fiscal from Rs 30,000 crore in FY21.

Union Budget 2021: Sitharaman announces first digital census; central university in Leh

Domestic stock markets gained the most on a budget day since 1997 after Finance Minister Nirmala Sitharaman refrained from announcing any major tax hikes.

After touching an intra-day high of 48,764.40, the 30-share Sensex ended 2,314.84 points or 5 per cent higher at 48,600.61.

The broader Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20.

On the Sensex chart, IndusInd Bank was the top gainer, rallying over 14 per cent, followed by ICICI Bank, Bajaj Finserv, SBI, L&amp;T and HDFC.

On the other hand, Dr Reddy's, Tech Mahindra and HUL were the laggards.

Indian markets opened on a positive note tracking positive global bourses. During the afternoon session, the markets reacted positively to the Union Budget, traders said.

All the key market indices witnessed a sharp rise as investors welcomed the big infrastructure and healthcare boost provided in the Budget.

"This is indeed a bold growth-oriented budget. Absence of the much-feared COVID tax and the surcharges on income tax is a great relief. Privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Raising FDI in insurance from 49 per cent to 74 per cent is welcome. Market response to the Budget reflects growth optimism. In brief, the FM has presented a pragmatic, bold and visionary budget in these difficult times," he added.

According to Lav Chaturvedi, ED and CEO at Reliance Securities, the single securities market code announced in the Budget speech will bring about ease of doing business in the Indian financial markets.

This, along with FDI regime and development financial institution, would be transforming for the financial markets, he added.

Sitharaman on Monday proposed more than doubling of healthcare spending while imposing a new Agri cess on certain imported goods and raising customs duty on items ranging from cotton to electronics in a bid to pull the economy out of the COVID-induced trough.

She also allocated Rs 20,000 crore to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth.

The revenue target from the privatisation of PSUs was put at Rs 1.75 lakh crore with a planned initial public offering (IPO) of Life Insurance Corporation (LIC) among the state-run companies that will be sold in the next fiscal.&nbsp;

(With inputs from agencies)

Domestic stock markets gained the most on a budget day since 1997 after Finance Minister Nirmala Sitharaman refrained from announcing any major tax hikes. After touching an intra-day high of 48,764.

Domestic stock markets gained the most on a budget day since 1997 after Finance Minister Nirmala Sitharaman refrained from announcing any major tax hikes. After touching an intra-day high of 48,764.40, the 30-share Sensex ended 2,314.84 points or 5 per cent higher at 48,600.61. The broader Nifty soared 646.60 points or 4.74 per cent to finish at 14,281.20. On the Sensex chart, IndusInd Bank was the top gainer, rallying over 14 per cent, followed by ICICI Bank, Bajaj Finserv, SBI, L&T and HDFC. On the other hand, Dr Reddy's, Tech Mahindra and HUL were the laggards. Indian markets opened on a positive note tracking positive global bourses. During the afternoon session, the markets reacted positively to the Union Budget, traders said. All the key market indices witnessed a sharp rise as investors welcomed the big infrastructure and healthcare boost provided in the Budget. "This is indeed a bold growth-oriented budget. Absence of the much-feared COVID tax and the surcharges on income tax is a great relief. Privatisation of two nationalised banks and proposal of monetisation of assets like land are clear positives," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Raising FDI in insurance from 49 per cent to 74 per cent is welcome. Market response to the Budget reflects growth optimism. In brief, the FM has presented a pragmatic, bold and visionary budget in these difficult times," he added. According to Lav Chaturvedi, ED and CEO at Reliance Securities, the single securities market code announced in the Budget speech will bring about ease of doing business in the Indian financial markets. This, along with FDI regime and development financial institution, would be transforming for the financial markets, he added. Sitharaman on Monday proposed more than doubling of healthcare spending while imposing a new Agri cess on certain imported goods and raising customs duty on items ranging from cotton to electronics in a bid to pull the economy out of the COVID-induced trough. She also allocated Rs 20,000 crore to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth. The revenue target from the privatisation of PSUs was put at Rs 1.75 lakh crore with a planned initial public offering (IPO) of Life Insurance Corporation (LIC) among the state-run companies that will be sold in the next fiscal. (With inputs from agencies)

Sensex zoomed 2,300 points, Nifty at 14,281 as Dalal Street cheered Budget

Union Finance Minister Nirmala Sitharaman on Monday allocated Rs 4.78 lakh crores for the defence ministry. The total amount includes capital expenditure worth Rs 1.35 lakh crore.

This amount has been termed as the highest ever increase in capital outlay for defence in 15 years.&nbsp;

Defence Minister Rajnath Singh thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to Rs 4.78 lakh crore for the financial year 2021-22.

"I especially thank Prime Minister Narendra Modi and Finance Minister 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 per cent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," Rajnath Singh said.

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I specially thank PM&amp; 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) <a href="https://twitter.com/rajnathsingh/status/1356158522249990145?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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In the 2021-22 Union Budget, Ministry of Defence has been allocated Rs 4,78,195.62 crore. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year's Rs 3.37 lakh crore.&nbsp;

Modernisation fund for the armed forces has gone up from Rs 1,13,734 last year to Rs 1,35,060 crore for the financial year 2021-22.&nbsp;

In the last year's budget, defence forces were provided Rs 20,776 crore additional funds under the capital budget meant for modernisation of armed forces. In 2020-21, the three defence forces were also given emergency procurement powers because of the situation along the China border.&nbsp;

This comes as Finance Minister Nirmala Sitharaman on Monday announced that the fiscal deficit for FY21 has been pegged at 9.5 per cent of the GDP and will come down to 6.8 per cent in FY22.&nbsp;

The fiscal deficit will reach below 4.5 per cent by FY26, she said while presenting the Union Budget 2021-22.&nbsp;

Sitharaman said while gross expenditure is seen at Rs 34.5 lakh crore, the capital expenditure is expected to be Rs 4.39 lakh crore in FY21.&nbsp;

The government will approach the market for additional Rs 80,000 crore to fund the FY21 fiscal deficit, said the Finance Minister. She said the FY22 gross expenditure is seen at Rs 34.83 lakh crore and capital expenditure at 5.54 lakh crore.

(With inputs from agencies)

Union Finance Minister Nirmala Sitharaman on Monday allocated Rs 4.78 lakh crores for the defence ministry. The total amount includes capital expenditure worth Rs 1.

Union Finance Minister Nirmala Sitharaman on Monday allocated Rs 4.78 lakh crores for the defence ministry. The total amount includes capital expenditure worth Rs 1.35 lakh crore. This amount has been termed as the highest ever increase in capital outlay for defence in 15 years. Defence Minister Rajnath Singh thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to Rs 4.78 lakh crore for the financial year 2021-22. "I especially thank Prime Minister Narendra Modi and Finance Minister 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 per cent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," Rajnath Singh said. 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 × In the 2021-22 Union Budget, Ministry of Defence has been allocated Rs 4,78,195.62 crore. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year's Rs 3.37 lakh crore. Modernisation fund for the armed forces has gone up from Rs 1,13,734 last year to Rs 1,35,060 crore for the financial year 2021-22. In the last year's budget, defence forces were provided Rs 20,776 crore additional funds under the capital budget meant for modernisation of armed forces. In 2020-21, the three defence forces were also given emergency procurement powers because of the situation along the China border. This comes as Finance Minister Nirmala Sitharaman on Monday announced that the fiscal deficit for FY21 has been pegged at 9.5 per cent of the GDP and will come down to 6.8 per cent in FY22. The fiscal deficit will reach below 4.5 per cent by FY26, she said while presenting the Union Budget 2021-22. Sitharaman said while gross expenditure is seen at Rs 34.5 lakh crore, the capital expenditure is expected to be Rs 4.39 lakh crore in FY21. The government will approach the market for additional Rs 80,000 crore to fund the FY21 fiscal deficit, said the Finance Minister. She said the FY22 gross expenditure is seen at Rs 34.83 lakh crore and capital expenditure at 5.54 lakh crore. (With inputs from agencies)

Highest in 15 years: Govt allocates Rs 4,78 lakh crore to the defence budget for 2021-22

Indian Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021, that aims to shore up an economy badly-hit by the novel coronavirus pandemic.

The budget&nbsp;proposals rested on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital, innovation and R&amp;D, minimum government and maximum governance.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Union Budget 2021: Key highlights and takeaways from Sitharaman's budget</a>

From fiscal deficit to tax slabs, these are the&nbsp;10 key figures in Union Budget 2021:

<ul>
	<li>Government's fiscal deficit to reduce from&nbsp;9.5 per cent to&nbsp;3.5 per cent</li>
	<li>To raise 2.5 trillion rupees ($34.25 billion) via cash management bills in 2021/22</li>
	<li>Capital expenditure hiked 34.5 per cent&nbsp;to Rs 5.54 lakh crore in FY'22 to push growth</li>
	<li>Government&nbsp;proposes Rs 2.24 lakh cr outlay for healthcare&nbsp;for 2021-22, compared to Rs 94,452 crore in the current fiscal, an increase of 137 per cent</li>
	<li>To increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent, a move aimed at attracting overseas players</li>
	<li>Rs 1.75 lakh crore budgeted from stake sale in public sector companies and financial institutions, including two&nbsp;PSU banks and one insurance company, in the next fiscal year</li>
	<li>Rs 18,000 crore scheme to augment public transport in urban areas</li>
	<li>Rural infra development fund increased to Rs 40,000&nbsp;crore for the next fiscal from Rs 30,000 crore in FY21</li>
	<li>Under the Public-Private Partnership model,&nbsp;seven port projects worth more than Rs 2,000 crore investment were announced</li>
	<li>Import duties slashed on MSMEs: Uniform decrease&nbsp;to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels</li>
</ul>

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Indian bond yields jumped sharply on Monday after the government, in its annual budget presentation, announced plans to raise additional funds from the market over the next two months to bridge a deficit, even as shares rose on promises of reviving economic growth.

The Nifty Auto index climbed 4.6 per cent, while the Nifty PSU Bank index, which tracks state-run lenders, jumped 7.1&nbsp;per cent&nbsp;after Sitharaman said&nbsp;India&nbsp;would set up an asset reconstruction company to take over toxic assets.

India's economy is seen clocking a robust growth of 11 per cent&nbsp;for the coming fiscal year, after likely contracting 7.7&nbsp;per cent&nbsp;in the current fiscal year to March 31, an annual economic survey showed on Friday.

Indian Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021, that aims to shore up an economy badly-hit by the novel coronavirus pandemic. The budget proposals rested 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 government and maximum governance.

Indian Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021, that aims to shore up an economy badly-hit by the novel coronavirus pandemic. The budget proposals rested 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 government and maximum governance. Also read: Union Budget 2021: Key highlights and takeaways from Sitharaman's budget From fiscal deficit to tax slabs, these are the 10 key figures in Union Budget 2021: Government's fiscal deficit to reduce from 9.5 per cent to 3.5 per cent To raise 2.5 trillion rupees ($34.25 billion) via cash management bills in 2021/22 Capital expenditure hiked 34.5 per cent to Rs 5.54 lakh crore in FY'22 to push growth Government proposes Rs 2.24 lakh cr outlay for healthcare for 2021-22, compared to Rs 94,452 crore in the current fiscal, an increase of 137 per cent To increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent, a move aimed at attracting overseas players Rs 1.75 lakh crore budgeted from stake sale in public sector companies and financial institutions, including two PSU banks and one insurance company, in the next fiscal year Rs 18,000 crore scheme to augment public transport in urban areas Rural infra development fund increased to Rs 40,000 crore for the next fiscal from Rs 30,000 crore in FY21 Under the Public-Private Partnership model, seven port projects worth more than Rs 2,000 crore investment were announced Import duties slashed on MSMEs: Uniform decrease to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels Indian bond yields jumped sharply on Monday after the government, in its annual budget presentation, announced plans to raise additional funds from the market over the next two months to bridge a deficit, even as shares rose on promises of reviving economic growth. The Nifty Auto index climbed 4.6 per cent, while the Nifty PSU Bank index, which tracks state-run lenders, jumped 7.1 per cent after Sitharaman said India would set up an asset reconstruction company to take over toxic assets. India's economy is seen clocking a robust growth of 11 per cent for the coming fiscal year, after likely contracting 7.7 per cent in the current fiscal year to March 31, an annual economic survey showed on Friday.

From fiscal deficit to capital expenditure: 10 key figures in Union Budget 2021

After presenting the Union Budget 2021, India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-tablet-replaces-bahi-khata-in-sitharamans-paperless-budget-360520">Sitharaman </a>said disinvestment will continue with Life Insurance Corporation(LIC)&nbsp;to launch an<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578"> IPO</a> this year.

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Nirmala Sitharaman asserted that disinvestment will continue.

"We see the future where the government DFIs will be competing with the private DFIs," Sitharaman said during the post-Budget press conference.

"Equally important are the reforms that we are bringing in the financial sector. We have made some progressive steps in the financial sector," India's <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">finance minister</a> asserted.

"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 and ports," Sitharaman said, adding,"the Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure."

"As a second feature, I looked at the healthcare sector and even there, capacities for better health management had to be brought in due to what we had gone through last year," India's finance minister said.

After presenting the Union Budget 2021, India's finance minister Nirmala Sitharaman said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

After presenting the Union Budget 2021, India's finance minister Nirmala Sitharaman said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year. Watch: Nirmala Sitharaman asserted that disinvestment will continue. "We see the future where the government DFIs will be competing with the private DFIs," Sitharaman said during the post-Budget press conference. "Equally important are the reforms that we are bringing in the financial sector. We have made some progressive steps in the financial sector," India's finance minister asserted. "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 and ports," Sitharaman said, adding,"the Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure." "As a second feature, I looked at the healthcare sector and even there, capacities for better health management had to be brought in due to what we had gone through last year," India's finance minister said.

Union Budget 2021: We chose to spend big on infrastructure, says India's finance minister Nirmala Sitharaman

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the <a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Budget</a> was presented amid unprecedented circumstances.

Watch:

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"The Budget taps into India's unexplored potential, PM Modi said, adding," the focus of this<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606"> Budget</a> was on transparency."

"Budget 2021 enhances India's self-confidence and will instill confidence in the world," PM Modi said in his post-Budget speech while asserting that it will boost job creation.

<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578">Also Read:&nbsp;LIC IPO in 2021-22; FDI in insurance increased</a>

"Budget has the vision of self-reliance and features every section of the society," he said.

"Budget will bring several positive changes for individuals, investors, industry and infrastructure sector," the prime minister added.

The Indian PM said it is a "pro-active Budget" that boost to wealth as well as wellness and which contains the vision of "self-reliance" and "inclusiveness".

<a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Follow:&nbsp;Blog - Personal tax untouched; healthcare, infrastructure in focus</a>

"Budget aims to widen new opportunities for growth, new openings for youth and a new high for&nbsp;human resources," the Indian PM added.

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the Budget was presented amid unprecedented circumstances.

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the Budget was presented amid unprecedented circumstances. Watch: "The Budget taps into India's unexplored potential, PM Modi said, adding," the focus of this Budget was on transparency." "Budget 2021 enhances India's self-confidence and will instill confidence in the world," PM Modi said in his post-Budget speech while asserting that it will boost job creation. Also Read: LIC IPO in 2021-22; FDI in insurance increased "Budget has the vision of self-reliance and features every section of the society," he said. "Budget will bring several positive changes for individuals, investors, industry and infrastructure sector," the prime minister added. The Indian PM said it is a "pro-active Budget" that boost to wealth as well as wellness and which contains the vision of "self-reliance" and "inclusiveness". Follow: Blog - Personal tax untouched; healthcare, infrastructure in focus "Budget aims to widen new opportunities for growth, new openings for youth and a new high for human resources," the Indian PM added.

Budget 2021 enhances India's self-confidence, says PM Modi

The government on Monday announced slashing of import duties in the <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-proposes-agricultural-infrastructure-cess-of-rs-25-per-litre-on-petrol-rs-4-on-diesel-360619">Union Budget 2021</a> on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials.

Finance Minister Nirmala Sitharaman in her Budget speech for 2021-22 said the anti-dumping duty (ADD) and countervailing duty (CVD) have also been revoked on certain steel products.

"MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels," &nbsp;Sitharaman said.

"To provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper re-cyclers, I am reducing duty on copper scrap from 5 per cent to 2.5 per cent," India's finance minister added.

The minister also announced increasing duty on steel screws and plastic builder wares from 10 per cent to 15 per cent.&nbsp;

The government on Monday announced slashing of import duties in the Union Budget 2021 on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials.

The government on Monday announced slashing of import duties in the Union Budget 2021 on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials. Finance Minister Nirmala Sitharaman in her Budget speech for 2021-22 said the anti-dumping duty (ADD) and countervailing duty (CVD) have also been revoked on certain steel products. "MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels," Sitharaman said. "To provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper re-cyclers, I am reducing duty on copper scrap from 5 per cent to 2.5 per cent," India's finance minister added. The minister also announced increasing duty on steel screws and plastic builder wares from 10 per cent to 15 per cent.

Budget 2021: Government slashes customs duty on steel products to boost MSMEs