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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.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-finance-minister-seven-port-projects-worth-more-than-rs-2000-crore-to-be-offered-360613/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

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

The BSE <a href="https://www.wionews.com/business-economy/union-budget-2021-sensex-surges-over-900-points-as-sitharaman-presents-budget-360511">Sensex</a> surged over 2,200&nbsp;points to trade at&nbsp;48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday.

<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 Follow: Live Updates - Senior citizens exempted from filing ITR</a>

Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&amp;M and SBI.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech.

The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget.

The Nifty up 114.85 points at 13,749.45 in early trade.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI. India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech. The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget. The Nifty up 114.85 points at 13,749.45 in early trade.

Union Budget 2021: Sensex surges over 2,200 points as bank stocks soar

Finance minister Nirmala Sitharaman while presenting the Union <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Budget</a> 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods.&nbsp;

Watch:

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The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil.

&nbsp;"Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-announces-first-digital-census-central-university-in-leh-360591">Sitharaman</a> said during the Budget speech.

Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat.

Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the <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">Budget</a>.

The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil. "Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," Sitharaman said during the Budget speech. Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat. Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the Budget. The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Union Budget 2021: Sitharaman proposes agricultural infrastructure cess of Rs 2.5 per litre on petrol, Rs 4 on diesel

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety.&nbsp;

Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts.&nbsp;

She added that social security benefits will be extended to gig and platform workers.

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Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection: FM Nirmala Sithraman. <a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a> <a href="https://t.co/ezbwH58wa7">pic.twitter.com/ezbwH58wa7</a>
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The finance minister also added that Pradhan Mantri Ujjwala Yojana, which provided LPG connections to women of Below Poverty Line (BPL) families, will be extended by one crore in the coming year. 
 
Here are a few conditions that shall be met for the employment of women during the night shift:

<ul>
	<li>First of all, the&nbsp;consent of women employee should be taken</li>
	<li>No women shall be employed against the maternity benefit provisions laid down under the Social Security Code, 2020 (36 f 2020)</li>
	<li>Adequate transportation facilities shall be provided to women employees – to pick-up and drop such employee at her residence.</li>
	<li>The office area including passage towards conveniences or facilities concerning toilet, washrooms, drinking water, entry and exit of women employee should be well-lit.</li>
	<li>The toilet, washroom and drinking facilities should be near the workplace where such women employee are employed.</li>
	<li>The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (14 of 2013), as applicable to the establishments, shall be complied with.</li>
</ul>

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety. Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts.

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety. Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts. She added that social security benefits will be extended to gig and platform workers. Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection: FM Nirmala Sithraman. #Budget2021 pic.twitter.com/ezbwH58wa7 — ANI (@ANI) February 1, 2021 × The finance minister also added that Pradhan Mantri Ujjwala Yojana, which provided LPG connections to women of Below Poverty Line (BPL) families, will be extended by one crore in the coming year. Here are a few conditions that shall be met for the employment of women during the night shift: First of all, the consent of women employee should be taken No women shall be employed against the maternity benefit provisions laid down under the Social Security Code, 2020 (36 f 2020) Adequate transportation facilities shall be provided to women employees – to pick-up and drop such employee at her residence. The office area including passage towards conveniences or facilities concerning toilet, washrooms, drinking water, entry and exit of women employee should be well-lit. The toilet, washroom and drinking facilities should be near the workplace where such women employee are employed. The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (14 of 2013), as applicable to the establishments, shall be complied with. (With inputs from agencies)

Women to be provided adequate protection for night shifts in all sectors: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure.&nbsp;

Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech. The budget outlay for 2021-22 on health is ₹2,34,846 crore as against ₹94,452 crores last year. 
 
<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">Union Budget 2021: As it happened</a> 
 
“Progressively as institutions absorb more, we will invest more taking a holistic approach to health. We focus on strengthening three areas — preventive, curative, and well being,” said Sitharaman in Parliament.

She announced mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. 
 
<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>

While no changes were made to the personal income tax, senior citizens were offered benefit. Under the proposal, those above the age of 75 will no longer have to file I-T returns. The FM said that income tax return forms have been further simplified.

<a href="https://www.wionews.com/business-economy/union-budget-2021-senior-citizens-above-the-age-of-75-years-exempted-from-filing-income-tax-returns-360596">Also read: Senior citizens above the age of 75 years exempted from filing income tax returns</a>

Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax.&nbsp;

Delivering her budget statement to parliament, Finance Minister Nirmala Sitharam projected a fiscal deficit of 6.8% of gross domestic product for 2021/22. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.

India, which has the world`s second-highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy.&nbsp;

Sitharaman said the foreign direct investment (FDI) cap for the insurance sector would be increased to 74% from the current 49%.

She also allocated 200 billion rupees ($2.74 billion) to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth.

India`s benchmark 10-year bond yield rose sharply to 6.03% from the day`s low of 5.93% on the fiscal projections.

To bridge some of the deficit, the government plans to raise 1.75 trillion Indian rupees from selling its stake in the state-run companies and banks including IDBI bank, an insurance company and oil companies.

The pandemic ruined the divestment plans for the current fiscal with only 180 billion rupees raised so far from the sales.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure. Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech.

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure. Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech. The budget outlay for 2021-22 on health is ₹2,34,846 crore as against ₹94,452 crores last year. Union Budget 2021: As it happened “Progressively as institutions absorb more, we will invest more taking a holistic approach to health. We focus on strengthening three areas — preventive, curative, and well being,” said Sitharaman in Parliament. She announced mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget While no changes were made to the personal income tax, senior citizens were offered benefit. Under the proposal, those above the age of 75 will no longer have to file I-T returns. The FM said that income tax return forms have been further simplified. Also read: Senior citizens above the age of 75 years exempted from filing income tax returns Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax. Delivering her budget statement to parliament, Finance Minister Nirmala Sitharam projected a fiscal deficit of 6.8% of gross domestic product for 2021/22. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier. India, which has the world`s second-highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy. Sitharaman said the foreign direct investment (FDI) cap for the insurance sector would be increased to 74% from the current 49%. She also allocated 200 billion rupees ($2.74 billion) to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth. India`s benchmark 10-year bond yield rose sharply to 6.03% from the day`s low of 5.93% on the fiscal projections. To bridge some of the deficit, the government plans to raise 1.75 trillion Indian rupees from selling its stake in the state-run companies and banks including IDBI bank, an insurance company and oil companies. The pandemic ruined the divestment plans for the current fiscal with only 180 billion rupees raised so far from the sales. (With inputs from agencies)

Union Budget 2021-22: Personal tax untouched; healthcare, infrastructure in focus

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns.&nbsp;

“I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Sitharaman.

She also eased the painstaking prices of return filing for everyone by announcing that in addition to TDS and salaries that come pre-filled, details like capital gains and interest from post and other investments will also come pre-filled.&nbsp;

Pension from the ex-employer is taxed under the income tax head of Salary while family pension is taxed as ‘income from other sources’. Interest income received from SCSS, bank fixed deposit etc is taxed as per one’s income slab under the head ‘income from other sources’. 
 
The bank paying income to them will deduct the necessary tax from their bank account.&nbsp;

This has come after Budget 2018 had announced tax law changes to provide more tax benefits to senior citizens.&nbsp;

These include tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, the deduction for medical expenditure in case of no health insurance coverage, etc.&nbsp;

'We shall reduce the compliance burden on our senior citizens who are 75 years of age &amp; above - for senior citizens who only have pension &amp; interest income, I propose exemption from filing their Income Tax return,'' FM Nirmala Sitharaman said.&nbsp;

On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation-building.&nbsp;

She also proposed to increase the threshold for tax audit from Rs 5 crore to Rs 10 crore albeit for those transacting 95% digitally.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns.

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. “I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Sitharaman. She also eased the painstaking prices of return filing for everyone by announcing that in addition to TDS and salaries that come pre-filled, details like capital gains and interest from post and other investments will also come pre-filled. Pension from the ex-employer is taxed under the income tax head of Salary while family pension is taxed as ‘income from other sources’. Interest income received from SCSS, bank fixed deposit etc is taxed as per one’s income slab under the head ‘income from other sources’. The bank paying income to them will deduct the necessary tax from their bank account. This has come after Budget 2018 had announced tax law changes to provide more tax benefits to senior citizens. These include tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, the deduction for medical expenditure in case of no health insurance coverage, etc. 'We shall reduce the compliance burden on our senior citizens who are 75 years of age & above - for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return,'' FM Nirmala Sitharaman said. On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation-building. She also proposed to increase the threshold for tax audit from Rs 5 crore to Rs 10 crore albeit for those transacting 95% digitally. (With inputs from agencies)

Union Budget 2021: Senior citizens above the age of 75 years exempted from filing income tax returns

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

According to the latest report,&nbsp;Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed&nbsp;$2,800 to Maxine Waters and&nbsp; $1,200 to Robert McHenry, who are&nbsp;the chair and&nbsp;ranking member of the House Financial Services Committee.

Robinhood&nbsp;Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums.

The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230.

At least a dozen proposed class-action lawsuits accuse&nbsp;Robinhood&nbsp;of breaching its contract with customers when it restricted trading on Thursday.

Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets.

The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively.

However,&nbsp;Robinhood&nbsp;is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts.

The user agreement on&nbsp;Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities."

Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities.

Retail investors using&nbsp;Robinhood&nbsp;and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives. According to the latest report, Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed $2,800 to Maxine Waters and $1,200 to Robert McHenry, who are the chair and ranking member of the House Financial Services Committee. Robinhood Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums. The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230. At least a dozen proposed class-action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday. Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets. The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively. However, Robinhood is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts. The user agreement on Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities." Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities. Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

House Committee investigating GameStop saga received maximum donation from Robinhood executives

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist.

The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women.

The logo will be changed across Myntra's website, app and packaging material.

In a tweet, Avesta Foundation said: "Congratulations to our founder. She did it what apparently seemed impossible. Thank you everyone for your support. We're overwhelmed by the response. Kudos to @myntra for addressing the concerns and respecting the sentiments of millions of women."

The matter, however, drew a mixed response from netizens. While some welcomed the company's decision to change the logo, many said such demands for logo changes seemed whimsical.

A few also said the complaint brought to notice the supposed structure of the logo, which many would not have cared to notice otherwise. They said they 'cannot unsee it now'.

Flipkart group company Myntra is one of the largest fashion e-retailers in the country. During its 'End of Reason Sale' last month, it sold 11 million items while catering to more than 5 million orders.

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist. The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women.

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist. The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women. The logo will be changed across Myntra's website, app and packaging material. In a tweet, Avesta Foundation said: "Congratulations to our founder. She did it what apparently seemed impossible. Thank you everyone for your support. We're overwhelmed by the response. Kudos to @myntra for addressing the concerns and respecting the sentiments of millions of women." The matter, however, drew a mixed response from netizens. While some welcomed the company's decision to change the logo, many said such demands for logo changes seemed whimsical. A few also said the complaint brought to notice the supposed structure of the logo, which many would not have cared to notice otherwise. They said they 'cannot unsee it now'. Flipkart group company Myntra is one of the largest fashion e-retailers in the country. During its 'End of Reason Sale' last month, it sold 11 million items while catering to more than 5 million orders.

Myntra changes logo after complaint calls signage offensive to women

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1.

The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses.

The sector has also been demanding infrastructure status. Apart from the sector suffering a sharp dip in sales due to COVID-19, there was also an exodus of migrant labourers from cities which impacted the execution of projects.

Developers said construction work had not picked up projects due to liquidity crisis.

Navin Raheja, Chairman, Raheja Developers, said the real estate sector is the driver of the economy and a boost to the sector will have a trickle-down impact.

"People on average invest their one-third of their savings in real estate. The real estate sector is largely suffering due to over-regulation and incomplete projects that has led to delays and defaults. Though the government has put the system online, developers still need to approach 50 departments for approvals.

This needs to be taken care of. There should be restructuring of the past loans to complete the projects," he said. R K Arora, Chairman Supertech Group and President NAREDCO-UP said he is expecting that a stimulus package will be announced by the government to increase the purchasing power of the common man which will create demand in the market.

He said if the real estate sector gets industry status, it will ease getting financial support from banks and financial institutions at reasonable interest rates."The last-mile funding to complete ongoing projects of existing lenders by allowing them restructuring existing loans is also urgently required to complete these projects as SBICAPS will take many years to finance the stalled and under-construction projects through the stress fund announced by the central government," Arora said.

Prashant Solomon, Managing Director, Chintels India, suggested extension of the CLSS scheme for the next fiscal, increase in tax incentives for home buyers, infrastructure status for real estate sector and abolishing the tax on unsold homes.

"States on their part must cut stamp duty on registration of properties, as Maharashtra has done. If the government announces some positive measures on the demand side in the budget, housing sale will bounce back to reach the pre-COVID level," he said.

Neetish Sarda, founder of the co-working space company Smartworks, said that the pandemic has accelerated the need for flexible office spaces and the co-working market is poised for growth with new entrants.

He said they are keen on new or reduced TDS bracket for service payments to co-working spaces."We hope the budget would also allocate more funds towards IT infra spending as we believe technology and digitization are the way forward for commercial real estate and co-working segment in particular," said Sarda.

"There is a need for industry status, single window clearance and reinstatement of Input Tax Credit in GST. We look forward to a stimulus to investments in commercial real estate in the budget which will provide a significant fillip to growth, create jobs and spur demand. The government should provide for allowance of capital expenditure incurred by the companies in the co-working segment," he added.&nbsp;

&nbsp;

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1. The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses.

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1. The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses. The sector has also been demanding infrastructure status. Apart from the sector suffering a sharp dip in sales due to COVID-19, there was also an exodus of migrant labourers from cities which impacted the execution of projects. Developers said construction work had not picked up projects due to liquidity crisis. Navin Raheja, Chairman, Raheja Developers, said the real estate sector is the driver of the economy and a boost to the sector will have a trickle-down impact. "People on average invest their one-third of their savings in real estate. The real estate sector is largely suffering due to over-regulation and incomplete projects that has led to delays and defaults. Though the government has put the system online, developers still need to approach 50 departments for approvals. This needs to be taken care of. There should be restructuring of the past loans to complete the projects," he said. R K Arora, Chairman Supertech Group and President NAREDCO-UP said he is expecting that a stimulus package will be announced by the government to increase the purchasing power of the common man which will create demand in the market. He said if the real estate sector gets industry status, it will ease getting financial support from banks and financial institutions at reasonable interest rates."The last-mile funding to complete ongoing projects of existing lenders by allowing them restructuring existing loans is also urgently required to complete these projects as SBICAPS will take many years to finance the stalled and under-construction projects through the stress fund announced by the central government," Arora said. Prashant Solomon, Managing Director, Chintels India, suggested extension of the CLSS scheme for the next fiscal, increase in tax incentives for home buyers, infrastructure status for real estate sector and abolishing the tax on unsold homes. "States on their part must cut stamp duty on registration of properties, as Maharashtra has done. If the government announces some positive measures on the demand side in the budget, housing sale will bounce back to reach the pre-COVID level," he said. Neetish Sarda, founder of the co-working space company Smartworks, said that the pandemic has accelerated the need for flexible office spaces and the co-working market is poised for growth with new entrants. He said they are keen on new or reduced TDS bracket for service payments to co-working spaces."We hope the budget would also allocate more funds towards IT infra spending as we believe technology and digitization are the way forward for commercial real estate and co-working segment in particular," said Sarda. "There is a need for industry status, single window clearance and reinstatement of Input Tax Credit in GST. We look forward to a stimulus to investments in commercial real estate in the budget which will provide a significant fillip to growth, create jobs and spur demand. The government should provide for allowance of capital expenditure incurred by the companies in the co-working segment," he added.

Union Budget 2021: Real estate sector pinning hopes on infrastructure status and tax incentives

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson.

On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days.

GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money.

In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade.

Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders.

It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008.

An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate.

The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation.

Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well. The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson. On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days. GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money. In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade. Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders. It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008. An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate. The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation. Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

How GameStop stocks surge exposed Wall Street elites