The Central Government is&nbsp;likely to increase allocations toward its annual food subsidy spending by 4 to 6 per cent in the Union Budget 2021&nbsp;to cover the cost of running the world's biggest food welfare programme.

The Economic Survey presented by Finance Minister Niramala on Friday stated: “While it is difficult to reduce the economic cost of food management in view of rising commitment towards food security, there is a need to consider the revision of CIP to reduce the bulging food subsidy bill.”

For Union&nbsp;Budget 2021-22,&nbsp;India's total outlay toward the food subsidy is expected to cross 2.1 trillion rupees ($28.7 billion), but the budgeted allocation is likely to go up by only 4 to 6 per cent from 1.16 trillion rupees earmarked in the previous year.

The allocation for food subsidy is likely to go up to 1.22 trillion to 1.24 trillion rupees mainly due to fiscal constraints, said the sources.

Finance Minister Nirmala Sitharaman is expected to outline the allocation when she presents the 2021/2022 budget on Monday.

Since the government's allocations would fall short of the required funds to finance its mammoth food welfare programme, government-backed Food Corporation of&nbsp;India&nbsp;(FCI) will likely have to borrow more than 800 billion rupees ($11 billion) in 2021/22, the sources said.

FCI, the main grain procurement agency, buys rice and wheat from farmers at guaranteed prices and resells them at a fraction of market rates to 67 per cent&nbsp;of&nbsp;India's 1.38 billion people.

The government pays the difference between FCI's procurement prices and sales prices by allocating funds for the food subsidy in its annual budget.

For the past few years, the government has not fully compensated FCI, forcing it to borrow. As a result, FCI's total debt has ballooned to 3.81 trillion rupees ($52.30 billion).

In the first nine months of the 2020/21 fiscal year, FCI borrowed 460 billion rupees to meet its expenses.

In the past decade, FCI's expenses have risen sharply as the guaranteed prices at which is buys common rice has climbed by 73&nbsp;per cent&nbsp;and wheat by 64 per cent, while the prices at which FCI sells rice and wheat have remained unchanged.

In its annual economic survey released on Friday, the&nbsp;Indian government said the food subsidy bill is becoming "unmanageably large", and added there was a need to hike the prices of grains sold via the government's public distribution system to reduce the food subsidy bill.

The Central Government is likely to increase allocations toward its annual food subsidy spending by 4 to 6 per cent in the Union Budget 2021 to cover the cost of running the world's biggest food welfare programme.

The Central Government is likely to increase allocations toward its annual food subsidy spending by 4 to 6 per cent in the Union Budget 2021 to cover the cost of running the world's biggest food welfare programme. The Economic Survey presented by Finance Minister Niramala on Friday stated: “While it is difficult to reduce the economic cost of food management in view of rising commitment towards food security, there is a need to consider the revision of CIP to reduce the bulging food subsidy bill.” For Union Budget 2021-22, India's total outlay toward the food subsidy is expected to cross 2.1 trillion rupees ($28.7 billion), but the budgeted allocation is likely to go up by only 4 to 6 per cent from 1.16 trillion rupees earmarked in the previous year. The allocation for food subsidy is likely to go up to 1.22 trillion to 1.24 trillion rupees mainly due to fiscal constraints, said the sources. Finance Minister Nirmala Sitharaman is expected to outline the allocation when she presents the 2021/2022 budget on Monday. Since the government's allocations would fall short of the required funds to finance its mammoth food welfare programme, government-backed Food Corporation of India (FCI) will likely have to borrow more than 800 billion rupees ($11 billion) in 2021/22, the sources said. FCI, the main grain procurement agency, buys rice and wheat from farmers at guaranteed prices and resells them at a fraction of market rates to 67 per cent of India's 1.38 billion people. The government pays the difference between FCI's procurement prices and sales prices by allocating funds for the food subsidy in its annual budget. For the past few years, the government has not fully compensated FCI, forcing it to borrow. As a result, FCI's total debt has ballooned to 3.81 trillion rupees ($52.30 billion). In the first nine months of the 2020/21 fiscal year, FCI borrowed 460 billion rupees to meet its expenses. In the past decade, FCI's expenses have risen sharply as the guaranteed prices at which is buys common rice has climbed by 73 per cent and wheat by 64 per cent, while the prices at which FCI sells rice and wheat have remained unchanged. In its annual economic survey released on Friday, the Indian government said the food subsidy bill is becoming "unmanageably large", and added there was a need to hike the prices of grains sold via the government's public distribution system to reduce the food subsidy bill.

Union Budget 2021: Food subsidy allocation likely to increase by 4-6%

President Ram Nath Kovind today addressed the members of both Houses of Parliament on Friday, a customary speech delivered ahead of the commencement of the Budget session.&nbsp;

Members of both the Houses seated in three different locations for the first time as part of precautions against COVID-19.

As many as 18 Opposition parties are boycotting the President's address in solidarity with farmers protesting against the three farm laws.

"Joint session of Parliament amid Corona pandemic is essential. It's a new year and a new decade and we're also entering into the 75th year of independence. Today all MPs are present here with message &amp; trust that however tough be the challenge neither we nor India will stop," said President Ram Nath Kovind.

"In this fight against the pandemic, we lost many citizens. Former President Pranab Mukherjee passed away in this Corona period. Six MPs left us untimely due to COVID. I pay my tribute to all of them," he added.

"It is a matter of pride that India is running the biggest vaccination program in the world. Both vaccines of this program are made in India. In this crisis India shouldered its responsibility towards mankind &amp; provided lakhs of doses of vaccines to several nations," President said.

The most important items on the agenda in the session are the passage of the Budget and related documents — the Economic Survey for 2021-22 on Friday, The Union Budget on Monday, and the report of the Finance Commission.

(With inputs from agencies)

President Ram Nath Kovind today addressed the members of both Houses of Parliament on Friday, a customary speech delivered ahead of the commencement of the Budget session.

President Ram Nath Kovind today addressed the members of both Houses of Parliament on Friday, a customary speech delivered ahead of the commencement of the Budget session. Members of both the Houses seated in three different locations for the first time as part of precautions against COVID-19. As many as 18 Opposition parties are boycotting the President's address in solidarity with farmers protesting against the three farm laws. "Joint session of Parliament amid Corona pandemic is essential. It's a new year and a new decade and we're also entering into the 75th year of independence. Today all MPs are present here with message & trust that however tough be the challenge neither we nor India will stop," said President Ram Nath Kovind. "In this fight against the pandemic, we lost many citizens. Former President Pranab Mukherjee passed away in this Corona period. Six MPs left us untimely due to COVID. I pay my tribute to all of them," he added. "It is a matter of pride that India is running the biggest vaccination program in the world. Both vaccines of this program are made in India. In this crisis India shouldered its responsibility towards mankind & provided lakhs of doses of vaccines to several nations," President said. The most important items on the agenda in the session are the passage of the Budget and related documents — the Economic Survey for 2021-22 on Friday, The Union Budget on Monday, and the report of the Finance Commission. (With inputs from agencies)

No matter how big the challenge is, India will not stop, says President Kovind

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India.

"Today commences the first Session of this decade. This decade is very important for the bright future of India. A golden opportunity has come before the nation to fulfil the dreams seen by the freedom fighters," said Prime Minister Narendra Modi.

"Confident that MPs will not shy away from contributing to make full use of Parliament for fulfilling people's aspirations," said PM Modi.

"Keeping in mind this decade, there should be discussions, presentation of different views this session," PM Modi added.

The budget session of Parliament began today with an address by President Ram Nath Kovind and will be followed by the presentation of the Economic Survey.

The Union Budget will be presented by Finance minister Nirmala Sitharaman on February 1. Both the houses will also debate on the motion of thanks to the President's address after the budget presentation.

(With inputs from agencies)

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India. "Today commences the first Session of this decade.

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India. "Today commences the first Session of this decade. This decade is very important for the bright future of India. A golden opportunity has come before the nation to fulfil the dreams seen by the freedom fighters," said Prime Minister Narendra Modi. "Confident that MPs will not shy away from contributing to make full use of Parliament for fulfilling people's aspirations," said PM Modi. "Keeping in mind this decade, there should be discussions, presentation of different views this session," PM Modi added. The budget session of Parliament began today with an address by President Ram Nath Kovind and will be followed by the presentation of the Economic Survey. The Union Budget will be presented by Finance minister Nirmala Sitharaman on February 1. Both the houses will also debate on the motion of thanks to the President's address after the budget presentation. (With inputs from agencies)

Time to fulfill dreams of freedom fighters, says PM Modi ahead of the Budget session

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year.

The Indian economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in the current fiscal year to March 31, the deepest contraction in four decades, the economic survey is expected to say.

But the government predicts the rollout of vaccines against COVID-19, which has killed 153,847 Indians, will re-energise Asia's third-largest economy with 11% growth next year, said the source, who is familiar with the matter. That would mark the strongest growth since India liberalised its economy in 1991.

The survey is set to forecast nominal GDP, which includes inflation, will rise 15.4%, the highest since India's independence in 1947, said the source, who asked not to be identified. High nominal GDP points towards higher tax collections.

The survey's projections form the basis for key figures in the budget, due to be delivered on Monday by Finance Minister Nirmala Sitharaman. However, she may have to make some tough choices to keep in check the government's ballooning debt while presenting a spending plan able to lift the economy.

The source said the government expected a "V-shaped" economic rebound on the back of its vaccination push and a recovery in demand.

India has started inoculating millions of people with two vaccines -- Serum Institute of India's COVISHIELD, licensed from Oxford University and AstraZeneca, and COVAXIN, developed domestically by Bharat Biotech and the Indian Council of Medical Research.

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year.

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year. The Indian economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in the current fiscal year to March 31, the deepest contraction in four decades, the economic survey is expected to say. But the government predicts the rollout of vaccines against COVID-19, which has killed 153,847 Indians, will re-energise Asia's third-largest economy with 11% growth next year, said the source, who is familiar with the matter. That would mark the strongest growth since India liberalised its economy in 1991. The survey is set to forecast nominal GDP, which includes inflation, will rise 15.4%, the highest since India's independence in 1947, said the source, who asked not to be identified. High nominal GDP points towards higher tax collections. The survey's projections form the basis for key figures in the budget, due to be delivered on Monday by Finance Minister Nirmala Sitharaman. However, she may have to make some tough choices to keep in check the government's ballooning debt while presenting a spending plan able to lift the economy. The source said the government expected a "V-shaped" economic rebound on the back of its vaccination push and a recovery in demand. India has started inoculating millions of people with two vaccines -- Serum Institute of India's COVISHIELD, licensed from Oxford University and AstraZeneca, and COVAXIN, developed domestically by Bharat Biotech and the Indian Council of Medical Research.

India's annual economic survey likely to predict 11% economic growth for 2021-22

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021&nbsp;in the parliament, ahead of the Union Budget on Monday.

Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021.&nbsp;

The annual document acts as a platform to pitch larger economic ideas and concepts which the government may or may not act upon. 
 
The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.

The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year.

The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter.

For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next.

GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022).&nbsp;

The session had an acrimonious start with as many as 19 political parties, including the Congress Party, skipping the President's address, in solidarity with the farmers agitating against the three contentious farm laws.&nbsp;

Here are the key highlights so far:&nbsp;

<ul>
	<li>India sees FY22 GDP growth at 11%&nbsp;</li>
	<li>Combined fiscal deficit to exceed target in FY21&nbsp;</li>
	<li>Growth recovery to be driven by government consumption</li>
	<li>Agriculture has remained the silver lining.</li>
	<li>Contact based services, manufacturing, construction hit hardest by the pandemic.</li>
	<li>Government consumption and net exports have cushioned the growth from diving further down.</li>
	<li>A V-shaped economic recovery supported by mega vaccination drive.</li>
	<li>&nbsp;Current account surplus of 2% of GDP likely in FY21.</li>
	<li>&nbsp;In two years India could be the fastest growing economy as per IMF.</li>
	<li>&nbsp;CAD estimated at 2% in FY21; that is the first in the 17 years.</li>
</ul>

(With inputs from agencies)

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021 in the parliament, ahead of the Union Budget on Monday. Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021.

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021 in the parliament, ahead of the Union Budget on Monday. Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021. The annual document acts as a platform to pitch larger economic ideas and concepts which the government may or may not act upon. The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year. The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter. For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next. GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022). The session had an acrimonious start with as many as 19 political parties, including the Congress Party, skipping the President's address, in solidarity with the farmers agitating against the three contentious farm laws. Here are the key highlights so far: India sees FY22 GDP growth at 11% Combined fiscal deficit to exceed target in FY21 Growth recovery to be driven by government consumption Agriculture has remained the silver lining. Contact based services, manufacturing, construction hit hardest by the pandemic. Government consumption and net exports have cushioned the growth from diving further down. A V-shaped economic recovery supported by mega vaccination drive. Current account surplus of 2% of GDP likely in FY21. In two years India could be the fastest growing economy as per IMF. CAD estimated at 2% in FY21; that is the first in the 17 years. (With inputs from agencies)

Economic Survey 2021: GDP growth seen rebounding at 11% in 2021-22

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter.&nbsp;

“By estimating the natural number of cases and deaths expected across countries based on their population, population density, demographics, tests conducted, and the health infrastructure, we compare these estimates with actual numbers to show that India restricted the Covid-19 spread by 37 lakh cases and saved more than 1 lakh lives.”

The survey found a correlation between the stringency of the lockdown and it the number of Covid-19 cases and resultant deaths. It also found a correlation between the lockdown’s stringency and the country’s “V-shaped” recovery. “India thus benefited from successfully pushing the peak of the pandemic curve to September 2020 through the lockdown."

Here are the key highlights so far:&nbsp;

<ol>
	<li>India sees FY22 GDP growth at 11%&nbsp;</li>
	<li>Combined fiscal deficit to exceed target in FY21&nbsp;</li>
	<li>Growth recovery to be driven by government consumption</li>
	<li>Agriculture has remained the silver lining.</li>
	<li>Contact based services, manufacturing, construction hit hardest by the pandemic.</li>
	<li>Government consumption and net exports have cushioned the growth from diving further down.</li>
	<li>A V-shaped economic recovery supported by mega vaccination drive.</li>
	<li>Current account surplus of 2% of GDP likely in FY21.</li>
	<li>In two years India could be the fastest growing economy as per IMF.</li>
	<li>CAD estimated at 2% in FY21; that is the first in the 17 years.</li>
</ol>

(With inputs from agencies)

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter.

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter. “By estimating the natural number of cases and deaths expected across countries based on their population, population density, demographics, tests conducted, and the health infrastructure, we compare these estimates with actual numbers to show that India restricted the Covid-19 spread by 37 lakh cases and saved more than 1 lakh lives.” The survey found a correlation between the stringency of the lockdown and it the number of Covid-19 cases and resultant deaths. It also found a correlation between the lockdown’s stringency and the country’s “V-shaped” recovery. “India thus benefited from successfully pushing the peak of the pandemic curve to September 2020 through the lockdown." Here are the key highlights so far: India sees FY22 GDP growth at 11% Combined fiscal deficit to exceed target in FY21 Growth recovery to be driven by government consumption Agriculture has remained the silver lining. Contact based services, manufacturing, construction hit hardest by the pandemic. Government consumption and net exports have cushioned the growth from diving further down. A V-shaped economic recovery supported by mega vaccination drive. Current account surplus of 2% of GDP likely in FY21. In two years India could be the fastest growing economy as per IMF. CAD estimated at 2% in FY21; that is the first in the 17 years. (With inputs from agencies)

Economic Survey 2021: India's timely lockdown strategy saved more than 1 lakh lives

President Ram Nath Kovind on Friday condemned the violence on Republic Day during the farmers' tractor rally. Addressing the joint sitting of Parliament at the start of the Budget Session, the President said that the violence was unfortunate and he was saddened by the insult to National flag and the Republic Day.

"The national flag and a holy day like Republic Day were insulted in the past few days. The Constitution that provides us Freedom of Expression is the same Constitution that teaches us that law &amp; rules have to be followed seriously," the President stated.

He also added that the govt is working to clear misgivings about the new farm laws. The President also listed a number of govt welfare programmes for the farmers. 
 
Hailing the government for PM-Kisan Samman Nidhi, President Kovind said, "Small and marginal farmers are also a priority for my government. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts." 
 
"My Govt would like to clarify that the rights and facilities that were available before the formation of the three Farm Laws have not been cut short, in fact with these new agricultural reforms the Govt has provided new facilities &amp; rights to farmers," he said. 
 
The most important items on the agenda in the session are the passage of the Budget and related documents — the Economic Survey for 2021-22 on Friday, The Union Budget on Monday, and the report of the Finance Commission.

(With inputs from agencies)

President Ram Nath Kovind on Friday condemned the violence on Republic Day during the farmers' tractor rally. Addressing the joint sitting of Parliament at the start of the Budget Session, the President said that the violence was unfortunate and he was saddened by the insult to National flag and the Republic Day.

President Ram Nath Kovind on Friday condemned the violence on Republic Day during the farmers' tractor rally. Addressing the joint sitting of Parliament at the start of the Budget Session, the President said that the violence was unfortunate and he was saddened by the insult to National flag and the Republic Day. "The national flag and a holy day like Republic Day were insulted in the past few days. The Constitution that provides us Freedom of Expression is the same Constitution that teaches us that law & rules have to be followed seriously," the President stated. He also added that the govt is working to clear misgivings about the new farm laws. The President also listed a number of govt welfare programmes for the farmers. Hailing the government for PM-Kisan Samman Nidhi, President Kovind said, "Small and marginal farmers are also a priority for my government. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts." "My Govt would like to clarify that the rights and facilities that were available before the formation of the three Farm Laws have not been cut short, in fact with these new agricultural reforms the Govt has provided new facilities & rights to farmers," he said. The most important items on the agenda in the session are the passage of the Budget and related documents — the Economic Survey for 2021-22 on Friday, The Union Budget on Monday, and the report of the Finance Commission. (With inputs from agencies)

President condemns violence on Republic Day, says protests at Red Fort unfortunate

With just a few days to go for India's <a href="https://www.wionews.com/topics/budget">Union Budget 2021</a>,&nbsp;Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth.

In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis.

Also read|&nbsp;<a href="https://www.wionews.com/india-news/union-budget-2021-government-may-raise-duty-on-finished-goods-and-imports-358740" hreflang="en">Union Budget 2021: Government may raise duty on finished goods and imports</a>

Here's what&nbsp;corporates, economists and market experts expect from&nbsp;2021/2022 federal budget on February&nbsp;1:

Healthcare and pharmaceuticals

The drugs industry is hoping for incentives to spur more investment in research and development (R&amp;D), via bigger tax deductions on R&amp;D spending, said Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance.

Kiran Mazumdar Shaw, chief of Biocon Ltd, hopes the government will raise healthcare spending to 2.5 per cent&nbsp;of gross domestic product by fiscal 2025 from about 1 per cent now.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-government-needs-credible-sources-for-additional-revenue-to-boost-economy-356849" hreflang="en">Union Budget 2021: Government needs credible sources for additional revenue to boost economy</a>

Real estate and infrastructure

The real estate and construction sector, a bellwether for the Indian economy, is hoping for tax reliefs for home buyers and regulations curbing a rise in construction costs.

Automobile industry

The automobile industry hopes for a roadmap for a recently announced production-linked incentive scheme and policy on scrapping of commercial vehicles.

Toyota Kirloskar, the Indian unit of Toyota Motor Corp, said it was looking forward to support measures for the manufacture of hybrid electric vehicles and parts.

Aviation

The aviation industry is looking for lower taxes on aviation turbine fuel and levies such as airport charges, parking and landing and navigation charges, said Moody's India unit, ICRA.

Tourism and hospitality

The National Restaurant Association of India is hoping for more liquidity support, with low collateral, and a minimum moratorium of six months.

Personal tax breaks for domestic travel would also help, said Deep Kalra, founder and top official of online booking website MakeMyTrip Ltd.

Retail

Brick-and-mortar retail firms seek a national retail policy, to help combat the growing popularity of online sellers.

"Formulation of national retail policy, removing the distinction between e-commerce and physical retail under one policy has been spoken about and we hope that this happens in FY 21," said Preet Dhupar, the chief financial officer of Ikea India.

Banking

The coronavirus brought a slump in lending by banks, and despite signs the economy is improving, the central bank has warned that the industry could see bad loans nearly double.

Some analysts expect the setting up of a so-called "bad bank", which the government will use to buy bad assets from state-owned banks. There are also expectations for moves to recapitalise state-owned banks.

Public sector banks may need a further 430 billion rupees ($5.9 billion) as capital requirement in the next financial year, ICRA said.

&nbsp;

With just a few days to go for India's Union Budget 2021, Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth. In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis.

With just a few days to go for India's Union Budget 2021, Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth. In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis. Also read| Union Budget 2021: Government may raise duty on finished goods and imports Here's what corporates, economists and market experts expect from 2021/2022 federal budget on February 1: Healthcare and pharmaceuticals The drugs industry is hoping for incentives to spur more investment in research and development (R&D), via bigger tax deductions on R&D spending, said Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance. Kiran Mazumdar Shaw, chief of Biocon Ltd, hopes the government will raise healthcare spending to 2.5 per cent of gross domestic product by fiscal 2025 from about 1 per cent now. Also read: Union Budget 2021: Government needs credible sources for additional revenue to boost economy Real estate and infrastructure The real estate and construction sector, a bellwether for the Indian economy, is hoping for tax reliefs for home buyers and regulations curbing a rise in construction costs. Automobile industry The automobile industry hopes for a roadmap for a recently announced production-linked incentive scheme and policy on scrapping of commercial vehicles. Toyota Kirloskar, the Indian unit of Toyota Motor Corp, said it was looking forward to support measures for the manufacture of hybrid electric vehicles and parts. Aviation The aviation industry is looking for lower taxes on aviation turbine fuel and levies such as airport charges, parking and landing and navigation charges, said Moody's India unit, ICRA. Tourism and hospitality The National Restaurant Association of India is hoping for more liquidity support, with low collateral, and a minimum moratorium of six months. Personal tax breaks for domestic travel would also help, said Deep Kalra, founder and top official of online booking website MakeMyTrip Ltd. Retail Brick-and-mortar retail firms seek a national retail policy, to help combat the growing popularity of online sellers. "Formulation of national retail policy, removing the distinction between e-commerce and physical retail under one policy has been spoken about and we hope that this happens in FY 21," said Preet Dhupar, the chief financial officer of Ikea India. Banking The coronavirus brought a slump in lending by banks, and despite signs the economy is improving, the central bank has warned that the industry could see bad loans nearly double. Some analysts expect the setting up of a so-called "bad bank", which the government will use to buy bad assets from state-owned banks. There are also expectations for moves to recapitalise state-owned banks. Public sector banks may need a further 430 billion rupees ($5.9 billion) as capital requirement in the next financial year, ICRA said.

Union Budget 2021: What Indian corporates, economists and market experts expect

Amid the coronavirus pandemic, the <a href="https://www.wionews.com/business-economy/union-budget-2021-goes-paperless-hard-copies-not-to-be-printed-for-first-time-in-history-356417">Budget</a> session of Parliament will begin on January 29 with all COVID-related protocols including the shift system will be followed.

<a href="https://www.wionews.com/business-economy/union-budget-2021-government-needs-credible-sources-for-additional-revenue-to-boost-economy-356849">Also Read: Government needs credible sources for additional revenue to boost economy</a>

The Budget session will on January 29. President Ram Nath Kovind will address the joint sitting of both Houses of Parliament. The session will conclude on April 8. Both Houses will adjourn on February 15 and meet again on March 8.

The Budget will be presented by the government on February 1. The Economic Survey would be tabled in the Lok Sabha on January 29 after the President's address, according to reports.

India's lower House the Lok Sabha and upper House the Rajya Sabha will operate in shifts with the Rajya Sabha meeting in the forenoon and Lok Sabha in the evening between 4 pm and 9 pm, according to COVID-19 protocol. The Lok Sabha will sit for five hours during the Budget session.

<a href="https://www.wionews.com/business-economy/union-budget-2021-government-mulls-covid-cess-to-boost-revenue-356420">Also Read: Union Budget 2021- Government mulls COVID cess to boost revenue</a>

Question Hour will take place during the Budget session. &nbsp;

According to Lok Sabha secretariat, private members' business which usually takes place on Friday afternoons will also take place. The House members will be allowed to introduce their own bills which will be debated by the House.

Lok Sabha Speaker Om Birla had said earlier that the government will issue guidelines about the vaccination of parliamentarians before the start of the session.

Parliament members will need to compulsorily wear masks and maintain social distancing norms with everyone likely to undergo RT-PCR tests for coronavirus.

The Parliament officials will also undertake sanitisation of cars and other vehicles entering Parliament including various files.

Amid the coronavirus pandemic, the Budget session of Parliament will begin on January 29 with all COVID-related protocols including the shift system will be followed.

Amid the coronavirus pandemic, the Budget session of Parliament will begin on January 29 with all COVID-related protocols including the shift system will be followed. Also Read: Government needs credible sources for additional revenue to boost economy The Budget session will on January 29. President Ram Nath Kovind will address the joint sitting of both Houses of Parliament. The session will conclude on April 8. Both Houses will adjourn on February 15 and meet again on March 8. The Budget will be presented by the government on February 1. The Economic Survey would be tabled in the Lok Sabha on January 29 after the President's address, according to reports. India's lower House the Lok Sabha and upper House the Rajya Sabha will operate in shifts with the Rajya Sabha meeting in the forenoon and Lok Sabha in the evening between 4 pm and 9 pm, according to COVID-19 protocol. The Lok Sabha will sit for five hours during the Budget session. Also Read: Union Budget 2021- Government mulls COVID cess to boost revenue Question Hour will take place during the Budget session. According to Lok Sabha secretariat, private members' business which usually takes place on Friday afternoons will also take place. The House members will be allowed to introduce their own bills which will be debated by the House. Lok Sabha Speaker Om Birla had said earlier that the government will issue guidelines about the vaccination of parliamentarians before the start of the session. Parliament members will need to compulsorily wear masks and maintain social distancing norms with everyone likely to undergo RT-PCR tests for coronavirus. The Parliament officials will also undertake sanitisation of cars and other vehicles entering Parliament including various files.

Budget session of Parliament: Key dates, Covid-19 protocol & more

What do vaccines mean for economic recovery? Is the economic outlook as bright as the financial markets? What are the pitfalls in post-pandemic economic recovery? Catch WION's special broadcast on India Budget 2021 with Gautam Chikermane. January 25-30, At 7 PM IST

India Budget 2021: Vaccines are here, will economic recovery follow?

The Central Government can revamp the structure of India's import tariff structure in Union Budget 2021 to provide lower duty on large&nbsp;inputs, especially those used in products that are exported while keeping levies high on exported goods, in a bid to boost local manufacturing.

India&nbsp;is considering hiking import duties by 5-10&nbsp;per cent&nbsp;on more than 50 items including smartphones, electronic components and appliances in the upcoming budget, as per sources.

The move to increase import duties is part of Prime Minister Narendra Modi's self-reliant&nbsp;India&nbsp;campaign that aims to promote and support domestic manufacturing, said three government sources privy to the discussions.

One of the sources said the government was seeking to target additional revenue of about 200 billion to 210 billion rupees ($2.7 billion to $2.8 billion) from the moves, as it looks to shore up revenue amidst the pandemic-driven slowdown that has stung the economy.

Two of the government sources also said the duty hikes could impact furniture and electric vehicles, potentially hurting the likes of Swedish furniture maker Ikea and Tesla, which is planning to launch its cars in&nbsp;India&nbsp;this year.

The officials, however, did not specify how much of a hike was planned on furniture and electric vehicles.

Both Ikea and Tesla executives have previously expressed concerns about the steep duty structure their products already face in&nbsp;India.

The list of items likely to attract steeper duties is set to include appliances such as refrigerators and air conditioners too, three of the sources said.

The finance ministry could not be reached by telephone and did not reply to an email seeking comments.

India's finance minister will on February&nbsp;1 unveil the government's annual federal budget for the 2021-22 financial year, which begins April 1.

The sources said the proposals may still be tweaked further before they are finalised.

Finance Minister Nirmala Sitharaman will unveil the budget on February&nbsp;1 amid the shadow of a projected economic contraction of 7.7&nbsp;per cent&nbsp;for the current fiscal year.

India&nbsp;has in recent years taken a series of measures that industry executives say discriminate against foreign companies. Government officials say such taxes are essential to promote&nbsp;India&nbsp;as a destination for local manufacturing and to support domestic businesses.

"This is part of revenue-raising and Atmanirbhar Bharat (self-reliant&nbsp;India) plan," said one of the government sources.

Last year,&nbsp;India&nbsp;raised import taxes on a wide range of products such as footwear, furniture, toys, electrical and electronics items by up to 20%.

The Central Government can revamp the structure of India's import tariff structure in Union Budget 2021 to provide lower duty on large inputs, especially those used in products that are exported while keeping levies high on exported goods, in a bid to boost local manufacturing.

The Central Government can revamp the structure of India's import tariff structure in Union Budget 2021 to provide lower duty on large inputs, especially those used in products that are exported while keeping levies high on exported goods, in a bid to boost local manufacturing. India is considering hiking import duties by 5-10 per cent on more than 50 items including smartphones, electronic components and appliances in the upcoming budget, as per sources. The move to increase import duties is part of Prime Minister Narendra Modi's self-reliant India campaign that aims to promote and support domestic manufacturing, said three government sources privy to the discussions. One of the sources said the government was seeking to target additional revenue of about 200 billion to 210 billion rupees ($2.7 billion to $2.8 billion) from the moves, as it looks to shore up revenue amidst the pandemic-driven slowdown that has stung the economy. Two of the government sources also said the duty hikes could impact furniture and electric vehicles, potentially hurting the likes of Swedish furniture maker Ikea and Tesla, which is planning to launch its cars in India this year. The officials, however, did not specify how much of a hike was planned on furniture and electric vehicles. Both Ikea and Tesla executives have previously expressed concerns about the steep duty structure their products already face in India. The list of items likely to attract steeper duties is set to include appliances such as refrigerators and air conditioners too, three of the sources said. The finance ministry could not be reached by telephone and did not reply to an email seeking comments. India's finance minister will on February 1 unveil the government's annual federal budget for the 2021-22 financial year, which begins April 1. The sources said the proposals may still be tweaked further before they are finalised. Finance Minister Nirmala Sitharaman will unveil the budget on February 1 amid the shadow of a projected economic contraction of 7.7 per cent for the current fiscal year. India has in recent years taken a series of measures that industry executives say discriminate against foreign companies. Government officials say such taxes are essential to promote India as a destination for local manufacturing and to support domestic businesses. "This is part of revenue-raising and Atmanirbhar Bharat (self-reliant India) plan," said one of the government sources. Last year, India raised import taxes on a wide range of products such as footwear, furniture, toys, electrical and electronics items by up to 20%.

Union Budget 2021: Government may raise duty on finished goods and imports

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic.

Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

The Central government has received permission from the upper and lower houses of parliament for the measure.&nbsp;

The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered.

Although in a bid to go green,&nbsp;the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether.

Breaking conventions

The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain&nbsp;social distancing in a limited space.

The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering.&nbsp;

Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing.

The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1.

President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in&nbsp;the Lok Sabha.

Changing times

This will not be the change in the presentation of the Union Budget. Last year, Sitharaman&nbsp;broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional&nbsp;'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament. The Central government has received permission from the upper and lower houses of parliament for the measure. The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered. Although in a bid to go green, the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether. Breaking conventions The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain social distancing in a limited space. The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering. Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing. The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1. President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in the Lok Sabha. Changing times This will not be the change in the presentation of the Union Budget. Last year, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional 'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

Union Budget 2021 goes paperless; hard copies not to be printed for first time in history

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.&nbsp;

This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed.

Sources said the government has received permission for the same from both the Houses of Parliament.

The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears.

The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block.

This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering.

This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing.

Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces.

This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string.

(With inputs from agencies)

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received permission for the same from both the Houses of Parliament. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block. This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing. Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string. (With inputs from agencies)

In a first, Finance Ministry to present paperless Budget 2021

India's economy will return to growth in 2021/22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years, Finance Minister Nirmala Sitharaman told Reuters on Thursday.

With the world's second-highest cases of coronavirus despite a severe lockdown of its 1.3 billion people early on in the pandemic, India's economy is expected to contract nearly 10 per cent&nbsp;in the 2020/21 financial year.

But recovery is taking hold now, Sitharaman told the Reuters Global Investment Outlook Summit, 2021.

"I would think 2021-22 will be very big, good traction year for achieving a really good rate of growth that itself is going to be a launching pad for 4-5 years of growing at a good speed, provided we do enough on the budget and spend on infrastructure," she said.

Unlike other countries such as the United States, Japan, and the United Kingdom which poured billions of dollars in relief measures, the Indian government has been more measured in its approach because of limited resources and to curb its budget deficit from ballooning.

Sitharaman suggested the government could ease up on spending in the months ahead to boost the growth rate.

"I have to be conscious that if I don't spend now, then the stimulus is meaningless, if I don't spend now the revival is going to get deferred and we can't afford that."

India's economy will return to growth in 2021/22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years, Finance Minister Nirmala Sitharaman told Reuters on Thursday.

India's economy will return to growth in 2021/22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years, Finance Minister Nirmala Sitharaman told Reuters on Thursday. With the world's second-highest cases of coronavirus despite a severe lockdown of its 1.3 billion people early on in the pandemic, India's economy is expected to contract nearly 10 per cent in the 2020/21 financial year. But recovery is taking hold now, Sitharaman told the Reuters Global Investment Outlook Summit, 2021. "I would think 2021-22 will be very big, good traction year for achieving a really good rate of growth that itself is going to be a launching pad for 4-5 years of growing at a good speed, provided we do enough on the budget and spend on infrastructure," she said. Unlike other countries such as the United States, Japan, and the United Kingdom which poured billions of dollars in relief measures, the Indian government has been more measured in its approach because of limited resources and to curb its budget deficit from ballooning. Sitharaman suggested the government could ease up on spending in the months ahead to boost the growth rate. "I have to be conscious that if I don't spend now, then the stimulus is meaningless, if I don't spend now the revival is going to get deferred and we can't afford that."

India's next budget to focus on boosting growth, says finance minister

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