Kicking off the budget session of parliament today, Indian Finance Minister Nirmala Sitharaman has tabled economic survey which is the flagship annual document reviving the state of economy, it projects India's GDP growth between 8-8.5 % in the financial year 2023.

Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23

The Goods and Service Tax (GST) Council has deferred raising the proposed tax rate on textiles from 5 per cent to 12 per cent after several states reportedly raised objections.

During the 46th GST council meeting convened in New Delhi on Friday under the chairmanship of Finance Minister Nirmala Sitharaman, it was decided to review the matter in the next meeting in February 2022.

“The GST Council meeting has decided to retain the status quo on GST rate on textile to 5% and not raise it to 12 per cent. The issue of GST rate on textile will be sent to the tax rate rationalization committee which will submit its report by February,” Sitharaman told reporters after the meeting.

Many states said they are not in favour of a hike in GST rate on textiles to 12 per cent, from five per cent currently, with effect from January 1, 2022.

The matter was raised by states like Gujarat, West Bengal, Delhi, Rajasthan, and Tamil Nadu, according to reports.

Apart from that, the industry bodies had also opposed a rise in the tax rate, citing higher compliance costs especially for the unorganised sector and micro small and medium enterprises (MSMEs) besides making the poor man's clothing expensive.

Earlier in the year, the Central Board of Indirect Taxes and Customs (CBIC), on the recommendations of the GST Council, had announced that the GST rate on garments, textiles, and footwear would be raised from five per cent to 12 per cent with effect from January 1, 2022.

(With inputs from agencies)

The Goods and Service Tax (GST) Council has deferred raising the proposed tax rate on textiles from 5 per cent to 12 per cent after several states reportedly raised objections.

The Goods and Service Tax (GST) Council has deferred raising the proposed tax rate on textiles from 5 per cent to 12 per cent after several states reportedly raised objections. During the 46th GST council meeting convened in New Delhi on Friday under the chairmanship of Finance Minister Nirmala Sitharaman, it was decided to review the matter in the next meeting in February 2022. “The GST Council meeting has decided to retain the status quo on GST rate on textile to 5% and not raise it to 12 per cent. The issue of GST rate on textile will be sent to the tax rate rationalization committee which will submit its report by February,” Sitharaman told reporters after the meeting. Many states said they are not in favour of a hike in GST rate on textiles to 12 per cent, from five per cent currently, with effect from January 1, 2022. The matter was raised by states like Gujarat, West Bengal, Delhi, Rajasthan, and Tamil Nadu, according to reports. Apart from that, the industry bodies had also opposed a rise in the tax rate, citing higher compliance costs especially for the unorganised sector and micro small and medium enterprises (MSMEs) besides making the poor man's clothing expensive. Earlier in the year, the Central Board of Indirect Taxes and Customs (CBIC), on the recommendations of the GST Council, had announced that the GST rate on garments, textiles, and footwear would be raised from five per cent to 12 per cent with effect from January 1, 2022. (With inputs from agencies)

Indian govt defers GST hike on textile products after several states object

India's Finance Minister Nirmala Sitharaman said on Monday that there were no plans to recognise Bitcoin as currency in the country. She was replying to a question in Indian Parliament. She also told the House that the government does not collect data on Bitcoin transactions.

Bitcoin, the digital currency allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

Bitcoin was introduced in 2008 by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system. It is reportedly the first decentralised digital currency where peer-to-peer transactions take place without any intermediary.

Meanwhile, the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.

In reply to another question, Sitharaman said, ministries and departments have spent Rs 2.29 lakh crore as capital expenditure during the April-September period of the current fiscal.

This is 41 per cent of the Budget Estimate (BE) of Rs 5.54 lakh crore for 2021-22. The actual expenditure during current fiscal is about 38 per cent higher than the corresponding expenditure in FY 2020-21, she said.

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman said on Monday that there were no plans to recognise Bitcoin as currency in the country. She was replying to a question in Indian Parliament.

India's Finance Minister Nirmala Sitharaman said on Monday that there were no plans to recognise Bitcoin as currency in the country. She was replying to a question in Indian Parliament. She also told the House that the government does not collect data on Bitcoin transactions. Bitcoin, the digital currency allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. Bitcoin was introduced in 2008 by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system. It is reportedly the first decentralised digital currency where peer-to-peer transactions take place without any intermediary. Meanwhile, the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI. In reply to another question, Sitharaman said, ministries and departments have spent Rs 2.29 lakh crore as capital expenditure during the April-September period of the current fiscal. This is 41 per cent of the Budget Estimate (BE) of Rs 5.54 lakh crore for 2021-22. The actual expenditure during current fiscal is about 38 per cent higher than the corresponding expenditure in FY 2020-21, she said. (With inputs from agencies)

No proposal to recognise Bitcoin as currency: Indian finance minister

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday.

Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a founding member and the second-largest shareholder in AIIB.India also has one of the largest project portfolios within AIIB.&nbsp;

This year`s annual meeting has been jointly organized by AIIB and the Government of the United Arab Emirates on the theme of "Investing Today and Transforming Tomorrow".The finance minister shared her thoughts in the Governor`s Roundtable Discussion on the theme "COVID-19 Crisis and Post-COVID Support".

Sitharaman appreciated AIIB`s prompt actions in providing financial support to Member Countries, including India, in their efforts to contain and combat COVID-19.The Finance Minister said that the social protection and economic stimulus packages brought out by the Government of India, along with timely structural reforms in various sectors, have been pivotal in India`s economic recovery process.

The stimulus packages, including the credit guarantee scheme for microfinance institutions, boosters for project exports through National Export Insurance Account, additional subsidies for fertilizers, free food grains for 800 million people under the Pradhan Mantri Garib Kalyan Yojana, and several welfare schemes with a strong public health focus, helped to effectively and efficiently boost the economy and protect lives and livelihoods, especially of the poor and vulnerable.

Sitharaman emphasised the Government of India`s successful drive to rapidly vaccinate its citizens, administering over 1 billion vaccines - a milestone achieved with the help of the strong scientific and technological ecosystem in India.

The Finance Minister also highlighted India`s "Vaccine Maitri" initiative, a global health outreach, under which 70 million doses of the `Made in India` COVID-19 vaccines have been supplied to 95 countries and UN entities, including nearly 20 million doses to 47 countries under the COVAX facility and more than 12 million vaccine doses as a grant to 47 countries and UN peacekeepers.Sitharaman pointed out that the current crisis and the looming climate crisis have reinforced the importance of Multilateral Development Banks (MDBs) and the urgency for supplementing country efforts with multilateral development finance.&nbsp;

In this context, she highlighted some of the expectations from the Bank, including the need to explore investment opportunities in the creation and development of assets in social infrastructure sectors; to further intensify private sector capital mobilisation for inclusive and green development; and to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments.

Sitharaman assured India`s cooperation and support to the AIIB for its future endeavours as a leading financial institution.&nbsp;

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman participated in the 6th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference on Tuesday. Every year at the Annual Meeting, the Board of Governors meets to take key decisions on important matters relating to AIIB, and its future vision. India is a founding member and the second-largest shareholder in AIIB.India also has one of the largest project portfolios within AIIB. This year`s annual meeting has been jointly organized by AIIB and the Government of the United Arab Emirates on the theme of "Investing Today and Transforming Tomorrow".The finance minister shared her thoughts in the Governor`s Roundtable Discussion on the theme "COVID-19 Crisis and Post-COVID Support". Sitharaman appreciated AIIB`s prompt actions in providing financial support to Member Countries, including India, in their efforts to contain and combat COVID-19.The Finance Minister said that the social protection and economic stimulus packages brought out by the Government of India, along with timely structural reforms in various sectors, have been pivotal in India`s economic recovery process. The stimulus packages, including the credit guarantee scheme for microfinance institutions, boosters for project exports through National Export Insurance Account, additional subsidies for fertilizers, free food grains for 800 million people under the Pradhan Mantri Garib Kalyan Yojana, and several welfare schemes with a strong public health focus, helped to effectively and efficiently boost the economy and protect lives and livelihoods, especially of the poor and vulnerable. Sitharaman emphasised the Government of India`s successful drive to rapidly vaccinate its citizens, administering over 1 billion vaccines - a milestone achieved with the help of the strong scientific and technological ecosystem in India. The Finance Minister also highlighted India`s "Vaccine Maitri" initiative, a global health outreach, under which 70 million doses of the `Made in India` COVID-19 vaccines have been supplied to 95 countries and UN entities, including nearly 20 million doses to 47 countries under the COVAX facility and more than 12 million vaccine doses as a grant to 47 countries and UN peacekeepers.Sitharaman pointed out that the current crisis and the looming climate crisis have reinforced the importance of Multilateral Development Banks (MDBs) and the urgency for supplementing country efforts with multilateral development finance. In this context, she highlighted some of the expectations from the Bank, including the need to explore investment opportunities in the creation and development of assets in social infrastructure sectors; to further intensify private sector capital mobilisation for inclusive and green development; and to set up a Resident Board and Regional Offices to ensure accountability, transparency and quality of operations and investments. Sitharaman assured India`s cooperation and support to the AIIB for its future endeavours as a leading financial institution.

Indian finance minister participates in AIIB board meet

Indian Finance Minister Nirmala Sitharaman unveiled the 'National Monetisation Pipeline' on Monday, with the goal of monetizing assets worth $81 billion during the fiscal years 2022-25.

The plan outlines the government's four-year strategy for monetizing brownfield infrastructure assets ranging from roads and railroads to electricity transmission and production, as well as mining.

"The ownership of assets remains with the government. There will be a mandatory hand back. They (private sector partners) will have to give it back after a certain time," Sitharaman said.

"By bringing in private participation, we are going to monetize it (assets) better and with whatever resource that you obtained by monetisation, you are able to put in for further investment into infrastructure building," she added.

Asset monetisation will unlock resources and lead to value unlocking, she said.

Union Budget 2021-22 had identified monetisation of operating public infrastructure assets as a key means for sustainable infrastructure financing.

Towards this, the Budget provided for preparation of a 'National Monetisation Pipeline' of potential brownfield infrastructure assets.

NITI Aayog in consultation with infra line ministries has prepared the report on NMP.

The end objective of this initiative is to enable "infrastructure creation through monetisation" wherein the public and private sector collaborate, each excelling in their core areas of competence, so as to deliver socio-economic growth and quality of life to the country's citizens, she added.

(With inputs from agencies)

Indian Finance Minister Nirmala Sitharaman unveiled the 'National Monetisation Pipeline' on Monday, with the goal of monetizing assets worth $81 billion during the fiscal years 2022-25.

Indian Finance Minister Nirmala Sitharaman unveiled the 'National Monetisation Pipeline' on Monday, with the goal of monetizing assets worth $81 billion during the fiscal years 2022-25. The plan outlines the government's four-year strategy for monetizing brownfield infrastructure assets ranging from roads and railroads to electricity transmission and production, as well as mining. "The ownership of assets remains with the government. There will be a mandatory hand back. They (private sector partners) will have to give it back after a certain time," Sitharaman said. "By bringing in private participation, we are going to monetize it (assets) better and with whatever resource that you obtained by monetisation, you are able to put in for further investment into infrastructure building," she added. Asset monetisation will unlock resources and lead to value unlocking, she said. Union Budget 2021-22 had identified monetisation of operating public infrastructure assets as a key means for sustainable infrastructure financing. Towards this, the Budget provided for preparation of a 'National Monetisation Pipeline' of potential brownfield infrastructure assets. NITI Aayog in consultation with infra line ministries has prepared the report on NMP. The end objective of this initiative is to enable "infrastructure creation through monetisation" wherein the public and private sector collaborate, each excelling in their core areas of competence, so as to deliver socio-economic growth and quality of life to the country's citizens, she added. (With inputs from agencies)

National Monetisation Pipeline: India unveils $81 billion plan; ownership of assets will remain with govt

Indian Finance Minister Nirmala Sitharaman has informed that the proposed legislation on cryptocurrencies has been tabled before the cabinet and that it is awaiting approval. India has been on the fence on cryptocurrencies, gradually making up its mind to whether accept or reject the currencies.

Legislation on cryptocurrencies awaits cabinet approval in India

Finance Minister Nirmala Sitharaman on Thursday introduced a Bill in Parliament to nullify the provision in the Income Tax Act. The Bill would withdraw the retrospective amendments to the Income Tax Act that raised demands on Vodafone, Cairn, indicating a move to attract foreign investments.

Finance Minister Nirmala Sitharaman introduces bill to nullify the provision in the Income Tax Act

The finance ministry on Thursday issued a formal order for withdrawal of the cut in interest rates on small savings schemes and restored the old rates.

Earlier in the day, Finance Minister Nirmala Sitharaman said the government will rollback the steep interest rate cut on small savings schemes.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-govt-withdraws-interest-rate-cut-order-on-ppf-374793/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It has been decided that the rate of interest on various small savings schemes for the first quarter of 2021-22 starting from April 1 and ending on June 30, 2021 shall remain unchanged from those notified for the fourth quarter January 1, 2021 to March 31, 2021 of 2020-21, as per an office memorandum.

"This has the approval of competent authority," it said.

"Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie. Rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn," Sitharaman had said in an early morning tweet.

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<blockquote class="twitter-tweet">
Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. 
Orders issued by oversight shall be withdrawn. <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/PIB_India?ref_src=twsrc%5Etfw">@PIB_India</a>
— Nirmala Sitharaman (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1377446641356087297?ref_src=twsrc%5Etfw">April 1, 2021</a></blockquote>
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On Wednesday, the ministry had reduced interest rate on Public Provident Fund (PPF) by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) slashed by 0.9 per cent to 5.9 per cent for the first quarter of the current fiscal.

As old rates have been restored, PPF and NSC will continue to earn an annual interest rate of 7.1 per cent and 6.8 per cent, respectively.

Rate cuts on other small savings schemes have also been withdrawn.&nbsp;

The finance ministry on Thursday issued a formal order for withdrawal of the cut in interest rates on small savings schemes and restored the old rates. Earlier in the day, Finance Minister Nirmala Sitharaman said the government will rollback the steep interest rate cut on small savings schemes.

The finance ministry on Thursday issued a formal order for withdrawal of the cut in interest rates on small savings schemes and restored the old rates. Earlier in the day, Finance Minister Nirmala Sitharaman said the government will rollback the steep interest rate cut on small savings schemes. It has been decided that the rate of interest on various small savings schemes for the first quarter of 2021-22 starting from April 1 and ending on June 30, 2021 shall remain unchanged from those notified for the fourth quarter January 1, 2021 to March 31, 2021 of 2020-21, as per an office memorandum. "This has the approval of competent authority," it said. "Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie. Rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn," Sitharaman had said in an early morning tweet. Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India — Nirmala Sitharaman (@nsitharaman) April 1, 2021 × On Wednesday, the ministry had reduced interest rate on Public Provident Fund (PPF) by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) slashed by 0.9 per cent to 5.9 per cent for the first quarter of the current fiscal. As old rates have been restored, PPF and NSC will continue to earn an annual interest rate of 7.1 per cent and 6.8 per cent, respectively. Rate cuts on other small savings schemes have also been withdrawn.

Government cites oversight, withdraws order to cut interest rates on small savings schemes

The Govt of India in its latest announcement withdraws its decision of slashing down interest rates on Public Provident Fund and on other schemes. Finance Minister Nirmala Sitharaman on Thursday through her official Twitter handle announces 'Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021'.

India: Govt withdraws interest rate cut order on PPF

Indian Finance Minister Nirmala Sitharaman has spoken over the phone with US Treasury Secretary Janet Yellen. The Treasury Chief conveyed her intention to work closely with India and appreciated India's role as a critical partner in fighting the COVID-19 pandemic.

Indian FM Sitharaman speaks to US Treasury Chief Janet Yellen

Indian Finance Minister Sitharaman lauds US COVID Relief Bill

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders.

"Embargo lifted on the grant of Govt business to private banks. All banks can now participate. Private Banks can now be equal partners in the development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," Finance Minister Nirmala Sitharaman said in a tweet.&nbsp;

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Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience. <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/DFS_India?ref_src=twsrc%5Etfw">@DFS_India</a>
— NSitharamanOffice (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1364524763251544068?ref_src=twsrc%5Etfw">February 24, 2021</a></blockquote>
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This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services, an official statement said.

Private sector banks, which are at the forefront of imbibing and implementing the latest technology and innovation in banking, will now be equal partners in the development of the Indian economy and in furthering the social sector initiatives of the government, the statement said.

"With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed its decision to RBI," it added.

The government has already announced its intent to privatise two public sector lenders, other than IDBI Bank, in the Budget 2021-22.

Sitharaman, while presenting Budget 2021-22 earlier this month, had announced the privatisation of Public Sector Banks (PSBs) as part of the disinvestment drive to garner Rs 1.75 lakh crore.

"Other than IDBI Bank, we propose to take up the privatisation of two Public Sector Banks and one General Insurance company in the year 2021-22," she had said.&nbsp;

The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017.

As per the amalgamation plan, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank, making the proposed entity the second-largest PSB.

Syndicate Bank was merged with Canara Bank, while Allahabad Bank was subsumed in Indian Bank. Andhra Bank and Corporation Bank were amalgamated with the Union Bank of India.

In a first three-way merger, Bank of Baroda merged Vijaya Bank and Dena Bank with itself in 2019. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad -- and also Bharatiya Mahila Bank effective April 2017.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders.

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders. "Embargo lifted on the grant of Govt business to private banks. All banks can now participate. Private Banks can now be equal partners in the development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," Finance Minister Nirmala Sitharaman said in a tweet. Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience. @FinMinIndia @DFS_India — NSitharamanOffice (@nsitharamanoffc) February 24, 2021 × This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services, an official statement said. Private sector banks, which are at the forefront of imbibing and implementing the latest technology and innovation in banking, will now be equal partners in the development of the Indian economy and in furthering the social sector initiatives of the government, the statement said. "With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed its decision to RBI," it added. The government has already announced its intent to privatise two public sector lenders, other than IDBI Bank, in the Budget 2021-22. Sitharaman, while presenting Budget 2021-22 earlier this month, had announced the privatisation of Public Sector Banks (PSBs) as part of the disinvestment drive to garner Rs 1.75 lakh crore. "Other than IDBI Bank, we propose to take up the privatisation of two Public Sector Banks and one General Insurance company in the year 2021-22," she had said. The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017. As per the amalgamation plan, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank, making the proposed entity the second-largest PSB. Syndicate Bank was merged with Canara Bank, while Allahabad Bank was subsumed in Indian Bank. Andhra Bank and Corporation Bank were amalgamated with the Union Bank of India. In a first three-way merger, Bank of Baroda merged Vijaya Bank and Dena Bank with itself in 2019. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad -- and also Bharatiya Mahila Bank effective April 2017. (With inputs from agencies)

Private banks can get govt business, the embargo lifted: Nirmala Sitharaman

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&amp;M helped the benchmark S&amp;P BSE Sensex scale a fresh lifetime peak of 50,687.51 level. At close, the index was 358.54 points, or 0.71 per cent, up at 50,614 levels.

The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today.

Global cues

Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy.&nbsp;

MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent.

In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent.&nbsp;

(With inputs from Reuters)

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687.

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687.51 level. At close, the index was 358.54 points, or 0.71 per cent, up at 50,614 levels. The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today. Global cues Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy. MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent. In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent. (With inputs from Reuters)

Sensex ends above 50,600-mark for the first time, Nifty nears 15,000

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1.&nbsp;

Clearly, absence of any 'Robinhood' tax has cheered the investor community and the unbridled growth in the markets has resumed.&nbsp;

Today also both major indices in India Sensex and Nifty closed at record highs of 50255.75 and 14789.45 respectively, extending their post-budget gains for the third straight day.&nbsp;

Why are Indian stock markets at record high?

Budget proposals and the absence of any negative news globally have given another booster dose of optimism to investors. While the Budget proposal to raise foreign direct investment (FDI) limit in insurance from 49 per cent to 74 per cent has led to rise in prices of insurance stocks today, scrappage policy for vehicles is leading to rise in prices of auto stocks as well.&nbsp;

Absence of the much-feared COVID cess and any surcharge on Income Tax has also delivered much needed respite to investors. Fearing these taxes, Indian markets closed in red in some days prior to Budget 2021.&nbsp;

Sensex had lost over 3,500 points in the six sessions before the Budget. Also, proposal for privatization of 2 nationalized banks has put to rest speculations regarding government going slow on disinvestment process. This coupled with announcement on LIC's IPO gave a message to investors that government's financial priorities are clear.

Indian markets are also in line with the rally in major global markets that started at the beginning of this week with major corporate earnings meeting expectations.&nbsp;

So the 5 per cent gain in Sensex on the Budget day showed that markets have taken the annual exercise as a reform and growth-orientation Budget, supportive of the right economic policies in the country and will bring economic change in India that came after the 1991 Budget that supported liberalization.&nbsp;

Analysts also expect these gains in the markets to continue. However another factor that will impact markets this week will be the central bank RBI's decision on interest rates in its monetary policy meet on February 5.

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1.

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1. Clearly, absence of any 'Robinhood' tax has cheered the investor community and the unbridled growth in the markets has resumed. Today also both major indices in India Sensex and Nifty closed at record highs of 50255.75 and 14789.45 respectively, extending their post-budget gains for the third straight day. Why are Indian stock markets at record high? Budget proposals and the absence of any negative news globally have given another booster dose of optimism to investors. While the Budget proposal to raise foreign direct investment (FDI) limit in insurance from 49 per cent to 74 per cent has led to rise in prices of insurance stocks today, scrappage policy for vehicles is leading to rise in prices of auto stocks as well. Absence of the much-feared COVID cess and any surcharge on Income Tax has also delivered much needed respite to investors. Fearing these taxes, Indian markets closed in red in some days prior to Budget 2021. Sensex had lost over 3,500 points in the six sessions before the Budget. Also, proposal for privatization of 2 nationalized banks has put to rest speculations regarding government going slow on disinvestment process. This coupled with announcement on LIC's IPO gave a message to investors that government's financial priorities are clear. Indian markets are also in line with the rally in major global markets that started at the beginning of this week with major corporate earnings meeting expectations. So the 5 per cent gain in Sensex on the Budget day showed that markets have taken the annual exercise as a reform and growth-orientation Budget, supportive of the right economic policies in the country and will bring economic change in India that came after the 1991 Budget that supported liberalization. Analysts also expect these gains in the markets to continue. However another factor that will impact markets this week will be the central bank RBI's decision on interest rates in its monetary policy meet on February 5.

Budget rejuvenates the bulls, stock markets at record high

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently.

The pandemic is far from over. Budget 2021 was all about health. Not just the health of India's citizens but also the health of its cities, its economy, assets and relationships. Focus number one is health of Indian citizens. India is hiking health spending by 137 per cent. This is a huge boost. Until now, India was one of the most underfunded sectors of Indian economy. It got just 1.3 per cent of GDP in past. The lowest health spending in any major economy. But Budget 2021 comes with a major booster shot. More than 8.5 billion dollars will go towards upgrading India's health infrastructure.

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The money will be spent over six years. Another 4.8 billion will be spent towards India's vaccination drive. It remains unclear if the Indian government wants to pay for vaccinating the entire population. The finance minister has said that the government can increase the funding, if needed.&nbsp;

The other big announcement on health is about insurance. The foreign direct investment cap has been hiked from 49 per cent to 74 per cent. This is not just for health insurance companies.

The hike in FDI cap will help the entire insurance sector. That's about the health of citizens.

What about the health of the economy?

In the finance minister's own words: This is the fourth budget of India that follows a GDP contraction.

The National Statistical Office projects a contraction of 7.7 per cent in the last fiscal, that is 2020-2021. India's growth has shrunk by more than seven per cent. So, the government will have to spend more. And it's showing on the government's balance sheets.

Fiscal deficit, that is, the difference between the government's revenue and spending is pegged at 9.5 per cent. So India spent 9.5 per cent more than it earned. And that can't be good. 9.5 is far more than the target the government had set for itself before the pandemic. For the next year, the government's deficit target is 6.8 per cent of the GDP.

To achieve this, India will try to reduce government schemes. They cost a lot of money. The government is tightening its belt in some areas. Borrowing more to meet the expenses in the short term. While trying to control the deficit in the coming years. A large chuck of the money will be going towards improving the health of India's cities. In other words, infrastructure.

The government has made a major allocation towards infrastructure projects. An effort to kickstart spending and generate more employment through government projects. The government will set up a new development finance institution. It will have a starting capital of 2.7 billion dollars. This will be used to fund large-scale infrastructure projects. Special allocations have been made for Tamil Nadu, Kerala, Assam and West Bengal.

The government will spend thousands of crores in these states, which also happen to be going to polls this year. The spending is mainly on new road infrastructure projects. For the urban centres a separate allocation has been made to tackle air pollution. More than two thousand crores. This will be made available to 42 urban centres in India. To cities with a population of more than one million.

The Centre may feel the need to spend more to revive the economy. Reports say the last stimulus package was less than two per cent of the GDP.

Other G20 countries like Japan, Canada, Australia and the United States have spent more than 10 per cent of their GDP as stimulus to revive their economy.

Clearly, India could do more in this direction. For that, it needs more money

Many of the ailing public sector units will go under the hammer this year. India has set some really ambitious targets. The government wants to raise 23 billion dollars from disinvestment. It wants to put some of the worst-performing public sector units up for sale.

It also wants to revive banks with a cash infusion. Public sector banks will get 200 billion rupees for recapitalization. Two public sector banks and one general insurance company will go private. LIC or the Life Insurance Corporation of India in which the government owns a 100 per cent stake will be listed on the stock exchanges. The plan is bold, the government wants to complete the strategic sale of BPCL, IDBI bank, Air India and others in this financial year itself.

A company will be set up to manage bad debts for banks.

In addition to all this, more than six thousand crores for at least 10 countries have been set aside for financial assistance. The assistance will be given out in the form of grants and loans. Most of the allocations are for the neighbourhood, with the highest allocation going to Bhutan.

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently.

The Wuhan virus forced the world's fastest-growing economy to contract by more than 7 per cent. Can India bounce back from this? It will take a lot for Indian economy to make a comeback like Indian cricket team did against Australia recently. The pandemic is far from over. Budget 2021 was all about health. Not just the health of India's citizens but also the health of its cities, its economy, assets and relationships. Focus number one is health of Indian citizens. India is hiking health spending by 137 per cent. This is a huge boost. Until now, India was one of the most underfunded sectors of Indian economy. It got just 1.3 per cent of GDP in past. The lowest health spending in any major economy. But Budget 2021 comes with a major booster shot. More than 8.5 billion dollars will go towards upgrading India's health infrastructure. The money will be spent over six years. Another 4.8 billion will be spent towards India's vaccination drive. It remains unclear if the Indian government wants to pay for vaccinating the entire population. The finance minister has said that the government can increase the funding, if needed. The other big announcement on health is about insurance. The foreign direct investment cap has been hiked from 49 per cent to 74 per cent. This is not just for health insurance companies. The hike in FDI cap will help the entire insurance sector. That's about the health of citizens. What about the health of the economy? In the finance minister's own words: This is the fourth budget of India that follows a GDP contraction. The National Statistical Office projects a contraction of 7.7 per cent in the last fiscal, that is 2020-2021. India's growth has shrunk by more than seven per cent. So, the government will have to spend more. And it's showing on the government's balance sheets. Fiscal deficit, that is, the difference between the government's revenue and spending is pegged at 9.5 per cent. So India spent 9.5 per cent more than it earned. And that can't be good. 9.5 is far more than the target the government had set for itself before the pandemic. For the next year, the government's deficit target is 6.8 per cent of the GDP. To achieve this, India will try to reduce government schemes. They cost a lot of money. The government is tightening its belt in some areas. Borrowing more to meet the expenses in the short term. While trying to control the deficit in the coming years. A large chuck of the money will be going towards improving the health of India's cities. In other words, infrastructure. The government has made a major allocation towards infrastructure projects. An effort to kickstart spending and generate more employment through government projects. The government will set up a new development finance institution. It will have a starting capital of 2.7 billion dollars. This will be used to fund large-scale infrastructure projects. Special allocations have been made for Tamil Nadu, Kerala, Assam and West Bengal. The government will spend thousands of crores in these states, which also happen to be going to polls this year. The spending is mainly on new road infrastructure projects. For the urban centres a separate allocation has been made to tackle air pollution. More than two thousand crores. This will be made available to 42 urban centres in India. To cities with a population of more than one million. The Centre may feel the need to spend more to revive the economy. Reports say the last stimulus package was less than two per cent of the GDP. Other G20 countries like Japan, Canada, Australia and the United States have spent more than 10 per cent of their GDP as stimulus to revive their economy. Clearly, India could do more in this direction. For that, it needs more money Many of the ailing public sector units will go under the hammer this year. India has set some really ambitious targets. The government wants to raise 23 billion dollars from disinvestment. It wants to put some of the worst-performing public sector units up for sale. It also wants to revive banks with a cash infusion. Public sector banks will get 200 billion rupees for recapitalization. Two public sector banks and one general insurance company will go private. LIC or the Life Insurance Corporation of India in which the government owns a 100 per cent stake will be listed on the stock exchanges. The plan is bold, the government wants to complete the strategic sale of BPCL, IDBI bank, Air India and others in this financial year itself. A company will be set up to manage bad debts for banks. In addition to all this, more than six thousand crores for at least 10 countries have been set aside for financial assistance. The assistance will be given out in the form of grants and loans. Most of the allocations are for the neighbourhood, with the highest allocation going to Bhutan.

Budget 2021 is about building and bouncing back

What does Budget 2021 mean for ordinary Indian? To answer this - we must look at the tax policy. Experts predicted an additional COVID cess to level the government's revenue loss. The salaried class was hoping for a tax cut. In the end, the government did neither. This is not a populist budget. It's a practical budget. &nbsp;

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For citizens all over the world. A budget boils down to one thing, Taxes

How much of your income do you owe the state. In India, analysts were expecting the finance minister to tinker with the Income Tax slabs. But Nirmala Sitharaman resisted the impulse. There were no announcements on the direct tax front much to the disappointment of India's salaried class. A tax cut would have put more money in their pocket.

But with all the uncertainty around, some would argue it was the right decision.

Another negative market expectation -- was the COVID cess.

A progressive surcharge on the Income Tax. It would have meant more money for the government but additional burden on the people. Ultimately - the government decided against it. So for most of India's working class. There wasn't much in the budget. No bitter pill. But no extra relief either. Unless you're past 75 years of age and on your pension in which case - you're now exempt from filing income tax returns.

The bank that pays you the pension will automatically deduct the tax. No COVID surcharge, no new direct taxes.

But there is one change to India's tax regime. An agricultural cess.

It will be levied on everyday items like petrol and alcoholic beverages. But customers won't feel the pinch. Because the additional charge will be offset by a drop in other levies like excise duty.

For instance, an Agri-infra cess of Rs 2.5 has been imposed on petrol. At the same time, the excise duty on it has been slashed by the same amount.

So in effect, the consumer is paying the same. But the payments will go towards infrastructural development targetting agriculture. At an hour and 40 minutes, Nirmala Sitharaman's speech was among the shortest in recent history. One reason is how brief the section on taxation was. The government focussed on improving tax compliance rather than tweaking the policy. It's a conservative approach. But a safe one in the middle of a global crisis.

What does Budget 2021 mean for ordinary Indian? To answer this - we must look at the tax policy. Experts predicted an additional COVID cess to level the government's revenue loss.

What does Budget 2021 mean for ordinary Indian? To answer this - we must look at the tax policy. Experts predicted an additional COVID cess to level the government's revenue loss. The salaried class was hoping for a tax cut. In the end, the government did neither. This is not a populist budget. It's a practical budget. For citizens all over the world. A budget boils down to one thing, Taxes How much of your income do you owe the state. In India, analysts were expecting the finance minister to tinker with the Income Tax slabs. But Nirmala Sitharaman resisted the impulse. There were no announcements on the direct tax front much to the disappointment of India's salaried class. A tax cut would have put more money in their pocket. But with all the uncertainty around, some would argue it was the right decision. Another negative market expectation -- was the COVID cess. A progressive surcharge on the Income Tax. It would have meant more money for the government but additional burden on the people. Ultimately - the government decided against it. So for most of India's working class. There wasn't much in the budget. No bitter pill. But no extra relief either. Unless you're past 75 years of age and on your pension in which case - you're now exempt from filing income tax returns. The bank that pays you the pension will automatically deduct the tax. No COVID surcharge, no new direct taxes. But there is one change to India's tax regime. An agricultural cess. It will be levied on everyday items like petrol and alcoholic beverages. But customers won't feel the pinch. Because the additional charge will be offset by a drop in other levies like excise duty. For instance, an Agri-infra cess of Rs 2.5 has been imposed on petrol. At the same time, the excise duty on it has been slashed by the same amount. So in effect, the consumer is paying the same. But the payments will go towards infrastructural development targetting agriculture. At an hour and 40 minutes, Nirmala Sitharaman's speech was among the shortest in recent history. One reason is how brief the section on taxation was. The government focussed on improving tax compliance rather than tweaking the policy. It's a conservative approach. But a safe one in the middle of a global crisis.

What does Budget 2021 mean for ordinary Indian?

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

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

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

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

Unveiling the Union Budget 2021&nbsp;on Monday aimed at reviving the&nbsp;Indian economy,&nbsp;Finance Minister Nirmala Sitharaman said the government is committed towards the welfare of farmers.

Tabling the budget,&nbsp;<a href="https://www.wionews.com/topics/nirmala-sitharaman">Sitharaman</a>&nbsp;said: "The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities."

She also said that in case of wheat, the amount paid to farmers in 2019-2020 was Rupees 62,802 crore and in 2020-2021 it was further increased to Rupees 75,060 crore.

In her Budget 2021 speech, the finance minister&nbsp;increased agriculture&nbsp;infrastructure&nbsp;fund to Rs 40,000 crore and&nbsp;doubled&nbsp;micro-irrigation&nbsp;corpus to Rs 10,000 crore.

Sitharaman further said 1,000 more mandis will be integrated with the electronic national market and the agriculture infrastructure fund would be made available to APMCs to augment infrastructure facilities.

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.&nbsp;

Agriculture employs about half of India's labour force.&nbsp;Many people are directly or indirectly dependent on farming or activities associated with it.&nbsp;

Indian farmers have been&nbsp;looking forward to the expenditure allocated in the Union Budget 2021 to the rural sector- agriculture and farming.

Earlier, Prime Minister Narendra Modi&nbsp;said on Sunday protesters that stormed New Delhi's Red Fort had caused "insult" to the country, his first public comments on a months-long farmers' agitation that turned violent last week.

Unveiling the Union Budget 2021 on Monday aimed at reviving the Indian economy, Finance Minister Nirmala Sitharaman said the government is committed towards the welfare of farmers.

Unveiling the Union Budget 2021 on Monday aimed at reviving the Indian economy, Finance Minister Nirmala Sitharaman said the government is committed towards the welfare of farmers. Tabling the budget, Sitharaman said: "The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities." She also said that in case of wheat, the amount paid to farmers in 2019-2020 was Rupees 62,802 crore and in 2020-2021 it was further increased to Rupees 75,060 crore. In her Budget 2021 speech, the finance minister increased agriculture infrastructure fund to Rs 40,000 crore and doubled micro-irrigation corpus to Rs 10,000 crore. Sitharaman further said 1,000 more mandis will be integrated with the electronic national market and the agriculture infrastructure fund would be made available to APMCs to augment infrastructure facilities. 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. Agriculture employs about half of India's labour force. Many people are directly or indirectly dependent on farming or activities associated with it. Indian farmers have been looking forward to the expenditure allocated in the Union Budget 2021 to the rural sector- agriculture and farming. Earlier, Prime Minister Narendra Modi said on Sunday protesters that stormed New Delhi's Red Fort had caused "insult" to the country, his first public comments on a months-long farmers' agitation that turned violent last week.

Union Budget 2021: Government committed to welfare of farmers, says Finance Minister Nirmala Sitharaman

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

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

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

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

India's finance ministe<a href="https://www.wionews.com/topics/nirmala-sitharaman">r Nirmala Sitharaman</a> 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.&nbsp;

Sitharaman said the <a href="https://www.wionews.com/topics/budget">Budget</a> 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.

<h2>Key highlights of Nirmala Sitharaman's health plan in Union Budget 2021:</h2>

<ul>
	<li>The finance minister announced Aatmanirbhar health yojana with an outlay of Rs 64,180 crore.</li>
</ul>

<ul>
	<li>The fund to commit more funds to the health sector as needed.</li>
</ul>

<ul>
	<li>Investment on health and welfare has been increased substantially, finance minister said.</li>
</ul>

<ul>
	<li>India's finance minister announced Rs 35,000 crore for COVID-19 <a href="https://www.wionews.com/business-economy/union-budget-2021-two-more-vaccines-expected-soon-says-nirmala-sitharaman-360542">vaccines </a>has been provided with further funds to be provided if needed.</li>
</ul>

<ul>
	<li>The urban Swachh Bharat Mission 2.0 will be rolled out with an outlay of Rs 1,48,000 crore over 5 years.</li>
</ul>

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. Key highlights of Nirmala Sitharaman's health plan in Union Budget 2021: The finance minister announced Aatmanirbhar health yojana with an outlay of Rs 64,180 crore. The fund to commit more funds to the health sector as needed. Investment on health and welfare has been increased substantially, finance minister said. India's finance minister announced Rs 35,000 crore for COVID-19 vaccines has been provided with further funds to be provided if needed. The urban Swachh Bharat Mission 2.0 will be rolled out with an outlay of Rs 1,48,000 crore over 5 years.

Union Budget 2021: Nirmala Sitharaman announces Rs 35,000 crore for COVID-19 vaccines in health plan

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. 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

Finance Minister Nirmala Sitharaman is all set to present Union Budget 2021-22 in Parliament on Monday, at a time when India is recovering from the COVID-19 crisis.

The presentation of the <a href="https://www.wionews.com/topics/budget">Union Budget&nbsp;</a>will&nbsp;begin with a speech by&nbsp;finance minister scheduled to take place at around 11 am.

Ahead of her third Budget presentation, the <a href="https://www.wionews.com/topics/nirmala-sitharaman">Finance Minister</a> and her team will meet President Ram Nath Kovind and will likely be accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry.

The Union Cabinet will hold a meeting at 10:15 am before the presentation. Usually, the duration of the presentation ranges from 90 to 120 minutes. This year, the Union Budget will be delivered in paperless form for the first time.

The first part of the<a href="https://www.wionews.com/topics/budget"> Budget Session</a> 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.

Parliamentary Affairs Minister Pralhad Joshi said on Saturday that the budget session will take up 38 legislative items.

Finance Minister had launched the "Union Budget Mobile App" for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience, according to the Finance Ministry.

The App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill as prescribed by the Constitution.

In her speech, Sitharaman is likely to announce measures including a hike in infrastructure spending and tax cuts to boost the pandemic-hit economy when she presents the annual budget later on Monday, while deferring debt cut plans.

Nirmala Sitharaman is likely to increase spending by more than 15 per cent&nbsp;year-on-year in 2021-22 with an emphasis on infrastructure and healthcare, say senior officials and advisers involved in budget preparation.

The economy is projected to contract 7.7&nbsp;per cent&nbsp;in the current fiscal year. However in its annual report on the economy to parliament on Friday the government forecast 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.

Prime Minister Narendra Modi has said the budget will be in continuation of government efforts to revive sectors impacted by pandemic, which has hit all economic activities and led to millions of job losses mainly in small businesses.

The government is likely to hike import duties on a number of high-end goods in a bid to raise more than 210 billion rupees in revenue, government sources said.

New Delhi is likely to rely heavily on privatisation of state-run firms and sales of minority stakes in large companies such as Life Insurance Corp to fund its expenditure programme.

It could aim to raise 2.5-3 trillion rupees from stake- sales in 2021-22, after raising just about 180 billion rupees in the current year, well short of its 2.1 trillion rupees target, government sources say.

Ahead of the Union Budget, Sitharaman tabled the Economic Survey tabled in Parliament on Friday.&nbsp;

The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.

In the quarter ending June 2020, the GDP contracted by 23.9 per cent followed by a milder contraction of 7.5 per cent in the quarter ended September 2020.

Finance Minister Nirmala Sitharaman is all set to present Union Budget 2021-22 in Parliament on Monday, at a time when India is recovering from the COVID-19 crisis.

Finance Minister Nirmala Sitharaman is all set to present Union Budget 2021-22 in Parliament on Monday, at a time when India is recovering from the COVID-19 crisis. The presentation of the Union Budget will begin with a speech by finance minister scheduled to take place at around 11 am. Ahead of her third Budget presentation, the Finance Minister and her team will meet President Ram Nath Kovind and will likely be accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry. The Union Cabinet will hold a meeting at 10:15 am before the presentation. Usually, the duration of the presentation ranges from 90 to 120 minutes. This year, the Union Budget will be delivered in paperless form for the first time. 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. Parliamentary Affairs Minister Pralhad Joshi said on Saturday that the budget session will take up 38 legislative items. Finance Minister had launched the "Union Budget Mobile App" for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience, according to the Finance Ministry. The App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill as prescribed by the Constitution. In her speech, Sitharaman is likely to announce measures including a hike in infrastructure spending and tax cuts to boost the pandemic-hit economy when she presents the annual budget later on Monday, while deferring debt cut plans. Nirmala Sitharaman is likely to increase spending by more than 15 per cent year-on-year in 2021-22 with an emphasis on infrastructure and healthcare, say senior officials and advisers involved in budget preparation. The economy is projected to contract 7.7 per cent in the current fiscal year. However in its annual report on the economy to parliament on Friday the government forecast 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. Prime Minister Narendra Modi has said the budget will be in continuation of government efforts to revive sectors impacted by pandemic, which has hit all economic activities and led to millions of job losses mainly in small businesses. The government is likely to hike import duties on a number of high-end goods in a bid to raise more than 210 billion rupees in revenue, government sources said. New Delhi is likely to rely heavily on privatisation of state-run firms and sales of minority stakes in large companies such as Life Insurance Corp to fund its expenditure programme. It could aim to raise 2.5-3 trillion rupees from stake- sales in 2021-22, after raising just about 180 billion rupees in the current year, well short of its 2.1 trillion rupees target, government sources say. Ahead of the Union Budget, Sitharaman tabled the Economic Survey tabled in Parliament on Friday. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31. In the quarter ending June 2020, the GDP contracted by 23.9 per cent followed by a milder contraction of 7.5 per cent in the quarter ended September 2020.

Finance Minister Sitharaman to present Union Budget 2021 today; all you need to know

Amid the pandemic, India's finance minister Nirmala Sitharaman on Monday emerged from the finance ministry with a tablet instead of a "bahi khata"&nbsp;which was presented&nbsp;last year as India's <a href="https://www.wionews.com/photos/nine-landmark-budgets-and-their-impact-on-republic-of-india-194050">Budget</a> goes paperless.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-fm-nirmala-sitharaman-to-present-union-budget-2021-today-360503/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The tablet was placed in a red coloured cover with a golden coloured national emblem. MoS finance Anurag Thakur and other officials accompanied <a href="https://www.wionews.com/topics/nirmala-sitharaman">Nirmala Sitharaman</a> as she ditched the traditional leather suitcase.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Follow:&nbsp;LIVE Union Budget 2021-&nbsp;Union Cabinet meet to start</a>

India's finance minister said that Modi government is not a "suitcase-carrying government" while taking a dig at the previous governments.

The decision to go paperless was taken by the government in view of the coronavirus pandemic. Sitharaman had earlier launched to the "Union Budget Mobile App" with the <a href="https://www.wionews.com/business-economy/union-budget-2021-sensex-surges-over-360-points-in-early-trade-ahead-of-sitharamans-budget-360511">Budget</a> going online this year.

The Union Budget copies will be disseminated electronically this year with documents being uploaded on the government website including the government apps.

India's finance minister met President Kovind, she is set to&nbsp;meet the Union cabinet before presenting the Budget at 11am in Parliament today.

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.

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. Watch: The tablet was placed in a red coloured cover with a golden coloured national emblem. MoS finance Anurag Thakur and other officials accompanied Nirmala Sitharaman as she ditched the traditional leather suitcase. Follow: LIVE Union Budget 2021- Union Cabinet meet to start India's finance minister said that Modi government is not a "suitcase-carrying government" while taking a dig at the previous governments. The decision to go paperless was taken by the government in view of the coronavirus pandemic. Sitharaman had earlier launched to the "Union Budget Mobile App" with the Budget going online this year. The Union Budget copies will be disseminated electronically this year with documents being uploaded on the government website including the government apps. India's finance minister met President Kovind, she is set to meet the Union cabinet before presenting the Budget at 11am in Parliament today.

Union Budget 2021: Tablet replaces 'bahi khata' in Sitharaman's paperless 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

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech.

The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains. Even though the schemes announced will indirectly benefit the manufacturing sector there are no "dedicated" promises to this effect. No distinct policies that could help India-based organisations establish a strong foothold in global markets were part of the annual budget.

The pandemic has made it amply clear that supply chains cannot be dominated by one particular country. The world's leading economies are rethinking their business strategies and are looking at other nations for sourcing.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/highest-in-15-years-govt-allocates-rs-478-lakh-crore-to-the-defence-budget-for-2021-22-360658" hreflang="en">Highest in 15 years: Govt allocates Rs 4,78 lakh crore to the defence budget for 2021-22</a>

India has an exclusive opportunity to emerge as the preferred destination for them. But besides the announcement of seven mega textile parks to boost exports and attract investments, not much has been promised on making Indian manufacturing globally competitive.

There is also no mention of how foreign companies will be encouraged to move to India. The FDI limit in the insurance sector has been hiked from 49 per cent to 74 per cent. Because several multinational companies are moving out of China owing to the US-China trade war and the COVID-19 pandemic.

More than 40 per cent Japanese companies are looking to shift their base from China. Additionally, more than 1,000 American companies have already shut operations in China. They include assembly partners to giant players in the field of electronics and tech. The budget does not lay out any clear plan on how India intends to tap into this opportunity.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-what-got-cheaper-what-is-now-costlier-360666" hreflang="en">Union Budget 2021: What got cheaper, what is now costlier</a> 
 
The hospitality and tourism sectors, which were the worst hit sectors due to the pandemic were absent altogether from budget announcements. This is despite the fact that in 2019, the travel and tourism sectors contributed nearly 194 billion dollars or 6.8 per cent of India's GDP. 
 
Contrary to what budget experts suggested, there are no major tax changes - The income tax slabs remain the same, and only some incremental changes have been announced with small benefits for home-buyers and senior citizens.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-how-will-it-affect-petrol-and-diesel-prices-360695" hreflang="en">Union Budget 2021: How will it affect petrol and diesel prices</a>

And until now, interest earned on the provident fund was exempted from income tax. But budget 2021 changes that! If your provident fund or PF contribution is 2.5 lakh rupees and above, you will no longer be able to seek tax exemption on the interest earned starting the next financial year.

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech. The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains.

India's Finance Minister Nirmala Sitharaman unveiled the annual budget on February 1. We tell you what was missing from her speech. The manufacturing industry was expecting more incentives including more support for the expansion of distribution and diversification of supply chains. Even though the schemes announced will indirectly benefit the manufacturing sector there are no "dedicated" promises to this effect. No distinct policies that could help India-based organisations establish a strong foothold in global markets were part of the annual budget. The pandemic has made it amply clear that supply chains cannot be dominated by one particular country. The world's leading economies are rethinking their business strategies and are looking at other nations for sourcing. Also read: Highest in 15 years: Govt allocates Rs 4,78 lakh crore to the defence budget for 2021-22 India has an exclusive opportunity to emerge as the preferred destination for them. But besides the announcement of seven mega textile parks to boost exports and attract investments, not much has been promised on making Indian manufacturing globally competitive. There is also no mention of how foreign companies will be encouraged to move to India. The FDI limit in the insurance sector has been hiked from 49 per cent to 74 per cent. Because several multinational companies are moving out of China owing to the US-China trade war and the COVID-19 pandemic. More than 40 per cent Japanese companies are looking to shift their base from China. Additionally, more than 1,000 American companies have already shut operations in China. They include assembly partners to giant players in the field of electronics and tech. The budget does not lay out any clear plan on how India intends to tap into this opportunity. Also read: Union Budget 2021: What got cheaper, what is now costlier The hospitality and tourism sectors, which were the worst hit sectors due to the pandemic were absent altogether from budget announcements. This is despite the fact that in 2019, the travel and tourism sectors contributed nearly 194 billion dollars or 6.8 per cent of India's GDP. Contrary to what budget experts suggested, there are no major tax changes - The income tax slabs remain the same, and only some incremental changes have been announced with small benefits for home-buyers and senior citizens. Also read: Union Budget 2021: How will it affect petrol and diesel prices And until now, interest earned on the provident fund was exempted from income tax. But budget 2021 changes that! If your provident fund or PF contribution is 2.5 lakh rupees and above, you will no longer be able to seek tax exemption on the interest earned starting the next financial year.

Missed opportunities from India's 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 

The Finance Minister Nirmala Sitharaman’s announcement to increase the Foreign Direct Investment (FDI) limit for the insurance sector is a welcome move.

Budget 2021: Increase in FDI limit in insurance sector a welcome move

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