On being asked to BBC former senior journalist Andrew Whitehead over gigantic allocation to healthcare sector in this budget, he says 'It's a good and important step, but we have to remember two things; firstly it would be India's spending over healthcare that is still very low as compared to many nations with 10% of their GDP, Secondly, allocation of 35,000 crores to Covid vaccine could be a radical turning point as far as India's health sector is concerned'.

Budget 2021: Rs 35,000 crore allotted for Covid-19 vaccines

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

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

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

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

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

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

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

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

'Odisha’s Paradip and four other port cities in the country will be developed as fishing harbours and fish landing centres', announces Finance Minister Nirmala Sitharman in union budget 2021.

Budget 2021: 5 fishing ports to be developed into special economic hubs

Dr. Harsh Vardhan lauded the Union Budget 2021 that included a ‘remarkable’ 137% increase for health and wellbeing sector.

Budget 2021: Healthcare sector sees highest ever allocation, increased by 137%

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

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

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

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

Finance Minister Nirmala Sitharaman announced a tax filing waiver for senior citizens during the tabling of Union Budget 2021 in the Lok Sabha.

Budget 2021: No ITR filing for senior citizens aged 75 years and above earning only pension

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

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

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

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

Prime Minister Narendra Modi today commended the Union Budget, saying even as it was presented amid unprecedented circumstances

'Focus on this budget was on transparency', says PM Modi in post budget address

Union Finance Minister Nirmala Sitharaman on Monday allocated Rs 4.78 lakh crores for the defence ministry. The total amount includes capital expenditure worth Rs 1.35 lakh crore.

This amount has been termed as the highest ever increase in capital outlay for defence in 15 years.&nbsp;

Defence Minister Rajnath Singh thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to Rs 4.78 lakh crore for the financial year 2021-22.

"I especially thank Prime Minister Narendra Modi and Finance Minister for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 per cent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," Rajnath Singh said.

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I specially thank PM&amp; FM for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 percent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15yrs
— Rajnath Singh (@rajnathsingh) <a href="https://twitter.com/rajnathsingh/status/1356158522249990145?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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In the 2021-22 Union Budget, Ministry of Defence has been allocated Rs 4,78,195.62 crore. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year's Rs 3.37 lakh crore.&nbsp;

Modernisation fund for the armed forces has gone up from Rs 1,13,734 last year to Rs 1,35,060 crore for the financial year 2021-22.&nbsp;

In the last year's budget, defence forces were provided Rs 20,776 crore additional funds under the capital budget meant for modernisation of armed forces. In 2020-21, the three defence forces were also given emergency procurement powers because of the situation along the China border.&nbsp;

This comes as Finance Minister Nirmala Sitharaman on Monday announced that the fiscal deficit for FY21 has been pegged at 9.5 per cent of the GDP and will come down to 6.8 per cent in FY22.&nbsp;

The fiscal deficit will reach below 4.5 per cent by FY26, she said while presenting the Union Budget 2021-22.&nbsp;

Sitharaman said while gross expenditure is seen at Rs 34.5 lakh crore, the capital expenditure is expected to be Rs 4.39 lakh crore in FY21.&nbsp;

The government will approach the market for additional Rs 80,000 crore to fund the FY21 fiscal deficit, said the Finance Minister. She said the FY22 gross expenditure is seen at Rs 34.83 lakh crore and capital expenditure at 5.54 lakh crore.

(With inputs from agencies)

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

Union Finance Minister Nirmala Sitharaman on Monday allocated Rs 4.78 lakh crores for the defence ministry. The total amount includes capital expenditure worth Rs 1.35 lakh crore. This amount has been termed as the highest ever increase in capital outlay for defence in 15 years. Defence Minister Rajnath Singh thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to Rs 4.78 lakh crore for the financial year 2021-22. "I especially thank Prime Minister Narendra Modi and Finance Minister for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 per cent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," Rajnath Singh said. I specially thank PM& FM for increasing the defence budget to 4.78 lakh cr for FY21-22 which includes capital expenditure worth Rs 1.35 lakh crore. It is nearly19 percent increase in Defence capital expenditure. This is highest ever increase in capital outlay for defence in 15yrs — Rajnath Singh (@rajnathsingh) February 1, 2021 × In the 2021-22 Union Budget, Ministry of Defence has been allocated Rs 4,78,195.62 crore. Excluding pensions, it is pegged at Rs 3.62 lakh crore from last year's Rs 3.37 lakh crore. Modernisation fund for the armed forces has gone up from Rs 1,13,734 last year to Rs 1,35,060 crore for the financial year 2021-22. In the last year's budget, defence forces were provided Rs 20,776 crore additional funds under the capital budget meant for modernisation of armed forces. In 2020-21, the three defence forces were also given emergency procurement powers because of the situation along the China border. This comes as Finance Minister Nirmala Sitharaman on Monday announced that the fiscal deficit for FY21 has been pegged at 9.5 per cent of the GDP and will come down to 6.8 per cent in FY22. The fiscal deficit will reach below 4.5 per cent by FY26, she said while presenting the Union Budget 2021-22. Sitharaman said while gross expenditure is seen at Rs 34.5 lakh crore, the capital expenditure is expected to be Rs 4.39 lakh crore in FY21. The government will approach the market for additional Rs 80,000 crore to fund the FY21 fiscal deficit, said the Finance Minister. She said the FY22 gross expenditure is seen at Rs 34.83 lakh crore and capital expenditure at 5.54 lakh crore. (With inputs from agencies)

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

Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021-22 that aims to shore up the Indian economy post coronavirus pandemic. In this video, discuss major hits and misses from the Union Budget 2021.

Major hits and misses from the Union Budget 2021

Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021-22 that aims to shore up the Indian economy post coronavirus pandemic.

Key highlights and takeaways from the Union Budget 2021

Finance Minister Nirmala Sitharaman on Monday unveiled India's budget for 2021-22 with focus on regaining momentum in the aftermath of COVID-19 pandemic.

The proposals in the budget are signified by six facets - health and well being, physical and financial capital and infrastructure, inclusive development for the reinvigoration of human capital, innovation (research and development), minimum government and maximum governance.

After the budget was unveiled, reactions poured in from all over the country. Take a look

Prime Minister Narendra Modi reacted to the budget, calling it "One of rare Budget speeches that elicited so many positive reactions from experts within 1-1.5 hours: PM", as quoted by Press Trust of India.

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India's Prime Minister <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> in an address to the nation said the <a href="https://twitter.com/hashtag/Budget?src=hash&amp;ref_src=twsrc%5Etfw">#Budget</a> was presented amid unprecedented circumstances<a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a> <a href="https://t.co/w1ecZCdPz4">https://t.co/w1ecZCdPz4</a>
— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1356178969058394114?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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&nbsp;

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This was one of rare Budget speeches that elicited so many positive reactions from experts within 1-1.5 hours: PM
— Press Trust of India (@PTI_News) <a href="https://twitter.com/PTI_News/status/1356182925952249859?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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The Chief Minister of Uttar Pradesh - Yogi Adityanath expressed his take on the budget in Hindi, and wrote the following - "Undoubtedly, this budget will prove to meet the financial expectations of all Indians".

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कोरोना के कारण जब वैश्विक अर्थव्यवस्था संकट का सामना कर रही है, उस संक्रमण काल में ऐतिहासिक, व्यावहारिक और विकासोन्मुखी बजट के लिए माननीय वित्तमंत्री श्रीमती <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> जी का हार्दिक अभिनंदन। 
निःसंदेह यह बजट समस्त भारतीयों की वित्तीय अपेक्षाओं को पूर्ण करने वाला साबित होगा।
— Yogi Adityanath (@myogiadityanath) <a href="https://twitter.com/myogiadityanath/status/1356146154698919936?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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NITI Aayog's CEO, Amitabh Kant was quoted as saying the following by news agency ANI - "Superb Budget. It'll not only accelerate us in pre-COVID period recovery stage but also provide a direction for 3-4 yrs. Govt focussed on infrastructure &amp; asset monetisation this time... Shows Govt's thinking that it's essential to involve the private sector in long run".

Adar Poonawalla, the CEO and owner of Serum Institute of India praised the budget, especially in terms of healthcare and vaccines. Read below

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Great <a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a> announcements, <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> Ji, especially on healthcare and vaccines; this is the best investment any country can make. A healthier India is a more productive India.
— Adar Poonawalla (@adarpoonawalla) <a href="https://twitter.com/adarpoonawalla/status/1356166804465324034?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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India's Health Minister Harsh Vardhan also lauded the budget on Twitter. "The increase in the budget for the health sector will definitely strengthen health services", he wrote. Take a look

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<a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a> में स्वास्थ्य क्षेत्र पर विशेष फोकस रखने के लिए PM श्री <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> जी व वित्त मंत्री श्रीमती <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> जी का आभार। यह <a href="https://twitter.com/hashtag/AatmanirbharBharatKaBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AatmanirbharBharatKaBudget</a> है। स्वास्थ्य क्षेत्र के लिए बजट में की गयी वृद्धि से निश्चित रूप से स्वास्थ्य सेवाएं और सुदृढ़ होंगी।<a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://t.co/bJNxFwDpBA">https://t.co/bJNxFwDpBA</a>
— Dr Harsh Vardhan (@drharshvardhan) <a href="https://twitter.com/drharshvardhan/status/1356169756106125317?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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On the other hand, politicians from opposition parties were not so optimistic. Derek O'Brien had this to say:

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India’s first paperless budget is also a 100% visionless budget.Theme of the fake budget is Sell India! 
 
Railways:sold 
Airports:sold 
Ports: sold 
Insurance: sold 
PSUs:23 sold! 
 
Common people ignored. Farmers ignored. 
 
Rich get richer,nothing for middle class,poor get poorer (1/3)
— Derek O'Brien | ডেরেক ও'ব্রায়েন (@derekobrienmp) <a href="https://twitter.com/derekobrienmp/status/1356149047094964226?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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Shashi Tharoor from the Indian National Congress had this to say:&nbsp;

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This BJP government reminds me of the garage mechanic who told his client, “I couldn’t fix your brakes, so I made your horn louder.” <a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a>
— Shashi Tharoor (@ShashiTharoor) <a href="https://twitter.com/ShashiTharoor/status/1356142111976898561?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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&nbsp;

Finance Minister Nirmala Sitharaman on Monday unveiled India's budget for 2021-22 with focus on regaining momentum in the aftermath of COVID-19 pandemic. The proposals in the budget are signified by six facets - health and well being, physical and financial capital and infrastructure, inclusive development for the reinvigoration of human capital, innovation (research and development), minimum government and maximum governance.

Finance Minister Nirmala Sitharaman on Monday unveiled India's budget for 2021-22 with focus on regaining momentum in the aftermath of COVID-19 pandemic. The proposals in the budget are signified by six facets - health and well being, physical and financial capital and infrastructure, inclusive development for the reinvigoration of human capital, innovation (research and development), minimum government and maximum governance. After the budget was unveiled, reactions poured in from all over the country. Take a look Prime Minister Narendra Modi reacted to the budget, calling it "One of rare Budget speeches that elicited so many positive reactions from experts within 1-1.5 hours: PM", as quoted by Press Trust of India. India's Prime Minister @narendramodi in an address to the nation said the #Budget was presented amid unprecedented circumstances#Budget2021 https://t.co/w1ecZCdPz4 — WION (@WIONews) February 1, 2021 × This was one of rare Budget speeches that elicited so many positive reactions from experts within 1-1.5 hours: PM — Press Trust of India (@PTI_News) February 1, 2021 × The Chief Minister of Uttar Pradesh - Yogi Adityanath expressed his take on the budget in Hindi, and wrote the following - "Undoubtedly, this budget will prove to meet the financial expectations of all Indians". कोरोना के कारण जब वैश्विक अर्थव्यवस्था संकट का सामना कर रही है, उस संक्रमण काल में ऐतिहासिक, व्यावहारिक और विकासोन्मुखी बजट के लिए माननीय वित्तमंत्री श्रीमती @nsitharaman जी का हार्दिक अभिनंदन। निःसंदेह यह बजट समस्त भारतीयों की वित्तीय अपेक्षाओं को पूर्ण करने वाला साबित होगा। — Yogi Adityanath (@myogiadityanath) February 1, 2021 × NITI Aayog's CEO, Amitabh Kant was quoted as saying the following by news agency ANI - "Superb Budget. It'll not only accelerate us in pre-COVID period recovery stage but also provide a direction for 3-4 yrs. Govt focussed on infrastructure & asset monetisation this time... Shows Govt's thinking that it's essential to involve the private sector in long run". Adar Poonawalla, the CEO and owner of Serum Institute of India praised the budget, especially in terms of healthcare and vaccines. Read below Great #Budget2021 announcements, @nsitharaman Ji, especially on healthcare and vaccines; this is the best investment any country can make. A healthier India is a more productive India. — Adar Poonawalla (@adarpoonawalla) February 1, 2021 × India's Health Minister Harsh Vardhan also lauded the budget on Twitter. "The increase in the budget for the health sector will definitely strengthen health services", he wrote. Take a look #Budget2021 में स्वास्थ्य क्षेत्र पर विशेष फोकस रखने के लिए PM श्री @narendramodi जी व वित्त मंत्री श्रीमती @nsitharaman जी का आभार। यह #AatmanirbharBharatKaBudget है। स्वास्थ्य क्षेत्र के लिए बजट में की गयी वृद्धि से निश्चित रूप से स्वास्थ्य सेवाएं और सुदृढ़ होंगी।@PMOIndia https://t.co/bJNxFwDpBA — Dr Harsh Vardhan (@drharshvardhan) February 1, 2021 × On the other hand, politicians from opposition parties were not so optimistic. Derek O'Brien had this to say: India’s first paperless budget is also a 100% visionless budget.Theme of the fake budget is Sell India! Railways:sold Airports:sold Ports: sold Insurance: sold PSUs:23 sold! Common people ignored. Farmers ignored. Rich get richer,nothing for middle class,poor get poorer (1/3) — Derek O'Brien | ডেরেক ও'ব্রায়েন (@derekobrienmp) February 1, 2021 × Shashi Tharoor from the Indian National Congress had this to say: This BJP government reminds me of the garage mechanic who told his client, “I couldn’t fix your brakes, so I made your horn louder.” #Budget2021 — Shashi Tharoor (@ShashiTharoor) February 1, 2021 ×

Reactions pour in after India unveils Budget 2021

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

Indian Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021, that aims to shore up an economy badly-hit by the novel coronavirus pandemic. The budget proposals rested on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital, innovation and R&D, minimum government and maximum governance.

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

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

After presenting the Union Budget 2021, India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-tablet-replaces-bahi-khata-in-sitharamans-paperless-budget-360520">Sitharaman </a>said disinvestment will continue with Life Insurance Corporation(LIC)&nbsp;to launch an<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578"> IPO</a> this year.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-finance-minister-seven-port-projects-worth-more-than-rs-2000-crore-to-be-offered-360613/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Nirmala Sitharaman asserted that disinvestment will continue.

"We see the future where the government DFIs will be competing with the private DFIs," Sitharaman said during the post-Budget press conference.

"Equally important are the reforms that we are bringing in the financial sector. We have made some progressive steps in the financial sector," India's <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">finance minister</a> asserted.

"If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges and ports," Sitharaman said, adding,"the Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure."

"As a second feature, I looked at the healthcare sector and even there, capacities for better health management had to be brought in due to what we had gone through last year," India's finance minister said.

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

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

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

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the <a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Budget</a> was presented amid unprecedented circumstances.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/fm-sitharaman-announces-budget-for-minimum-government-maximum-governance-360622/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The Budget taps into India's unexplored potential, PM Modi said, adding," the focus of this<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606"> Budget</a> was on transparency."

"Budget 2021 enhances India's self-confidence and will instill confidence in the world," PM Modi said in his post-Budget speech while asserting that it will boost job creation.

<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578">Also Read:&nbsp;LIC IPO in 2021-22; FDI in insurance increased</a>

"Budget has the vision of self-reliance and features every section of the society," he said.

"Budget will bring several positive changes for individuals, investors, industry and infrastructure sector," the prime minister added.

The Indian PM said it is a "pro-active Budget" that boost to wealth as well as wellness and which contains the vision of "self-reliance" and "inclusiveness".

<a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Follow:&nbsp;Blog - Personal tax untouched; healthcare, infrastructure in focus</a>

"Budget aims to widen new opportunities for growth, new openings for youth and a new high for&nbsp;human resources," the Indian PM added.

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

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

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

The BSE <a href="https://www.wionews.com/business-economy/union-budget-2021-sensex-surges-over-900-points-as-sitharaman-presents-budget-360511">Sensex</a> surged over 2,200&nbsp;points to trade at&nbsp;48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Follow: Live Updates - Senior citizens exempted from filing ITR</a>

Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&amp;M and SBI.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech.

The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget.

The Nifty up 114.85 points at 13,749.45 in early trade.

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

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

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

Finance Minister Nirmala Sitharaman on Monday&nbsp;unveiled <a href="https://www.wionews.com/topics/budget">Union Budget 2021-22</a>&nbsp;that aims to shore up the Indian economy post coronavirus pandemic.

The Union Budget 2021-22 proposals rest on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital, innovation and R&amp;D, minimum government and maximum governance.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-key-highlights-of-physical-financial-capital-and-infrastructure-reforms-introduced-360565" hreflang="en">Union Budget 2021: Key highlights of physical, financial capital and infrastructure reforms introduced</a>

The 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.

However, after a steep drop in the first two quarters, the Indian economy is seen to be recovering with positive GDP growth in the last two quarters.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-fm-sitharaman-8500-km-of-highway-projects-to-be-awarded-in-march-2022-360604/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

These are the highlights from Sitharaman's fiscal 2021-22 budget speech:

Deficit

* 2020/21 fiscal deficit seen at 9.5 per cent&nbsp;of GDP

* 2021/22 fiscal deficit seen at 6.8&nbsp;per cent&nbsp;of GDP

* 2025/26 fiscal deficit target set at 4.5&nbsp;per cent&nbsp;of GDP

Expenditure

* 2020/21 revised expenditure 4.39 trillion rupees ($60.14 billion)

* 2020/21 capital expenditure estimated at 5.54 trillion rupees ($75.90 billion)

* 2021/22 gross expenditure seen at 34.83 trillion rupees ($477.16 billion) in 2021/22

* To provide more than 2 trillion rupees ($27.40 billion)for states and autonomous bodies

Borrowing

*&nbsp;India&nbsp;says will need 800 billion rupees ($10.96 billion) in next two months from bond market

* 2021/22 gross market borrowing seen at 12 trillion rupees ($164.40 billion)

Healthcare

*&nbsp;India&nbsp;to allocate 2.2 trillion rupees ($30.20 billion) for healthcare in 2021/22

* Sitharaman says expect two or more COVID-19 vaccines soon

*&nbsp;India&nbsp;to launch new federal health scheme with outlay of around 641 billion rupees ($8.80 billion) over the next six years

* To allocate 350 billion rupees ($4.81 billion) for COVID-19 vaccines, and allocate more funds if needed.

Finance

*&nbsp;India&nbsp;to introduce bill for development financial institution with capital of 200 billion rupees ($2.74 billion)

* To infuse 200 billion rupees ($2.74 billion) for recapitalization of state-run banks in FY2022

*&nbsp;India&nbsp;to consolidate certain SEBI regulations for Securities Market Code

* To relax FDI cap for insurance sector to 74 per cent&nbsp;from 49&nbsp;per cent

* Set up asset reconstruction company to take over toxic assets

* To cut money market requirement to 15&nbsp;per cent&nbsp;from 25&nbsp;per cent

* To allocate 15 billion rupees ($205.50 million) for scheme to incentivise use of digital payments

*&nbsp;India&nbsp;to incentivise incorporation of one-person companies

Taxation

* Proposes exemption to senior citizens for filing income tax returns

* Proposes changes in personal income taxes for non-resident&nbsp;Indian

* To set up dispute resolution panel for small taxpayers

Divestment

*&nbsp;India&nbsp;sets 2021/22 divestment target at 1.75 trillion rupees ($23.97 billion)

*&nbsp;India&nbsp;to divest two public sector banks and one general insurance company

*&nbsp;India&nbsp;to launch IPO of Life Insurance Corporation

*&nbsp;India&nbsp;to announce policy for privatisation of state-run companies

* To create new list of companies for divestment

*&nbsp;India&nbsp;to introduce new mechanism for privatisation of loss-running state-run companies

* To monetise surplus lands of public sector entities

Infrastructure

* To allocate 2.87 trillion rupees ($39.40 billion) for clean water supplies over the next five years

* To allocate 3 trillion rupees ($41.10 billion) for power sector for next five years

* To provide 10 billion rupees ($137.01 million)to Solar Energy Corporation of&nbsp;India

* Sitharaman says will move to end power distribution company monopolies

* To double ship recycling capacity by 2024

*&nbsp;India&nbsp;to monetise infrastructure assets

Transport

* Allocates 1.18 trillion rupees ($16.17 billion) for ministry of roads and highways

* Allocates 1.1 trillion rupees ($15.07 billion) for railways

* Railways to monetise freight corridors

*&nbsp;India&nbsp;to launch new vehicle scrapping policy

* Proposes tax holiday for aircraft leasing firms in&nbsp;India

Agriculture

*&nbsp;India&nbsp;allocates an estimated 1.7 trillion rupees ($23.29 billion) for paddy procurement

* Hikes enhanced agriculture credit target to 16.5 trillion&nbsp;indian rupees ($226.05 billion) in 2020/21

* To include loans for activities in allied sectors in agriculture

* To discontinue small savings fund loans to Food Corporation of&nbsp;India

Labour

* To launch database for gig economy, building and construction workers

* Social security benefits to be extended to gig economy workers

Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021-22 that aims to shore up the Indian economy post coronavirus pandemic. The Union Budget 2021-22 proposals rest on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital, innovation and R&D, minimum government and maximum governance.

Finance Minister Nirmala Sitharaman on Monday unveiled Union Budget 2021-22 that aims to shore up the Indian economy post coronavirus pandemic. The Union Budget 2021-22 proposals rest on six pillars: Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India reinvigorating human capital, innovation and R&D, minimum government and maximum governance. Also read: Union Budget 2021: Key highlights of physical, financial capital and infrastructure reforms introduced The 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. However, after a steep drop in the first two quarters, the Indian economy is seen to be recovering with positive GDP growth in the last two quarters. These are the highlights from Sitharaman's fiscal 2021-22 budget speech: Deficit * 2020/21 fiscal deficit seen at 9.5 per cent of GDP * 2021/22 fiscal deficit seen at 6.8 per cent of GDP * 2025/26 fiscal deficit target set at 4.5 per cent of GDP Expenditure * 2020/21 revised expenditure 4.39 trillion rupees ($60.14 billion) * 2020/21 capital expenditure estimated at 5.54 trillion rupees ($75.90 billion) * 2021/22 gross expenditure seen at 34.83 trillion rupees ($477.16 billion) in 2021/22 * To provide more than 2 trillion rupees ($27.40 billion)for states and autonomous bodies Borrowing * India says will need 800 billion rupees ($10.96 billion) in next two months from bond market * 2021/22 gross market borrowing seen at 12 trillion rupees ($164.40 billion) Healthcare * India to allocate 2.2 trillion rupees ($30.20 billion) for healthcare in 2021/22 * Sitharaman says expect two or more COVID-19 vaccines soon * India to launch new federal health scheme with outlay of around 641 billion rupees ($8.80 billion) over the next six years * To allocate 350 billion rupees ($4.81 billion) for COVID-19 vaccines, and allocate more funds if needed. Finance * India to introduce bill for development financial institution with capital of 200 billion rupees ($2.74 billion) * To infuse 200 billion rupees ($2.74 billion) for recapitalization of state-run banks in FY2022 * India to consolidate certain SEBI regulations for Securities Market Code * To relax FDI cap for insurance sector to 74 per cent from 49 per cent * Set up asset reconstruction company to take over toxic assets * To cut money market requirement to 15 per cent from 25 per cent * To allocate 15 billion rupees ($205.50 million) for scheme to incentivise use of digital payments * India to incentivise incorporation of one-person companies Taxation * Proposes exemption to senior citizens for filing income tax returns * Proposes changes in personal income taxes for non-resident Indian * To set up dispute resolution panel for small taxpayers Divestment * India sets 2021/22 divestment target at 1.75 trillion rupees ($23.97 billion) * India to divest two public sector banks and one general insurance company * India to launch IPO of Life Insurance Corporation * India to announce policy for privatisation of state-run companies * To create new list of companies for divestment * India to introduce new mechanism for privatisation of loss-running state-run companies * To monetise surplus lands of public sector entities Infrastructure * To allocate 2.87 trillion rupees ($39.40 billion) for clean water supplies over the next five years * To allocate 3 trillion rupees ($41.10 billion) for power sector for next five years * To provide 10 billion rupees ($137.01 million)to Solar Energy Corporation of India * Sitharaman says will move to end power distribution company monopolies * To double ship recycling capacity by 2024 * India to monetise infrastructure assets Transport * Allocates 1.18 trillion rupees ($16.17 billion) for ministry of roads and highways * Allocates 1.1 trillion rupees ($15.07 billion) for railways * Railways to monetise freight corridors * India to launch new vehicle scrapping policy * Proposes tax holiday for aircraft leasing firms in India Agriculture * India allocates an estimated 1.7 trillion rupees ($23.29 billion) for paddy procurement * Hikes enhanced agriculture credit target to 16.5 trillion indian rupees ($226.05 billion) in 2020/21 * To include loans for activities in allied sectors in agriculture * To discontinue small savings fund loans to Food Corporation of India Labour * To launch database for gig economy, building and construction workers * Social security benefits to be extended to gig economy workers

Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget

Finance minister Nirmala Sitharaman while presenting the Union <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Budget</a> 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods.&nbsp;

Watch:

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The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil.

&nbsp;"Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-announces-first-digital-census-central-university-in-leh-360591">Sitharaman</a> said during the Budget speech.

Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat.

Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the <a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559">Budget</a>.

The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

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

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

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

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

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

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

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

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure.&nbsp;

Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech. The budget outlay for 2021-22 on health is ₹2,34,846 crore as against ₹94,452 crores last year. 
 
<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Union Budget 2021: As it happened</a> 
 
“Progressively as institutions absorb more, we will invest more taking a holistic approach to health. We focus on strengthening three areas — preventive, curative, and well being,” said Sitharaman in Parliament.

She announced mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. 
 
<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget</a>

While no changes were made to the personal income tax, senior citizens were offered benefit. Under the proposal, those above the age of 75 will no longer have to file I-T returns. The FM said that income tax return forms have been further simplified.

<a href="https://www.wionews.com/business-economy/union-budget-2021-senior-citizens-above-the-age-of-75-years-exempted-from-filing-income-tax-returns-360596">Also read: Senior citizens above the age of 75 years exempted from filing income tax returns</a>

Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax.&nbsp;

Delivering her budget statement to parliament, Finance Minister Nirmala Sitharam projected a fiscal deficit of 6.8% of gross domestic product for 2021/22. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.

India, which has the world`s second-highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy.&nbsp;

Sitharaman said the foreign direct investment (FDI) cap for the insurance sector would be increased to 74% from the current 49%.

She also allocated 200 billion rupees ($2.74 billion) to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth.

India`s benchmark 10-year bond yield rose sharply to 6.03% from the day`s low of 5.93% on the fiscal projections.

To bridge some of the deficit, the government plans to raise 1.75 trillion Indian rupees from selling its stake in the state-run companies and banks including IDBI bank, an insurance company and oil companies.

The pandemic ruined the divestment plans for the current fiscal with only 180 billion rupees raised so far from the sales.

(With inputs from agencies)

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

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

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

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

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

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

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

After being praised by Indian Prime Minister Narendra Modi during 'Mann Ki Baat', the Indian cricket team was lauded by Finance Minister Nirmala Sitharaman during the <a href="https://www.wionews.com/topics/budget">Budget 2021 </a>speech on Monday.&nbsp;

Heaping praise on the Indian cricket team and its performance in the recently concluded Border-Gavaskar Trophy in Australia, <a href="https://www.wionews.com/topics/nirmala-sitharaman">Nirmala Sitharaman</a> said that that Team India's performance Down Under reminded everyone of human qualities, particularly youth, and their will to succeed. &nbsp;

<h2>Team India's win in Australia epitomise abundant promise: Finance Minister Nirmala Sitharaman</h2>

"I can't help but recall the joy that we as a cricket-loving nation felt after the team India's recent spectacular success in Australia. &nbsp;

"It has reminded us of all the qualities that we as people, particularly our youth, epitomise having abundant promise and the unsuppressed first to perform and to succeed," Nirmala Sitharaman said.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/teams-hard-work-was-inspiring-pm-narendra-modi-praises-team-india-for-historic-win-in-australia-360414">PM Narendra Modi praises Team India for historic win in Australia</a>

While India started the series with a devastating defeat in Adelaide, the visitors, in the absence of some of their biggest stars, bounced back to win the Melbourne Test, draw the Sydney Test and defy all the odds to win the Gabba Test as they scripted history by winning two Test series on the bounce on Australian soil.&nbsp;

Before lauding the Indian team, Sitharaman also recalled Rabindranath Tagore's words: "Faith is the bird that feels the light and sings when the dawn is still dark."&nbsp;

Presenting one of the most-awaited Budget, Sitharaman announced ₹2,83,846 lakh crore for health and wellness sector which also includes ₹35,000 crore for Covid-19 vaccines.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-two-more-vaccines-expected-soon-says-nirmala-sitharaman-360542">Union Budget 2021: Two more vaccines expected soon, says Nirmala Sitharaman</a>

With COVID-19 pandemic bringing down country's GDP growth to a mere 4 per cent, the Union Budget 2021 proposals rest on six pillars: Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&amp;D, Minimum Govt., Maximum Governance&nbsp;

After being praised by Indian Prime Minister Narendra Modi during 'Mann Ki Baat', the Indian cricket team was lauded by Finance Minister Nirmala Sitharaman during the Budget 2021 speech on Monday.

After being praised by Indian Prime Minister Narendra Modi during 'Mann Ki Baat', the Indian cricket team was lauded by Finance Minister Nirmala Sitharaman during the Budget 2021 speech on Monday. Heaping praise on the Indian cricket team and its performance in the recently concluded Border-Gavaskar Trophy in Australia, Nirmala Sitharaman said that that Team India's performance Down Under reminded everyone of human qualities, particularly youth, and their will to succeed. Team India's win in Australia epitomise abundant promise: Finance Minister Nirmala Sitharaman "I can't help but recall the joy that we as a cricket-loving nation felt after the team India's recent spectacular success in Australia. "It has reminded us of all the qualities that we as people, particularly our youth, epitomise having abundant promise and the unsuppressed first to perform and to succeed," Nirmala Sitharaman said. ALSO READ: PM Narendra Modi praises Team India for historic win in Australia While India started the series with a devastating defeat in Adelaide, the visitors, in the absence of some of their biggest stars, bounced back to win the Melbourne Test, draw the Sydney Test and defy all the odds to win the Gabba Test as they scripted history by winning two Test series on the bounce on Australian soil. Before lauding the Indian team, Sitharaman also recalled Rabindranath Tagore's words: "Faith is the bird that feels the light and sings when the dawn is still dark." Presenting one of the most-awaited Budget, Sitharaman announced ₹2,83,846 lakh crore for health and wellness sector which also includes ₹35,000 crore for Covid-19 vaccines. ALSO READ: Union Budget 2021: Two more vaccines expected soon, says Nirmala Sitharaman With COVID-19 pandemic bringing down country's GDP growth to a mere 4 per cent, the Union Budget 2021 proposals rest on six pillars: Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, Minimum Govt., Maximum Governance

Union Budget 2021: Nirmala Sitharaman recalls Team India's historic Gabba win in Australia

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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