Union Budget 2021 Live: FM Nirmala Sitharaman proposes plans to spare NRIs from double taxation

February 01, 2021 | Updated 5:22 pm

Union Budget 2021 Live: FM Nirmala Sitharaman proposes plans to spare NRIs from double taxation

Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on Monday (February 1), during a time when the entire nation is still recovering from the coronavirus crisis.

The Budget presentation began with a speech from the FM, which was scheduled to take place at around 11 am.

The Economic Survey presented by the Finance Minister Nirmala Sitharaman on Friday indicated the economic health of the country in the last year. As per the Survey, COVID pandemic affected both demand and supply. The Union budget is likely to propose structural reforms to revive the supply and demand of the Indian economy.

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  • BJP Party president JP Nadda also spoke on the topic Budget and said, “Budget 2021 has been presented in an unprecedented situation. It is inclusive and is dedicated to the welfare of all people of India”.
  • “Today’s Budget shows India’s confidence and will instil self-confidence in the world. The Budget has the vision of self-reliance and features every section of the society,” PM Narendra Modi

  • Speaking about the Budget 2021-22, Prime Minister Narendra Modi said, “Union Budget 2021-22 has been presented amid unprecedented circumstances”.
  • Customs duty on cotton and silk increased to 10% and 15%, respectively.
  • The Government will also borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure.
  • “Customs duty on copper scrap cut to 2.5 per cent. Customs duty on some auto parts to be raised to 15 per cent,” FM Sitharaman said.
  • “To further reduce litigation for small taxpayers I propose to constitute a dispute resolution committee which will be faceless to ensure efficiency, transparency. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible to approach committee,” Sitharaman.
  • FM proposes new schemes for foreign investors to invest in the infrastructure projects of India.
  • Centre proposes to introduce National Nursing and Midwifery Commission Bill.
  • FM proposes plans for deep ocean mission with outlay of more than Rs 4,000 crore over the next five years.
  • “In the 75th year of Independence of our country, we shall reduce compliance burden on senior citizens. For senior citizens, who only have pension and interest income, I propose exemption of filing of income tax returns,” says Sitharaman.
  • 1,000 more mandis will be set up with electronic national market and a Central university to be built in Leh.
  • “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. To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building or construction workers among others. It’ll help formulate skill, health, housing, insurance credit &food schemes for migrant workers,” Nirmala Sitharaman.
  • Rs 1,500 crore earmarked for promoting digital mode of payment: FM announces.
  • India’s very first unmanned space mission to be launched in December 2021, announces Nirmala Sitharaman.
  • To celebrated Goa’s Liberation from Portuguese rule, Rs 300 crore has been allotted to the Government of Goa.
  • Fiscal deficit estimated at 9.5% of GDP for 2020-21, says FM. Meanwhile for 2021-22, the fiscal deficit is estimated at 6.8% of GDP.
  • The National Education Policy gets a positive response as FM says “over 15,000 schools to be qualitatively strengthened under National Education Policy”.
  • While proposes increase in agriculture credit target, FM says: “The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities. Total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21.”
  • FM Nirmala Sitharaman puts forward scheme of Rs 18,000 crore to augment public transport in urban areas.
  • Cooking gas provided for free under the LPG scheme ‘Ujjwala’ to be extended to 1 crore more beneficiaries.
  • Nirmala Sitharaman says the central government is “committed” to welfare of farmers.
  • “MSP has gone through a sea of changes. Over Rs 75,000 crore paid to wheat farmers in 2020-21, 43.36 lakh benefited from this,” FM says.
  • Sitharaman announces government’s plans to disinvestment in companies to be completed in 2021-22, which includes: BPCL, Air India, Pawan Hans, IDBI Bank, Container Corporation of India.
  • Centre schemes to sell part of its holding in Life Insurance Corporation of India (LIC) through public offering this year.
  • Further infusion of Rs 20,000 crore for public sector banks has been announced by FM Sitharaman.
  • FM announces to hike the FDI limit in Insurance from 49% to 74%. Sitharaman also announces Bad Bank, which comes after years of debate.
  • Nirmala Sitharaman announces Jammu and Kashmir to get a new gas pipeline project.
  • An outlay of Rs 3.05 lakh crore has been announced for the power sector. More than 100 cities, in the next 3 years, will also be added to the gas distribution network.
  • Centre to provide funding for Kochi Metro, Chennai Metro, Bengaluru Metro, Nagpur Metro and Nashik Metro projects, announces FM Nirmala Sitharaman.
  • Central government to provide Rs 18,000 crore for public buses.
  • “Rs 1.10 lakh crore outlay for railways, of which Rs 1.7 lakh crore is for capital expenditure,” FM.
  • Proposed highway works by Nirmala Sitharaman:

Tamil Nadu – 3,500 km corridor, West Bengal – 675 km road work at a cost of Rs 95,000 crore, Assam – 1,300 km road work in 3 years.

  • “For 2022, I propose a sharp increase in capital expenditure at 5.54 lakh crore, from Rs 4.39 lakh crore in 2021. More economic corridors being planned to boost road infrastructure,” FM said.
  • Nirmala Sitharaman reveals Rs 95,000 crore will be spent for developing roads in West Bengal.
  • FM also revealed plans to table a bill on DFI essentially to uplift long-term finance for infrastructure sectors.
  • 217 projects worth over INR 1 lakh crore completed under National Infrastructure Pipeline, says Sitharaman.
  • FM Sitharaman announces voluntary scrapping policy, while speaking about vehicles. A fitness test after 20 years for personal vehicles will be needed, while commercial vehicles will need to do it after every 15 years.
  • Centre plans to launch Mission Poshan 2.0 and Jal Jeevan Mission Urban, says Sitharaman. “The Urban Swachh Bharat scheme will be implemented with an outlay of over Rs 1.4 lakh crore,” she said.
  • Speaking about Swacch bharat and swasth bharat, FM said: “Intend to focus on reduction of single use plastic, air pollution and segregation of waste”.
  • Sitharaman announces PM Health Yojana.
  •  Nirmala Sitharaman announces PM Aatmanirbhar Swastha Bharat scheme with outlay of Rs 64,180 crore.
  • “The Government stretched its resources for the benefit of the poorest of the poor. The PM Garib Kalyan Yojana, the three Aatma Nirbhar Bharat packages and subsequent announcements were like five mini-budgets in themselves,” Sitharaman.
  • While speaking about the coronavirus vaccines, FM said: “India has 2 vaccines available and has begun safeguarding not only her own citizens against COVID-19 but also those of 100 or more countries. It has added comfort to know that 2 ore more vaccines are also expected soon.”
  • Sithraman says that back in May 2020, the Centre announced the Atmanirbhar Bharat package, to sustain the recovery further we also rolled out two more Atmanirbhar packages. Total financial impact of all packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores.
  • “The preparation of this Budget was undertaken in circumstances like never before, in view of calamities that have affected a country or a region within a country. But what we have endured with COVID-19 to 2020 is Sui generis,” Sitharaman.
  • Finance Minister presents Union Budget 2021-22.

  • Union Cabinet has approved the Union Budget 2021-22, which will be presented by Finance Minister Nirmala Sitharaman from 11 am onwards.
  • Union Home Minister Amit Shah and Health Minister Dr Harsh Vardhan have arrived before the start of Monday’s much-anticipated Budget speech.

  • Lok Sabha speaker Om Birla also pictured arrived at the Parliament ahead of the Union Budget speech.

  • Union Cabinet’s meeting is currently underway ahead of the presentation of the Union Budget for 2021-22 by Finance Minister at Parliament on Monday.
  • Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur have arrived at Parliament ahead of the Budget session.

  • Anurag Thakur has asserted that the Union Budget 2021-22 will be in accordance with people’s expectations.

“The Budget will be in accordance with people’s expectations. Sabka Saath, Sabka Vikas, Sabka Vishwas is the agenda of the Modi government. The government which functions on the mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’ gave a new direction to India by announcing the Aatmanirbhar package, protecting it from the pandemic and bringing the economy back on track swiftly,” he told ANI.

  • FM Nirmala Sitharaman and MoS Finance Anurag Thakur left from the Ministry of Finance. This is also the first time ever that the Budget will be paperless due to COVID-19 reasons. It will be available for all as a soft copy, online.

  • Anurag Thakur, MoS Finance and Corporate Affairs, also arrived at the Ministry of Finance.

  • Finance Minister Nirmala Sitharaman has arrived at the Ministry of Finance. She will be presenting the Union Budget 2021-22 in Parliament today.

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