Union Budget live updates: Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur meet President Kovind before presenting Budget
This is the day most people get to know if their income tax rates are going to go up or down. Or if cigarettes and mobiles are going to get expensive. Yes, it is Budget Day 2021-22!
Finance Minister Nirmala Sitharaman will present her third Union Budget starting 11 am on Monday, February 1. Given the knock-out punches of the Covid-19 lockdown and other systemic faults dragging the GDP and its growth rate down, many people expect Sitharaman to unleash new measures that will promote greater verve and growth in the Indian economy.
The budget session of Parliament began on Friday with inaugural address by President Ram Nath Kovind. Addressing the joint session of Parliament, President Kovind said all MPs are present here with message and trust that however tough be the challenge neither we nor India will stop. the President’s address was boycotted by several opposition parties demanding the repeal of farm laws.
During his address, President Kovind defended the farm laws that have been a bone of contention between the Centre and farmers for several months now with the latter protesting on Delhi borders against the legislations.
The President said the laws are in favour of farmers and have been brought after much contemplation.
Kovind also condemned the violence that took place during the Republic day tractor rally during which one farmer was killed after his tractor overturned. More than 300 police personnel were injured due to the clashes between the police and the protesters.
The President also hailed efforts taken by the government to control the coronavirus outbreak.
President Kovind said India is running the biggest vaccination drive in the world with two vaccines manufactured in India, which is a big achievement.
Kovind said India is also gifting the vaccines to other countries in this moment of crisis setting a great example of humanity.
Kovind paid tribute to those who have lost their lives during the ongoing pandemic.
Prime Minister Narendra Modi also spoke on the first day of the budget session and emphasised upon the importance of this decade for the country.
The PM said the new decade is very important for the bright future of India.
PM Modi said Finance Minister Nirmala Sitaraman had to present 4-5 mini budgets last year in view of the pandemic and that the upcoming budget will be seen as part of those 4-5 mini budgets.
Later in the day, Finance Minister Nirmala Sitaraman tabled the Economic Survey 2020-21 in Parliament.
The survey was authored by a team headed by Chief Economic Adviser Krishnamurthy V Subramanian and focused on the state of different sectors of the economy amid the pandemic and the reforms need to taken to overcome the challenges.
According to the survey, the economy is on a V shaped recovery and is likely to grow by 11% in 2021-22.
It has also projected a nominal GDP growth of 15.4% in 2021-22. The survey’s projections are in line with the IMF’s latest growth projections, which means India is once again on its way to becoming the world’s fastest growing major economy in 2021-22 and 2022-23.
The survey revealed that the gross tax revenue earned by the government between April and November 2020 fell by 12.6% to Rs 10.26 lakh crore owing to contraction of the economy.
As per the survey, India managed to flatten the curve and preventing 37 lakh infections due to implementation of stringent lockdowns. the survey revealed that the Indian economy was hit during the first half but started to recover in the second half.
Here are the live updates:
Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament.
Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur meet President Ram Nath Kovind
Sitharaman along with MoS Finance Anurag Thakur and senior officials meet President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget.
Ahead of Budget presentation, Sensex surges 401.77 points to 46,687.54 in opening trade; Nifty up 114.85 points at 13,749.45
Finance Minister Nirmala Sitharaman leaves for Parliament to present Union Budget 2021-22
Sitharaman carried a tablet covered in red sleeve with the national emblem embossed on it, replacing the usual Budget briefcase. The Finance Minister has launched the Union Budget Mobile App to enable MPs and people to access Budget documents easily this year. The budget will be paperless for the first time ever, owing to Covid-19 pandemic.
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