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Union Budget Speech Live Commentary on SMEStreet

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At 12:50 pm:  Finance Minister Nirmala Sitharaman concluded Union Budget speech.

At 1245 pm: Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc, says Finance Minister. Rationalising customs duties on gold and silver, says FM in Budget for 2021-22.

Customs duty on cotton increased to 10%, silk to 15% this measure is taken in order to promote the MSMEs in the Textiles Industry.

Customs duty on solar lanterns cut to 5%.

At 12:40 Pm: FM Sitharaman proposed tax exemption for aircraft leasing companies and tax exemption for notified affordable housing for migrant workers.

Rs 1.5 lakh deduction on payment of interest for affordable housing extended by 1 yr

Real Estate Announcements

At 12:35 pm: Govt proposes to extend exemption available for the purchase of affordable houses & to provide tax exemption for affordable rental housing projects.

Finance Minister allocates Rs 3,726 crore for forthcoming India’s first Digital Census.

At 12:28 pm: In the 75th year of Independence of our country, the Union Budget 2021 proposed to reduce the compliance burden on senior citizens. For senior citizens who only have a pension and interest income.

Fiscal Deficit at 9.5% of GDP

At 12:22 pm:  FY21 gross expenditure seen at Rs 34.5 lakh crore. FY21 capital expenditure seen at Rs 4.39 lakh crore.

FY22 fiscal deficit target at 6.8% of GDP. FY22 gross expenditure seen at Rs 34.83 lakh crore

FY22 capital expenditure seen at 5.54 lakh crore.

Market borrowing in FY22 seen at 12 lakh crore

MSME Allocation Doubled this Year from Previous Year

At 12:15 pm: Government to set aside Rs 15,700 crore in FY22. The Union Budget 2021 also proposes to reduce margin money requirement from 25% to 15% for startups.

Disinvestment Target

At 12:12 pm: FM puts disinvestment receipts at Rs 1.75 lakh cr for the fiscal year beginning April 1, 2021. Two PSBs and one general insurance company to be divested, legislations amendments to be introduced in this session.

At 12:10 Pm: National Education Policy got a good reception, FM said. “Over 15,000 schools to be qualitatively strengthened under National Education Policy.”

At 12:03 pm: FM announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost gas-based economy

Scheme for promoting flagging of merchant ships in India will be launched by providing subsidy support

At 12:00 Pm: FM announces Rs 18,000 cr scheme to augment public transport in urban areas.

At 11:59 am: The government has announced the extension of benefits of the Ujjawala scheme to an additional 1 crore people

Govt’s Commitment to Farmers

Government is committed to welfare of farmers, says FM amid protests from opposition leaders. “”MSP has gone through a sea change. Over Rs 75,000 crore paid to wheat farmers in 2020-21, 43.36 lakh benefited from this” she adds.

Companies Act, 2013 Amendment Proposed

At 11:53 Am: The Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.

At 11:52 am: The Union Budget announces further infusion of Rs 20,000 crore for public sector banks.At 11:51 am: FM Sitharaman’s announced addition of 100 cities to the City Gas Distribution network .

Government to support the development of a world-class fintech hub at GIFT, investor charter to be introduced.

Insurance Act Amendment

At 11:45am: The new norms for the Insurance sector to allow higher FDI. An increase of FDI Investment up to 74% from the existing 49%.

Govt allows foreign ownership in insurance with safeguards.

At 11:43 am: For 2021-22, FM Sitharaman proposed a sharp increase in Capital Expenditure & thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21.

Highway Infrastructure Development

At 11:35 am: The Budget proposed to build 8,500-km of highways by March 2022. 3,500 km corridor in Tamil Nadu, 1,100 km in Kerala at an investment of Rs 65,000 cr. 675 km in West Bengal at a cost of Rs 95,000 cr and 1,300 km in Assam in the next 3 years.

New Development Financial Institution

At 11:32 am: India will introduce bill to set up a New Development Financial Institution. New DFI aims to have a lending portfolio of Rs 5 lakh crore in 3 years

At 11:30 Am: FY21 capital expenditure seen at Rs 4.39 lakh crore. Rs 44,000 crore under capital expenditure to be given to the Department of Economic Affairs in FY22

At 11:30 Am: Over and above this, Rs 2 lakh crore will be provided to states and autonomous bodies to nudge their expenditure.

At 11:29 am: Government of India will provide Rs 35,000 crore for Covid-19 vaccination in 2021-22; committed to providing more funds.

Six Pillars of Union Budget 2021

At 11:26 am: Union Budget 2021 proposals rest on six pillars. These are Health and Well-Being, Physical and Financial capital and infrastructure, Human Capital, Innovation and R&D, and Minimum Government, and Maximum Governance for Inclusive Development for Aspirational India.Jal

At 11:26 AM: Jeevan Mission will be launched across all urban local bodies. Rs 2.87 lakh cr outlay for Jal Jeevan Mission over 5 years.

At 11:25 AM: 217 projects worth over Rs 1 lakh crore completed under National Infrastructure Pipeline.

At 11:21 Am: Union Budget 2021 allocated over Rs 2.33 lakh crore for the health sector informs Union Finance Minister Nirmala Sitharaman.

At 11:19 Am: Scrapping Policy will be introduced with a vision to create environmental protection. 20 years for personal Vehicle and 15 years for a commercial vehicle.

At 11:09 Am: Union Finance Minister Nirmala Sitharaman in her Budget 2021 speech says that Government of India is presenting the vision of Atmanirbhar Bharat.

For the first time, The Union Budget of India is completely digital. No more endless paper prints! Nirmala Sitharaman comments.

At 11:07 Am: Perform & excel must be the key mantra while the fight with COVID is going to continue in 2021.

At 11:06 Am: FM recognized the new MSME Definition as the top reform for the nation’s economic growth.

At 11:05 Am: Ma’am Finance Minister recognized the impact of PMGKP scheme and AatamaNirbhar Bharat Packages and measures taken by RBI to control the impact of Pandemic.

At 11:00 AM: FM Sitharaman started the Budget Speech

At 10:57 am: FM Sitharaman reached the Parliament and preparing for the Budget Presentation

At 10:55 am: Finance Minister is going to start the Union Budget Speech from the central hall of Parliament.

 

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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