2021 Union budget of India

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2021 (2021) Union Budget of India
Emblem of India.svg
Emblem of India
Submitted1 February 2021
Submitted byNirmala Sitharaman
(Minister of Finance)
Submitted toParliament of India
Presented1 February 2021
Passed17 March 2021
Parliament17th (Lok Sabha)
PartyBharatiya Janata Party
Finance ministerNirmala Sitharaman
Total revenue₹19.76 trillion (US$280 billion) Increase(23.4%)
Total expenditures₹34.83 trillion (US$490 billion) Increase(1%)
Tax cutsNone
Deficit6.8%
Websitewww.indiabudget.gov.in
‹ 2020
 ›

The Union Budget of India for 2021-22 was presented by the Minister of Finance Nirmala Sitharaman on the 1st of February, 2021. The budget is the first one to be presented as paperless due to ongoing COVID pandemic.[1]

History[]

The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, presenting a budget is a compulsory task of the government.

Background[]

There was huge speculation that government may increase tax rates to decrease its fiscal deficit so, there was a dip in BSE Sensex after touching the 50,000 marks other than that many economic journals also suggested introducing a new tax on High net worth individuals. The demand in the Indian market was low and the unemployment rate was very high so, the Budget has to Increase both the demand and new jobs.[citation needed]

Announcements[]

Healthcare[]

For healthcare, the allocated budget was increased by 137%, from ₹94,452 crore (US$13 billion) to ₹220,000 crore (US$31 billion). The budget proposes a program and scheme sponsored by Central Government called PM Aatmanirbhar Swasth Bharat Yojana was announced, which would focus on development of healthcare and establishing new institutions that would work in the field of detection and cure from new diseases, including the . Around ₹64,180 crore (US$9.0 billion) would be spent spanning for 6 years in this program.[2][3]

Census[]

Nirmala Sitharaman confirmed in her budget speech that 2021 census will be first ever digital census in India.[4] The Finance Minister allocated ₹ 3,768 crore for carrying out the census in 2021 Union budget of India.[5]

Cooperatives[]

Sitharaman announced special provisions for the strengthening of cooperatives, which was ultimately taken up by setting up the Ministry of Co-operation.[6]

Reception[]

The market welcomed the budget. The BSE Sensex closed with over 5% gain, the highest gain since the "dream budget" of 1997.[7]

References[]

  1. ^ "Union Budget 2021: Date, time, schedule and other details you should know". Business Insider. 1 February 2021. Retrieved 1 February 2021.
  2. ^ "Budget 2021: Nirmala Sitharaman highlights infra, health as two key features". Times of India. 1 February 2021. Retrieved 4 February 2021.
  3. ^ Deshpande, Chaitanya (3 February 2021). "With Rs 200 crore for NIOH, Nagpur set for another national institution". The Times of India. Retrieved 2021-06-04.
  4. ^ "2021 census to go digital".
  5. ^ "Budget 2021: Census to go digital for the first time with Rs 3,768 crore allocation".
  6. ^ Mishra, Himanshu Shekhar (6 July 2021). Pullanoor, Harish (ed.). "New "Ministry Of Cooperation" Created A Day Before PM's Cabinet Reshuffle". NDTV.com.
  7. ^ "Market clocks best Budget Day performance since 1997: Here's a breakdown". cnbctv18.com. Retrieved 2021-02-02.

Further reading[]

PRS Legislative Research: Union Budget 2021-22 Analysis

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