India budget live: Cabinet meeting begins ahead of the presentation – News

February 1, 2021 0 By boss

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abinet meeting begins. FM to use tablet to present budget in parliament.

A Union Cabinet meeting is underway ahead of the presentation of Budget 2021-22 by Finance Minister Nirmala Sitharaman at the Parliament on Monday.

Sitharaman and her team met President Ram Nath Kovind before presenting her third budget on Monday. She was accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry.

With the Union Budget 2021-22 set to be delivered in paperless form for the first time, Sitharaman replaced the Swadeshi ‘bahi khata’ and switched to a tablet.

For the first time ever, the Budget will be paperless this year due to Cover. It will be available for all as a soft copy, online.

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Here are the live updates from the Indian Union Budget 2021:

9:55am

Cabinet approves the Budget 2021-22

Union Cabinet approves the Union Budget 2021-22 that will be presented by Finance Minister Nirmala Sitharaman in the Parliament.


9:15am

Budget must support farmers: Rahul Gandhi

“Budget 2021 must support MSMEs, farmers and workers to generate employment. Increase Healthcare expenditure to save lives. Increase Defence expenditure to safeguard borders,” the Congress leader has tweeted.


9:05am

Lok Sabha Speaker Om Birla arrives at the Parliament.


9:05am

Prime Minister Narendra Modi arrives at Parliament

Prime Minister Narendra Modi has reached the Parliament for a scheduled Cabinet Meeting that precedes the Budget Presentation.


8:52am

Union Cabinet’s meeting begins ahead of the presentation of Union Budget 2021-22 by Finance Minister Nirmala Sitharaman at the Parliament today.


8:35am

Visuals from the Parliament


8:30am

Finance Minister Nirmala Sitharaman and MoS Finance and Corporate Affairs Anurag Thakur arrive at the Parliament.


8:27am

Union Home Minister Amit Shah and Union Health Minister Dr Harsh Vardhan arrive at the Parliament.


8:25am

Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22.



8:12am

Indian shares rise ahead of budget

Indian shares rose on Monday ahead of the federal budget where Finance Minister Nirmala Sitharaman is expected to unveil several measures to bolster the economy following the impact of the Covid-19 pandemic.

The NSE Nifty 50 index rose 0.78 per cent to 13,741 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.84 per cent at 46,673.82.

The blue-chip stock indexes rocketed to record highs earlier in 2021 as India started a huge vaccination drive and as corporates reported encouraging earnings, but in the days leading up to the budget they have fallen for six straight sessions up to Friday.

ICICI Bank Ltd rose as much as 4.1 per cent after reporting a jump in quarterly profit on Saturday. Investors are also awaiting monthly sales numbers from automakers on Monday.

7:30am

Nirmala Sitharaman arrives at finance ministry

Union Finance Minister Nirmala Sitharaman on Monday morning reached the Ministry of Finance in the North Block, ahead of presenting the Union Budget 2021-22 in the Parliament.


Budget will be in accordance with people’s expectations: Anurag Thakur

Union Minister of State for Finance Anurag Thakur has asserted that the budget 2021-22 will be in accordance with people’s expectations and added that the government is working towards a self-reliant India and making its economy grow.

“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,” Thakur told ANI.

“I have full confidence the budget will fulfill the aspirations of the people. We will continue to make efforts to make India self-reliant and make our economy grow,” he added.

Thakur also offered prayers at his residence, ahead of the presentation of the Union Budget 2021-22 in the Parliament.


7:2am

Budget will be delivered in paperless form for the first time.

The Budget presentation will begin with a speech from Finance Minister scheduled to take place at around 11 am (India time). The duration of the budget speech usually ranges from 90 to 120 minutes.

This year, the Union Budget will be delivered in paperless form for the first time.

Finance Minister had launched the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience, according to the Finance Ministry.


7am

After pandemic disruption, time to focus on demand side of economy

Ahead of the Budget, Sitharaman tabled the Economic Survey tabled in Parliament on Friday. The Indian economy can contract by 7.7 per cent in the current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the survey.

The contraction in FY21 is mainly due to the coronavirus pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it.

The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country’s GDP to contract by 7.5 per cent in the year ending March 31.

In the quarter ending June 2020, the GDP contracted by 23.9 per cent followed by a milder contraction of 7.5 per cent in the quarter ended September 2020.

The first part of the Budget Session is scheduled to continue till February 15 while the second part of the session will be held from March 8 to April 8. Rajya Sabha will function from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour.

Parliamentary Affairs Minister Pralhad Joshi said on Saturday that the budget session will take up 38 legislative items.


Tax Cut Hopes

Corporations and industry chambers expect the finance minister to unveil some tax relief measures for pandemic-hit sectors such as real estate, aviation, tourism and autos.

And analysts say the government would also have to consider providing tax relief to small businesses and consumers.

But, with India’s fiscal deficit for the current financial year ending in March likely rising to more than 7 per cent of gross domestic product – double the government’s initial estimate of 3.5 per cent – analysts believe this may be quite challenging.




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