India budget live: Finance minister to present budget shortly

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:

9:57am

India now has one of the lowest Covid-19 death rates of 112 per million population and one of the lowest active cases of about 130 per million. This has laid the foundation for the economic revival we see today: Finance Minister Nirmala Sitharaman in Parliament

10am

Capital expenditure of Rs 5.5 trillion proposed for 2021-22

9:55am

FM lists six pillars for economic revival

Budget proposals rest on 6 pillars, including health and well-being; physical and financial capital: FM

Six pillar of this budget:

1. Health & Wellbeing

2. Physical and financial

3. Inclusive development for aspiration

4. Reinvigoration of Healthcare centres and setting up of new ones

5. Strengthening Research and Development

6. Minimum govt and maximum governance

The Budget proposals for 2021-12 rest on six pillars —health & well-being, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & R&D, Minimum Govt & Maximum Governance: FM Nirmala Sitharaman pic.twitter.com/Rno0iMc8JR

— ANI (@ANI) February 1, 2021

9:50am

“India now has one of the lowest Covid-19 death rates of 112 per million population and one of the lowest active cases of about 130 per million. This has laid the foundation for the economic revival we see today,” Indian Finance Minister Nirmala Sitharaman said.

#IndiaBudget2021 live: “The total impact of Atmanirbhar Bharat and measures by RBI was Rs 27.1 trillion, which amounts to 30% of GDP,” @nsitharaman said.

Live blog: https://t.co/WJtVYYKbGN#UnionBudget2021 #Budget2021 #BudgetWithKT #BudgetSession

— Khaleej Times (@khaleejtimes) February 1, 2021

9:48am

I bow my head in respect to every citizen for endurance shown in facing what was an undeniably a tough year for all our physical and mental well-being: FM Nirmala Sitharaman

9:47am

Free food grain to 800 million people, free cooking gas for 80 million families: FM Nirmala Sitharaman

9:45am

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: FM Nirmala Sitharaman

9:45am

Today India has two vaccines available and has begun safeguarding not only her own citizens against coronavirus but also those of 100 or more countries. It has added comfort to know that 2 ore more vaccines are also expected soon: FM Nirmala Sitharaman

Today India has 2 vaccines available and has begun safeguarding not only her own citizens against #COVID19 but also those of 100 or more countries. It has added comfort to know that 2 ore more vaccines are also expected soon: FM Nirmala Sitharaman#UnionBudget2021 pic.twitter.com/OhhgjDQDKq

— ANI (@ANI) February 1, 2021

9:43am

Indian Finance Minister Nirmala Sitharaman said India could have never imagined the health crisis that was about to unfold when she presented budget for 2020. “The total impact of Atmanirbhar Bharat and measures by RBI was Rs 27.1 trillion, which amounts to 30 per cent of GDP,” Sitharaman said.

9:35am

Nirmala Sitharaman begins Budget presentation

Indian finance minister Nirmala Sitharaman begins speech in Parliament ahead of presenting the Union Budget

9:25am

Rupee opens 8 paisa higher

Indian rupee opened 8 paise higher at 72.87 per dollar against Friday’s close of 72.95, with buying seen in the domestic equity market ahead of Union Budget 2021.

9:15am

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.

#Budget2021 must:

-Support MSMEs, farmers and workers to generate employment.

-Increase Healthcare expenditure to save lives.

-Increase Defence expenditure to safeguard borders.

— Rahul Gandhi (@RahulGandhi) February 1, 2021

9:05am

Lok Sabha Speaker Om Birla arrives at the Parliament.

Delhi: Lok Sabha Speaker Om Birla arrives at the Parliament.#UnionBudget 2021-22 will be presented in the House today. pic.twitter.com/77UE35nGTY

— ANI (@ANI) February 1, 2021

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.

PM @narendramodi, arrives at Parliament @FinMinIndia @PIB_India @airnewsalerts pic.twitter.com/K9F186PgHT

— DD News (@DDNewslive) February 1, 2021

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

#WATCH Delhi: Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament. #Budget2021 pic.twitter.com/7j3ippMsPm

— ANI (@ANI) February 1, 2021

8:30am

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

Delhi: Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur arrive at the Parliament. #Budget2021 pic.twitter.com/40RhaoNMUm

— ANI (@ANI) February 1, 2021

8:27am

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

Delhi: Union Home Minister Amit Shah and Union Health Minister Dr Harsh Vardhan arrive at the Parliament. #UnionBudget2021 pic.twitter.com/l4qT25i0As

— ANI (@ANI) February 1, 2021

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.

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 #UnionBudget 2021-22.

(Pic Source: Rashtrapati Bhavan Twitter account) pic.twitter.com/O7OLovBSqa

— ANI (@ANI) February 1, 2021

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.

Delhi: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the #UnionBudget 2021-22 in the Parliament today. pic.twitter.com/rtS3izUHcm

— ANI (@ANI) February 1, 2021

FM @nsitharaman arrives at Ministry of Finance #Budget2021 @FinMinIndia @PIB_India @airnewsalerts pic.twitter.com/9KdiP9GfGi

— DD News (@DDNewslive) February 1, 2021

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.

Delhi: MoS Finance and Corporate Affairs Anurag Thakur arrives at the Ministry of Finance.

Finance Minister Nirmala Sitharaman will present the #UnionBudget2021 in the Parliament today. pic.twitter.com/BCseZKsJez

— ANI (@ANI) February 1, 2021

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.