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Union Finance Minister Nirmala Sitharaman is all set to present the Budget 2021 on February 1. This year, February 2 (Friday) will mark the beginning of the Budget Session of the Parliament. Sitharaman will be presenting her third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. Earlier, the Finance Minister has also said that the Union Budget will be one like never before, as the Modi government is looking forward to giving a boost to the ailing Indian economy.
Finance Minister, accompanied by Anurag Singh Thakur(Minister of State for Finance) and several other senior officials of the finance ministry, has already participated in the symbolic 'Halwa Ceremony' on Saturday, January 23. The ceremony marked the beginning of compilation of budget documents. However, this year, the Union Budget 2021-22 will be in a paperless format for the first time.
There are lots of expectations from the budget as the Coronavirus pandemic has slowed down the overall growth of the country, leaving several people unemployed.
The Economic Survey 2020-21 will be presented in the Parliament on Friday, January 29. Finance Minister Sitharaman will be presenting it two days before the Union Budget presentation. Prepared under the guidance of the Chief Economic Advisor (CEA) to the central government, the economic survey provides the details of the financial development of the country during the financial year and hence, helps to lay a road map for the reforms to be adopted.
As the Indian economy recovers from the blow from the COVID pandemic, Union Finance Minister Nirmala Sitharaman will present the annual budget for FY 21-22 at 11 AM on Monday.
Marking a first, the Centre has decided not to print documents related to the Union Budget for the fiscal beginning of April (FY 2021-22). All MPs will get soft copies of the budget and Economic Survey that contains an account of the state of the economy. The Budget documents will be available on the Mobile App - “Union Budget Mobile App” after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February 2021. the App developed by the National Informatics Centre (NIC) under the guidance of the Department of Economic Affairs (DEA) is available both in Hindi and English and will be available on both Android and iOS platforms. The two-part Union Budget session will start from January 29 till February 13 and the second session will take place between 8 March and 8 April.
Amid a series of consultations with various stakeholders, Sitharaman held a pre-Budget meeting with the Finance Ministers of all states on Monday. She has promised a "Budget like never before," hinting that the Centre would take all possible steps to boost the Indian economy. The previous Budget entailed various initiatives such as a streamlined exam for employment, elimination of human interface in tax assessment, tax holidays for start-ups, Taxpayers’ Charter, increasing the insurance on bank deposits besides a focus on skill development, infrastructure and agriculture.
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