Explained: Why Nirmala Sitharaman’s Atmanirbhar budget stands out
Finance Minister Nirmala Sitharaman had set out to present the Union Budget 2021 in the backdrop of a one-in-a-century health and economic crisis. Experts explain if she was successful in delivering her promise of a budget like never before
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Finance Minister Nirmala Sitharaman. (Photo: Reuters)
Although it may not look appealing to many at first glance due to the missing income tax relief, the finance minister s budget proposals are aimed at eliminating India’s long-term growth hurdles, in the backdrop of the devastation caused by the Covid-19 pandemic.
The fact that Nirmala Sitharaman kept the expenditure plan for the next fiscal simple and prioritised spending in key areas made her budget stand out from past budgets presented by her.
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Investors richer by over Rs 6.34 lakh crore as markets give big shout-out to Budget 2021
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as unprecedented against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61.
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During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
Why Sensex surged over 2,300 points on Budget day? Explained in 10 points
Sensex surged over 2,000 points
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Indian stock markets surged today with Sensex surging over 2,300 points to 48,600 after the finance minister announced a slew of measures to revive the pandemic-hit economy. The NSE Nifty 50 surged 4.7% to 14,281. This marked the Nifty s best daily performance on a budget day since at least 1996, according to Refinitiv data.
Finance Minister Nirmala Sitharaman proposed a vehicle scrappage policy, recapitalisation of public-sector banks and divestment of some state-owned lenders, aiming to bolster an economy that plunged into its deepest recorded slump amid the virus outbreak.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as unprecedented against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore. Finance Minister Nirmala Sitharaman on Monday proposed more than doubling of healthcare spending while imposing a new agri cess on certain imported goods and raising customs duty on items ranging from cotton to electronics in a bid to pull the economy out of the trough.