Budget stresses on six pillars of Indian economy
By IANS |
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Mon, Feb 1 2021 18:21 IST |
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Post Covid: FY22 Budget to give ample opportunity for economic reset, growth. Image Source: IANS News
New Delhi, Feb 1 : After a Covid hit year, six pillars of health, physical and financial capital and infrastructure, inclusive development, human capital, innovation and minimum government and maximum governance have been identified as the cornerstones to build a new economy in a New India.
Presenting the Union Budget 2021-22 on Monday, Finance Minister Nirmala Sitharaman said that the Budget rests on these six pillars.
There is substantial increase in investment in health infrastructure and the Budget outlay for health and wellbeing is Rs 2.23 lakh crore, as against this year s budget estimates of Rs 94,452 crore, an increase of 137 per cent.
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Budget 2021: Who got what
India s ambitious Budget 2021 had something for everyone. But, infrastructure and healthcare turned out to be the biggest winners. The allocation for the defence sector too wasn t any lesser. In a host of announcements, Union Finance Minister Nirmala Sitharaman sought to pull out the country s economy from a creaking financial system, generate more employment opportunities, and ramp up healthcare by prioritizing vaccination for all. There were quite a few firsts during the presentation of the 2021-22 Union Budget in the Lok Sabha. For the first time, the budget went paperless and members were provided soft copies of the speech and documents. The 110-minute speech was her shortest.
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Finance minister (FM) Nirmala Sitharaman announced that the Union government will launch a unified ‘Single Securities Market Code’ in order to streamline the market. While presenting the Union budget for FY21-22, the FM said that market regulator Securities and Exchange Board of India (SEBI) will be notified as the regulator for a gold exchange. Furhter, the government would create a permanent institutional framework for purchasing investment-grade debt securities.
The unified ‘Securities Market Code’ will include SEBI Act, Govt Securities Act and Depositories Act. All these Acts will be amended for the Code.
The move is aimed at making Indian corporate legal framework simpler, business-friendly and, hopefully, it will help reduce compliance costs. The Securities Market Code is in line with previous discussions on the National Financial Reporting Authority (NFRA). The Code will help in streamlining the multiple laws, ordinances, guidelines and regulations.
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Share Market Highlights: Investors give thumbs up to Budget, Sensex ends 2,314 points higher; Nifty at 14,281
Sensex, Nifty Highlights on Budget day, February 1: Almost all the sectors closed in green territory today, rising in the range of 3-6%, except for pharma index
BusinessToday.In | February 1, 2021 | Updated 16:10 IST
India Stock Market News Highlights Today on union Budget 2021: IndusInd Bank, ICICI Bank, SBI, HDFC Bank were among the top gainers today while HCL Tech, Dr Reddy, Tech Mahindra were among top losers
Sensex, Nifty Highlights on Union Budget 2021:In a historical move, benchmark indices Sensex and Nifty closed 5% higher on Monday, as market participants reacted positively to the announcements by Finance Minister Nirmala Sitharaman in Union Budget 2021. BSE benchmark index S&P Sensex, ended 2,314 points higher at 48,600 and NSE Nifty 50 index gained 646 points to 14,281. This was once in a life time jump seen on Budget day, with Sensex and Nifty rising o
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All three markets – equity, currency and bonds – have given one of the highest post-Budget thumbs up. While this was primarily because of the many changes proposed going forward, it is also because of a host of changes which did not find place in the Budget and would have been dampeners.
It is indeed a carefully thought through and meticulous Budget, envisioning solutions for a number of major issues. It is also aggressive in its approach of funding through one of the highest fiscal deficits and non-tax revenues rather than through increased taxes. The government has followed a consultative approach as a number of suggestions made by various industry forums over time have found acceptance in this Budget.