P Chidambaram Union Budget

MSMEs dismissed in a sentence: allocation of ₹ 15,700 cr. Nothing to be done to revive closed units or to recover millions of lost jobs: P Chidambaram on Union Budget

Special Congress Party briefing by Shri P Chidambaram and Shri RS Surjewala via INC India :

Finance Minister deceived people of India, especially poor, working class, migrants, farmers, industrial units that had been closed down permanently, those who had lost their jobs, both regular & informal & are still looking for jobs

FM deceived those who were listening to her, especially MPs, who had no clue she had imposed cess on a large number of products including petroleum & diesel: ₹2.5 on petrol/ltr, ₹4.00 on diesel/ ltr is a cruel blow to average citizen, including farmers

It was a vengeful act against the thousands of farmers who took out the longest tractor rally in history. It was also a cruel blow to federalism because the states do not get a share of the revenue from cesses

FM in her speech, didn’t mention Defence, as if Chinese had vacated occupied Indian territory. She didn’t mention that Defence expenditure in 2021-22 will see no rise. It is ₹ 3,47,088 cr, same as ₹ 3,43,822 cr in current year

FM gave a figure of ₹ 2,23,846 cr for Health, breathtaking rise from current year BE of ₹ 94,452 cr. It was a conjurer’s trick. She added one-time vaccination cost- ₹ 35,000 cr & Finance Commission grants amounting to ₹ 49,214 cr

She also included allocations to Department of Water & Sanitation. Shorn of these add-ons, allocations for Health were ₹ 72,934 in 2020-21 and ₹ 79,602 crore in 2021-22. Given inflation, the increase is practically nil

On pg 10 of Budget at a Glance, two numbers are ₹ 82,445 cr & ₹ 74,602 cr which means a reduction in expenditure from current year level. What kind of additional health infrastructure can be built with this parsimonious allocation?

Hence, on the two non-negotiables that the Congress party had listed on 28th January (at the Press Conference), the government has miserably failed the people of this country

The fiscal numbers show that the fiscal situation is in a mess. The Revenue Deficit (7.5%) and the Fiscal Deficit (9.5%) in the current year have exceeded every prediction, including the government’s

In 2021-22 the govt estimates it will borrow about ₹ 3.42 lakh cr less, but nobody is willing to believe the govt. The ‘borrowing’ number has been under-stated by assuming that there will be disinvestment revenues of ₹ 1.75 lakh cr

Govt has also assumed that tax revenues will increase by 15%, another questionable assumption. RD (5.1%) & FD (6.8%) numbers for 2021-22 will send alarm signals to rest of the world, especially investors & international lenders

Apprehensions should have been allayed by laying out a credible fiscal correction path, year by year, until the year when the FD will be 3% or less. On the contrary, her target was 4.5% by 2025-26. Investors and lenders will bristle

It was expected that there will be a significant increase in govt expenditure to offset private investment & private consumption. Numbers show that total govt expenditure will see a paltry rise from ₹ 34,50,305 cr to ₹ 34,83,236 cr

Farm Sector has been shortchanged. Budget allocation form ‘Agriculture & Allied Activities’ has been reduced from ₹ 1,54,775 cr (BE) to ₹ 1,48,301 cr (BE). Of total expenditure, proportion has been reduced from 5.1% to 4.3%

Budget allocation for Market Intervention Scheme & Price Support Scheme has been slashed from ₹ 2000 crore to ₹ 1501 crore. Budget allocation for PM Kisan Samman Nidhi has been reduced from ₹ 75,000 crore to ₹ 65,000 crore

MSMEs dismissed in a sentence: allocation of ₹ 15,700 cr. Nothing to be done to revive closed units or to recover millions of lost jobs. FM seems unaware that thousands of MSMEs- esp. micro & small units have been closed permanently

A meagre sum of ₹ 20,000 cr has been set apart for recapitalisation of Public Sector Banks. Govt also intends to privatise two PSBs. Govt’s intent is clear: let PSBs bleed slowly so they can all be privatised in the short term

Tax reliefs, tweaking provisions of tax laws completely by-passed tax paying working class and middle class. Each one of the measures announced by the FM will benefit only the taxpayers among the richer classes

There was no cut in GST rates. Mess of multiple rates remains. Saga of protectionism continues. Customs duties have been increased on a number of items with wrong belief that a stiffer dose of protectionism will help Indian industry

FM paid special attention to poll bound states, announced large capital outlays for Kerala, Tamil Nadu, West Bengal & Assam. People are no fools, they know expenditure will happen after scheme approval & over a period of several years

FM promised a Budget “like never before”. Her mandate was to present an annual statement of revenue & expenditure for 2021-22. What she did was to estimate expenditure over 2 years or 3 years or 4 years or, in one case, over 5 years

FM made a reference to Hon’ble PM 14 times, to farmers 11 times. 40 minutes before she read para 141, Bloomberg put out FD & RD numbers for 2020-21! Budget was a let down like never before. Budget, like the previous one, will unravel sooner than you think

PM Modi India News

Emphasis is on all-round development, focused on wealth and wellness, MSME and infrastructure: PM Narendra Modi on Union Budget

Prime Minister’s Office:

The Prime Minister, Shri Narendra Modi has said that the Budget this year has feel of reality and confidence of development and showcases India’s self-belief.

He also said that it will infuse a new confidence in the world in these difficult times.

In his remarks after the Union Budget was tabled in the Lok Sabha, the Prime Minister said that the Budget carries a vision of Aatamnirbharta and inclusion of every citizen and section.

Shri Modi explained that the principles behind the Budget include – expansion of new opportunities for growth;

new opportunities for the youth;

giving new dimension to human resource;

infrastructure development and helping new sectors grow. 

The Prime Minister said that the Budget will enhance ‘ease of living’ for the common man by simplifying procedure and rules.

The Budget will bring positive changes for individuals, investors, industry and infrastructure sector.

The Prime Minister noted the positive early response that the Budget received within hours of its presentation.

He said, the Government gave proper attentions to its responsibility towards fiscal sustainability while increasing the size of the budget.

He expressed happiness that transparency factor of the budget has been appreciated by the experts.

Stressing the proactive approach of the Government, whether during Corona pandemic or campaign for Aatamnirbharta, the Prime Minister noted that the budget doesn’t have an iota of reactive approach.

“We have gone beyond active and have given a pro-active budget”, said the Prime Minister.    

Appreciating the all-round development emphasis of the Budget, Shri Modi said that it is focused on wealth and wellness, MSME and infrastructure. He also noted unprecedented focus on healthcare.

The Prime Minister expressed happiness that the Budget has taken into account the development needs of southern states, the Northeast and Leh Ladakh.

He said this is a huge step in the direction of turning our coastal states like Tamil Nadu, Kerala, West Bengal into business powerhouse.

The Budget will also be greatly helpful in tapping unexplored potential of the North-Eastern states such as Assam. 

Mentioning the impact of the Budget on the various segments of society, Shri Modi said its emphasis on research and innovation will help the youth.

Common men and women will be benefitted by stress on health, swachchta, nutrition, clean water and equality of opportunities.

Similarly, enhanced allocation in infrastructure and procedural reforms will lead to job creation and growth.

The Prime Minister said that the Budget has many provisions for agriculture sector and increasing farmer’s income.

Farmers will get easy and more credit. Provisions have been made for strengthening APMC and Agriculture Infrastructure Fund.

“This shows that villages and our farmers are at the heart of this Budget” said the Prime Minister.

Shri Modi noted that MSME sector allocation has been doubled to improve employment opportunites.

He said the Budget will lay a strong foundation for the new decade and congratulated the countrymen for a Budget for Aatamnirbhar Bharat.   

Akali Dal demanded PM address house & repeal Farm Laws before budget speech & walked out when govt refused the demand : Sukhbir Singh Badal

Akali Dal demanded PM address house & repeal Farm Laws before budget speech & walked out when govt refused the demand.Govt should listen to farmers first.

We’ll continue to raise farmer issues forcefully in parliament. It’s surprising Congress didnt even indulge in a whimper of a protest.

Our Govt is fully prepared to support and facilitate the Indian economy’s reset : FM Nirmala Sitharaman

Finance Minister begins Budget 2021 speech by recounting the unprecedented circumstances through which the nation and the world had to go through and recognizing the service rendered by COVID Warriors during the crucial months of the pandemic Aatmanirbhar Bharat Ka Budget.

Our Govt is fully prepared to support and facilitate the Indian economy’s reset.

he preparation of this Budget was undertaken in circumstances like never before, in view of calamities that have affected a country. We have endured COVID-19 to 2020 is Sui Generis.

The Govt stretched its resources for the benefit of the poorest of the poor. The PM Garib Kalyan Yojana, the three AatmaNirbharBharat packages and subsequent announcements were like five mini-budgets in themselves.

The total financial impact of all Aatma Nirbhar Bharat packages, including measures taken by RBI, was about ₹ 27.1 lakh crore, more than 13% of GDP.

“Faith is the bird that feels the light and sings when the dawn is still dark” FM @nsitharaman quotes Rabindranath Tagore, adding that this moment in history is the dawn of a new era, where India is well-poised to be the land of promise and hope”

For the first time, our budget is digitised. No more endless paper prints! The traditional ‘bahi khata’ gets replaced by a Made in India tab.

India now has one of the lowest COVID19 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.

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 more vaccines are also expected soon

Budget2021 proposals rest on six pillars :
Health and Well-Being
Physical and Financial capital and
infrastructure
Inclusive Development for Aspirational India
Reinvigorating Human Capital Innovation and R&D
Minimum Govt., Maximum Governance.

Proposals in Part A will strengthen the Sankalp of NATION FIRST
1. Doubling farmers’ income
2. Strong Infrastructure
3. Healthy India
4. Good Governance
5. Opportunities for Youth
6. Education for All
7. Women Empowerment, and
8. Inclusive Development

New Centrally Sponsored Scheme PM Aatmanirbhar Swasth Bharat Yojana to be launched, outlay of ₹ 64,180 crore over 6 years. To develop capacities of health care systems, develop institutions for detection & cure of new and emerging diseases.

Supplementary Nutrition Programme & POSHAN Abhiyaan to be merged, Mission POSHAN 2.0 to be launched.

Jal Jeevan Mission Urban to be launched, outlay ₹ 2.87 lakh crore over 5 years Aimed at universal water supply in all 4,378 urban local bodies, with 2.86 crore household tap connections and liquid waste management in 500 AMRUT cities.

Sri Sri at Sunrise

The highest blossoming of consciousness is that consciousness which is neither in the past nor future nor in the present but a witness to all three:
@SriSri