Budget 2021: What will farmers get?
Union Budget 2021: It is anticipated that the government may roll out its ambitious DBT for fertiliser, offering direct subsidy transfer into the accounts of farmers. Timely release of the additional allocation for the fertiliser will enable clearance of the subsidy backlog
Mansi Jaswal | February 1, 2021 | Updated 08:10 IST
Budget 2021: According to the rating agency ICRA, the government could allocate funds towards the agricultural chain to improve productivity and reduce post-harvest losses
Amid the prolonged farmers protest, where farm unions have demanded a separate Act on MSP and the withdrawal of three agri laws, it is therefore expected the Centre will keep a special focus on the agricultural economy in this year s Budget. It must be noted that when India s GDP shrank by 23.9 per cent in the June quarter of FY21, only the agricultural sector emerged as a silver lining registering a 3.4 per cent growth.
As is usual with the Budgets of the Narendra Modi government, the one that Finance Minister Nirmala Sitharaman tabled in Parliament on Monday has an eye set on the forthcoming Assembly polls. The Budget has allocated funds for road construction in four poll-bound states and a Union Territory Tamil Nadu, Kerala, West Bengal, Assam, and Puducherry and also for the welfare of tea garden workers in Bengal and Assam. The BJP had swept the Lok Sabha seats in 2019 in north Bengal, home to tea gardens, and the party continues to remain popular there as well, as in Upper Assam. The BJP would try retain Assam, and hopes to wrest Bengal from the ruling Trinamool Congress, but is expected to remain a marginal player in the other three. The polls are due in April-May.
The 10 most important things you need to know about the Budget
FM Nirmala Sitharaman. (Photo: Ramesh Pathania/Mint)
6 min read
Vivek Kaul
The good news is that tax slabs and tax rates stayed the same. There was also good news for senior citizens who only earn a pension and interest income. They will now be exempted from filing income tax returns
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MUMBAI: Finance minister Nirmala Sitharaman’s budget speech on Monday ran into 17,031 words. This was around 19% shorter than the speech last year, which was 20,931 words long. The Budget for 2021-22 has several new ideas to get the economy going again. At the same time, it doesn’t do much harm by introducing new taxes or stop-gap policies, even though it could have done without higher import duties. Here’s a one-stop shop for the most important details of the Budget.
‘Allocation for MGNREGS has come down to ₹73,000 crore from ₹1.11 lakh crore’
The Union Budget lacks measures to arrest the economic slowdown and accelerate growth, says Finance Minister T.M. Thomas Isaac.
“The Economy Survey has stated that India s GDP is expected to grow by 11.5 per cent in 2021-22. But, this Budget ensures that it is not going to happen. The 11.5 per cent GDP growth is total nonsense,” Dr. Isaac said responding to the Union Budget proposals here.
The Finance Minister said the Budget lacks initiatives to spur such high growth anticipated by the Finance Minister Nirmala Sitharaman. “Our economy is not going to rebound to the pre-COVID-19 era with this budget,” the Finance Minister said.
New Delhi, Amid the coronavirus pandemic when the pace of manufacturing and services sector came to a grinding halt, agriculture and allied sectors in India