Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
The one man show, Government to now allow one-person companies • No restriction on paid-up capital and turnover, to incentivise incorporation of one-person companies • Conversion of one-person company to any other kind, reducing residency limit from 182 days to 120 days • Allow non-resident Indians to incorporate one-person companies in India
The Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
Union Budget 2021 live: Government allots Rs 20,000 crore for bank recapitalisation, as FM emphasizes the need to clean up banks’ books
Sitharaman’s announcement of the addition of 100 cities to the City Gas Distribution network boosts stocks
Government to amend Insurance Act to allow higher FDI • FDI limit in insurance increase to 74% from 49%. • Govt allows foreign ownership in insurance with safeguards.
Finance Minister Nirmala Sitharaman proposes to consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act
Union Budget 2021 live: Ujjwala Scheme will be extended to cover 1 cr more beneficiaries. • 100 more districts to be added in the next 3 years for city gas distribution • An independent gas transport system operator to be set up
Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised, says FM in Budget for 2021-22
FY22 fiscal deficit seen at 6.8%. The government had pegged the fiscal deficit at 3.5% for FY21 in the last budget before the onset of the Covid-19 crisis.
FM’s infra boost: Providing Rs 1.15 lk cr for Railways, privatizing airports • Out of the Rs 1.15 lk cr for Railways, Rs 1.07 lk cr is towards CAPEX • Indian Railways national rail plan for India to prepare a future-ready railway system by 2030, says the FM. • Indian Railways have a National Rail Plan for 2030. • Next lot of airports to be privatized in tier 2 and 3 towns and cities
Highway infra work proposed include building 8,500-km of highways by March 2022. • 3,500 km corridor in Tamil Nadu • 1,100 km in Kerala at investment of Rs 65,000 cr • 675 km in West Bengal at a cost of Rs 95,000 cr • 1,300 km in Assam in the next 3 years
National Monetisation Pipeline for brownfield projects to be launched. NHAI and PGCIL have sponsored one InvIT each. • 5 operational roads with estimated enterprise value of Rs 5,000 cr being transferred to NHAI InvIT • Transmission assets worth Rs 7,000 crore to be transferred to PGCIL InvIT
Finance Minister: FY22 capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore. • FY21 capital expenditure seen at Rs 4.39 lakh crore • Rs 44,000 crore under capital expenditure to be given to Department of Economic Affairs in FY22 • Over and above this, Rs 2 lakh crore will be provided to states and autonomous bodies to nudge their expenditure.
Government to set-up a Development Finance Institution (DFI), capitalised with Rs 20,000 crore • India will introduce bill to set up new Development Financial Institution. • New DFI aims to have lending portfolio of Rs 5 lakh crore in 3 years
Union Budget 2021 Live: Vehicles to undergo fitness tests after 20 yrs for PVs, 15 years for CVs, says FM, announcing a voluntary vehicle scrapping policy.
Rs 1.41 lakh crore for Urban Clean India Mission • Urban Swachh Bharat 2.0 Mission to be launched at outlay of Rs 1.41 lakh crore over 5 years. • Jal Jeevan Mission Urban to have an outlay of Rs 2.87 lakh crore.
FM lays out a Rs 64,180 crore spending plan for healthcare over the next six years • Will be spent on primary, secondary and tertiary healthcare • In addition to the National Health Mission. • 17,000 rural and 11,000 urban health and wellness centres to be set up • Integrated public health labs to be set up in each district
Union Budget 2021 live: India has two COVID-19 vaccines available and we expect two more vaccines soon, the Finance Minister says India currently also has one of the lowest death rate and active cases in the world.
Union Budget 2021 live: A vision for Atmanirbhar Bharat in part of Sitharaman’s first part. FY22 budget proposals based on six pillars This is to further strengthen the sankalp of Nation-first. Including,
• Health & Well-being • Inclusive Development Human Capital • Innovation and R&D • Physical & Financial capital and infrastructure • Minimum government, maximum governance
The total estimate of all relief measures announced by govt & RBI so far is Rs 27.1 lakh cr (13% of GDP), the Finance Minister says.
Union Budget 2021 Live: Through the past year, the Finance Minister announced a Rs 30-lakh-crore plan, in ‘mini-budgets’ to beat Covid • AtmaNirbhar Bharat programmes • Performance-linked incentives • Boost for domestic manufacturing • Improved credit access for enterprises • Moratorium on interest payments • Thrust on affordable housing • Booster shots for MNREGA
Union Budget 2021: Nirmala Sitharaman steps up to the mic, all eyes on the Finance Minister now