Report Wire

Tag: budget 2021 latest news

  • Budget 2021: Home Ministry will get over Rs 1.66 lakh crore in price range, over Rs 3700 crore for census-related works

    Image Source : PTI Budget 2021: Home Ministry will get over Rs 1.66 lakh crore in price range, over Rs 3700 crore for census-related works
    The Centre has allotted about Rs 1,66,547 crore to the Ministry of Home Affairs for the 2021-22 fiscal with a majority of the funds going to the police forces and a considerable quantity for census associated works. According to the price range, offered by Finance Minister Nirmala Sitharaman, Rs 30,757 crore has been allotted to Jammu and Kashmir and Rs 5,958 crore for Ladakh — the 2 newly created Union Territories.
    The MHA has been allotted Rs 1,66,546.94 crore for the subsequent fiscal with Rs 1,03,802.52 crore for the central armed police forces just like the CRPF, BSF, CISF and so forth. and Rs 3,768.28 crore for census operations. The work for the census 2021 has been postponed because of the coronavirus pandemic.

    BUDGET 2021: FULL COVERAGE
    Central sector schemes and initiatives of the MHA received Rs 1,641.12 crore, whereas Rs 481.61 crore has been allotted for catastrophe administration.
    The Union Territories of Andaman and Nicobar Islands has been allotted Rs 5,317.41 crore, Chandigarh Rs 4,661.12 crore, Dadra and Nagar Haveli and Daman and Diu Rs 2,204.59 crore, Lakshasweep Rs 1,440.56 crore and Puducherry Rs 1,729.79 crore. 
    Latest Business News

  • Budget 2021: Case of ‘fallacious analysis and prescription’, says Congress

    Image Source : PTI Congress reacts to presentation of Union Budget 2021
    Strongly critising the Union Budget 2021, the Congress on Monday stated Finance Minister Nirmala Sitharaman’s speech was oblivious to the declining GDP and the funds was a case of “wrong diagnosis and prescription”. Taking to Twitter, senior Congress chief and Deputy Leader of Opposition in Rajya Sabha Anand Sharma stated, “The FM could have been brave but chose to be timid. The nation needed a bold budget and more direct transfers to the weaker sections to revive demand, restart job creation.”
    The funds is “disappointing” and with out a roadmap for accelerating development and revival of shopper demand, he stated.
    #Budget2021 is disappointing as it’s with out a roadmap for accelerating development & revival of shopper demand. The FM might have been courageous however selected to be timid. The nation wanted a daring funds & extra direct transfers to the weaker sections to revive demand, restart job creation.— Anand Sharma (@AnandSharmaINC) February 1, 2021

    Congress spokesperson Manish Tewari additionally alleged that the funds was a “national monetisation plan — short hand for National Sell out” and there was “no central focus in Budget”.
    “FM’s Talkthorn (sic) oblivious that growth rate of GDP is in a record 37th month decline.Worst Crisis since 1991. Except for a National Monetisation Plan – short hand for National Sell out no Central Focus in Budget. Bottom line-Will not grow economy but sell the family silver,” he tweeted.
    FM’s Talkthorn oblivious that development price of GDP is in a document thirty seventh month decline.Worst Crisis since 1991.Except for a National Monetisation Plan – brief hand for National Sell out no Central Focus in Budget. Bottom line-Will not develop financial system however promote the household silver.

    — Manish Tewari (@ManishTewari) February 1, 2021

    Senior Congress chief Shashi Tharoor additionally took a dig on the Centre over the funds, saying “this BJP government reminds me of the garage mechanic who told his client, ‘I couldn’t fix your brakes, so I made your horn louder’.”
    This BJP authorities jogs my memory of the storage mechanic who instructed his consumer, “I couldn’t fix your brakes, so I made your horn louder.” #Budget2021— Shashi Tharoor (@ShashiTharoor) February 1, 2021

    Another Congress spokesperson Jaiveer Shergill stated the funds has left the center class “bruised and wounded” by not altering tax slabs, not rising deductions, not making new deduction slots like dwelling loans, not bringing gasoline underneath GST, not sharing Rs 19 Lakh crore acquire from gasoline taxes, not decreasing GST charges.
    “After promising a century, FM is out hit wicket at Zero !! Instead of calling it as ‘budget of the century’ it will be remembered as ‘blunder of the century’ by BJP Govt #Budget2021,” he tweeted.
    https://twitter.com/JaiveerShergill/status/1356148252706435073
    “Budget case of ‘wrong diagnosis and wrong prescription’ by BJP government which instead of healing, reforming and rejuvenating has chosen to adopt damaging, disappointing and destroying approach to push the economy further into the vortex of recession,” he tweeted. 

    Latest India News

  • Healthcare more likely to get prime precedence in Budget: Survey

    Image Source : INDIA TV Healthcare more likely to get prime precedence in Budget: Survey
    India’s healthcare sector is more likely to get the utmost consideration of the federal government within the upcoming Budget to be unveiled on Monday, because it comes within the face of the nation braving a once-in-a-century international pandemic, says a survey. The Assocham-Primus Partners survey lined greater than 550 trade individuals, and 39.7 per cent respondents stated healthcare would obtain the very best precedence by way of useful resource allocation and coverage assist within the Budget. 
    Manufacturing emerged because the second key sector anticipated to be in focus, with 14.7 per cent respondents anticipating it to obtain the Finance Minister’s consideration, adopted by MSMEs (11.4 per cent), actual property (10.7 per cent) and infrastructure (9.6 per cent).
    “The Covid-19 pandemic examined the boundaries of the worldwide healthcare system. While the federal government’s proactive measures and the frontline employees’ tireless efforts have helped tide the best way, the pandemic has additionally introduced forth the fragility of the healthcare system,” the survey acknowledged. 
    ALSO READ | Budget 2021: From yoga to agri and well being, right here’s what startups need from Modi govt
    On measures which might strengthen the healthcare and pharma sector, 67.3 per cent respondents anticipate the allocation of a fund to modernise current main healthcare infrastructure. 
    This was adopted by an expectation (by 62.9 per cent) that the federal government ought to improve investments in creating new main healthcare infrastructure.
    With regard to aspirations of particular person taxpayers, 79.3 per cent respondents stated they wish to see a minimize in private revenue tax charges, particularly within the wake of stress on their earnings within the pandemic-hit financial system.

    While company tax charges have been diminished, people pay taxes at greater charges. Rationalising taxes for the people is essential as decreasing the tax burden on people would allow additional spending. According to the survey, this much-needed push to demand would assist in making a multiplier impact within the financial system. 
    “A significant increase in the public expenditure is inevitable. The pandemic has taught us there are no choices other than large scale public investment in building primary health centres, hospitals at the district, state capital level,” Assocham Secretary General Deepak Sood stated.
    ALSO READ | Budget 2021: Healthcare service suppliers urge govt to extend healthcare spend
    As has been acknowledged within the Economic Survey, there’s a sturdy feeling inside the authorities to boost public expenditure on healthcare three-fold from 1 per cent of GDP to three per cent of GDP, he added. 
    Moreover, Sood stated, on the similar time, to assist the financial well being of the nation, amidst the rising inexperienced shoots of restoration, the upcoming Budget should frontload infrastructure investments. 
    “The Budget’s allocation towards infrastructure and housing development will create a much-needed multiplier impact in the economy,” he noticed. 
    ALSO READ | India to unveil finances ‘like by no means earlier than’: What’s in focus | Your Cheatsheet

    Latest Business News

  • India to unveil price range ‘like by no means earlier than’: What’s in focus | Your Cheatsheet

    Image Source : INDIA TV India is able to unveil Budget “like never before” on Monday, February 1. The countrymen are awaiting the much-awaited second when Union Finance Minister Nirmala Sitharaman will rise as much as current the ninth price range underneath the Modi authorities. 
    India is able to unveil Budget “like never before” on Monday, February 1. The countrymen are awaiting the second when Union Finance Minister Nirmala Sitharaman will stand up in Parliament to current the ninth price range underneath the Modi authorities. In her first price range in 2019, Sitharaman had changed the decades-old leather-based briefcase used for carrying price range paperwork with a standard crimson fabric ‘bahi-khata’. Economists and specialists say that the price range would be the place to begin for choosing up the items after the financial destruction brought on by the COVID-19 pandemic. And it should transcend being only a ‘bahi khata’ or a ledger of accounts, in addition to canning outdated schemes in a brand new bottle. It needs to be a imaginative and prescient assertion, a roadmap to get the world’s fastest-growing main financial system again on observe, they are saying. While the pandemic is displaying indicators of being much less virulent, a gradual progress within the vaccination programme is fuelling hope for a greater future. A sustainable financial revival will want a coverage catalyst. That’s the place this price range assumes a particular relevance.

    All Eyes on Nirmala Sitharaman’s Budget Speech

    IN FOCUS

    It is anticipated that the price range will present reduction to the pandemic-hit frequent man in addition to focus extra on driving the financial restoration by way of increased spending on healthcare, infrastructure and defence amid rising tensions with neighbours. 
    The price range is extensively anticipated to give attention to boosting spending on job creation and rural improvement, beneficiant allocations for improvement schemes, placing more cash within the palms of the typical taxpayer and easing guidelines to draw overseas investments.
    Among the most-watched figures within the price range could be the expenditure on vaccination in FY22 which may very well be shared among the many central authorities, state governments and households.
    Also, to be watched is the income that the federal government is projecting to obtain from the privatisation of firms reminiscent of Bharat Petroleum (BPCL), Air India and Shipping Corporation of India (SCI).
    READ MORE: Budget 2021: Vaccine cess coming this 12 months? Here’s what former finance secretary has to say

    Market borrowings are anticipated to stay elevated and exterior deficit financing would enhance.
    Higher capital expenditure outlay for National Infrastructure Pipeline (NIP) programme that has an combination funding goal of Rs 111 lakh crore over the interval 2020-25 and making not too long ago launched Production-Linked Incentive (PLI) scheme extra engaging to lure overseas producers to spice up home manufacturing are prime expectations from the price range.
    The price range must deal with numerous points – well being infrastructure, reviving demand, banking sector reforms, fiscal consolidation and implementation of fifteenth Finance Commission report, mentioned Brickwork Ratings.
    Centrum mentioned, “We expect the upcoming budget to prioritise growth-oriented measures with the commitment to warrant that the momentum of recovery seen in the economy recently remains sustainable.” The emphasis of the price range is prone to be on the revitalization of sturdy consumption impulses on the present juncture because the supply-side measures have already been applied. Alongside, the important thing focus will even stay on the additional fostering of personal investments as nicely after the initiation of a slew of measures like company tax price lower, NIP and PLI scheme on this entrance, it mentioned.
    READ MORE: Meet Alton, the robotic who has a request for FM forward of price range

    Amidst a plethora of market expectations across the price range FY22, key areas the place the central authorities is extremely anticipated to place its extra consideration to are the institution of a foul financial institution to wash up financial institution stability sheets, presenting finer contours of the PLI scheme for reinforcing manufacturing for the ten sectors introduced earlier and sources prone to be made obtainable. Others embody providing sops to reinvigorate family consumption demand by way of tax incentives for spending and better deductions on housing loans coupled with the introduction of a COVID Cess that’s anticipated to be levied on high-income people, it mentioned.
    India Ratings and Research believes that the main focus of the federal government to revive the COVID-19 battered financial system has until now been on the provision aspect, however it’s excessive time to vary gears and give attention to the demand aspect as nicely, lest the continuing restoration begins to lose steam.
    Its price range expectations embody spending on infrastructure particularly which might be employment-intensive and have a shorter turnaround time, creation of improvement monetary establishments, proceed with reduction/earnings assist to the households who’re on the backside of the pyramid and better allocation to MGNREGS because it supplied a security internet not solely to rural households but in addition to the employees who migrated again to rural areas.
    Also, extra assist to actual property given its backward-forward linkage within the financial system particularly reasonably priced housing section, boosting micro small and medium enterprises, reprioritisation of each income and capital expenditure in the direction of necessities reminiscent of prime precedence to mass vaccination/public well being, reprioritisation of expenditure and mobilisation of upper non-tax income, it added. 
    READ MORE: Budget 2021: Centre lists invoice to ban cryptocurrencies in India, create official digital forex

    Gargi Rao, Economic Research Analyst at GlobalData, mentioned, “The expectations from the upcoming budget are mainly inclined towards infrastructure development, tax concessions for elderly to provide a breather for consumers to increase their overall consumption, along with increasing domestic production.” 
    The price range will come as an financial vaccine for the pandemic-battered financial system and steer India with the much-needed stimulus to spice up demand, client confidence and on the identical time increase the buying energy of the folks, the Indian Chamber of Commerce (ICC) mentioned, including incentives to industries like textiles, attire, leather-based, meals processing, development and retail are anticipated. (With PTI inputs)
    READ MORE: Budget 2021: Manufacturing, infra & adoption – what Electric Vehicle business expects from Modi govt

    READ MORE: Budget 2021: Revised Income Tax slabs to extra exemptions underneath 80C, 80D – What to count on from FM?

    WATCH VIDEO

    Latest Business News

  • Budget 2021: From yoga to agri and well being, right here’s what startups need from Modi govt

    Image Source : INDIA TV Budget 2021: From yoga to agri and well being, right here’s what startups need from Modi govt 
    From incentives to subsidies and tax cuts and different advantages, the startup trade needs from the Modi authorities to announce measures within the Union Budget 2021-22 that interprets into earnings within the coming years. While startups are a key part to PM Narendra Modi’s dream of creating India a self-reliant nation, the sector confronted the brunt of the pandemic. The sector needs authorities to organize a plan with deal with ease of doing enterprise. After Finance Minister Nirmala Sitharaman stated that “100 years of India wouldn’t have seen a Budget being made post-pandemic like this”, expectations are at all-time and it could be fascinating how the federal government methods to maintain the budding entrepreneurs glad. Here are a few of the key expectations of startups from the Budget 2021.

    Gaurav Gupta, Co-founder, Navia Life Care – a digital healthcare startup

    The upcoming 2020-21 Union Budget has the potential of being a game-changer for the Indian Healthcare Sector. The pandemic has accelerated the adoption of digital options as a viable possibility to standard care supply programs. Be it environment friendly administration of COVID-19 and vaccination or reaching the purpose of Universal Health Coverage, Digital Health can be nice enablers with the appropriate coverage push. The well being sector is anticipating extra particular allotments on this yr’s price range to mitigate Covid and the expansion of the telemedicine sector. With the launch of NDHM earlier this yr, we anticipate a surge in price range allocation this yr, particularly for establishing digital well being infrastructure for India, a shared digital infrastructure leveraging each private and non-private enterprises is the necessity of the hour, and a coverage push to it underneath the Mission is strongly advisable. Such an infrastructure would assist us to supply progressive options. Digital Health within the nation is especially being pushed by health-tech corporations and startups. A proper coverage push would pave the way in which for a brand new and sturdy digital well being ecosystem. The Budget 2020-21 must deal with the growth of digital healthcare that has nice potential to make healthcare extra inexpensive and accessible by utilizing expertise to achieve out the final mile.

    READ MORE: Union Budget 2021: Great expectations of frequent man

    Prasanna Manogaran, Founder of Aqgromalin – an agri-tech startup

    With the federal government’s goal yr of doubling farm revenue approaching we imagine there shall be vital allocation in classes serving to to extend farmers income streams, particularly in farm diversification into the sectors of aquaculture and animal husbandry. A stimulus for the export of aquaculture merchandise will assist the complete ecosystem and also will be certain that we’re in a position to successfully compete with China and different South East Asian nations on this sector. The authorities additionally have to empower the prevailing Krishi Vigyan Kendras to extend penetration to the agricultural hinterlands and assist farmers utilise the applied sciences developed by premier nationwide analysis establishments like ICAR. The variety of startups has additionally dramatically elevated within the Agri Tech area, a targeted method from the federal government to system insurance policies to help them will go a good distance.

    Sonica Aron, Founder & Managing Partner, Marching Sheep – an HR Advisory startup

    Further, GST guidelines should be altered notably for service companies like ours. Currently, GST must be paid throughout the month the bill is raised, whereas shopper funds are sometimes acquired 30-60 days later, resulting in money stream points. It shall be a fantastic assist for small companies if the federal government supplies some aid in cost of GST to align it with funds by shoppers. As restoration appears a long run course of because of the unprecedented injury attributable to the pandemic, the federal government should deal with incentivizing organisations for constructing the appropriate capabilities – reskilling, upskilling and selling variety. Additionally, beneficial statutes and implications across the gig financial system can be a win-win for organisations and the financial system.

    READ MORE: Govt could announce formulation of coverage for toys sector in Budget 2021

    Shishir Dixit, director and founder, Centurion Defence Academy – a startup Indian defence forces aspirants and youth

    The world pandemic has highlighted the necessity to improve expertise in schooling to allow high quality entry that’s inexpensive and equal for all. Government ought to work in tandem with ed-tech corporations and companies to supply essential expertise updates that can allow improved on-line studying and supply spectacular outcomes. Artificial Intelligence (AI), machine studying, and cloud expertise are anticipated to extend engagement and increase person expertise in e-learning. Tier 2 and Tier 3 cities would be the dawn locations for Ed-Tech companies and considerably elevate ed-tech demand. The authorities must collaborate with EdTech companies and earmark funds for the event of video assisted programs (offline studying), which could be offered to college students at backed charges. These programs could be for short-term, with full-time entry to assist college students together with smaller villages, cities and cities. Also, the federal government ought to make a provision for getting ready these programs in regional languages in order that college students hailing from totally different socio-economic backgrounds can profit as properly.  

    Lalit Arora, Co-founder of VingaJoy – a gadget accent startup

    The client tech trade expects that the price range can have provisions that may strengthen progressive initiatives similar to Make in India, Digital India, and the Smart Cities Mission. We are hopeful that the federal government would proceed the great work it started finishing up in its first time period almost about GST, Make in India, together with a number of initiatives it has undertaken within the client tech/FMCG sector. There has been an abolition of Chinese purposes in India; this has led to appreciable slowdown in import of Chinese merchandise, so our trade is anticipating improved funding and credit score facility from the upcoming price range. Additionally, we’re hopeful that the federal government will proceed to advertise manufacturing in India by way of its Make in India initiative as this is not going to solely present a lift to Indian corporations but additionally help in creating extra employment alternatives.

    Harshit Jain, founding father of Doceree –  a startup in healthcare

    The pandemic hit India’s healthcare severely and regardless of ready till 2015 to achieve the goal of two.5% of GDP to be spent on healthcare, the federal government ought to eye reaching it within the subsequent two years in order that healthcare infrastructure within the nation might be improved. It can also be excessive time that the spend is considerably elevated, given the inhabitants of our nation is so large. Additionally, whereas common well being protection is a welcome step and so is the concept of Health IDs, they have to not stay on papers and get mired in crimson tape, dealing with delays. 

    In the upcoming price range, allocations and timelines must be introduced in order that they get carried out in an organized method and we’re nearer to realizing the imaginative and prescient of creating healthcare accessible and inexpensive. Besides, progressive healthcare startups which are working to advertise accessibility and affordability must be inspired by manner tax advantages and tax holidays in order that authorities and personal companions can work collectively to make the situation of Indian healthcare higher. 

    Shivani Gupta, founding father of hellomyyoga – a startup that helps find greatest yoga trainer and yoga studios 

    In this pandemic, Yoga Tourism is adversely affected, additionally the yoga tourism has been deviated to neighboring nations like Thailand, Indonesia, Nepal. With 2021 price range, we look ahead to authorities of India supporting initiatives which are selling yoga in India, worldwide with offline and on-line yoga occasions. We want a large amount of price range allocation to the occasions that assist us to market model – Yoga in India enthusiastically. A good quantity of price range must be allotted to the analysis institutes who’re engaged on mixture of yoga remedy with Ayurveda and Western medicines in therapeutic diabetic, cardiovascular and different way of life problems. It’s the researches that assist us to return to the conclusion and execute proper apply. Budget 2021 ought to help schemes that encourages native yoga lecturers of Rishikesh, Goa, Kerela, Mysore to enterprise register their yoga centres in order that unorganized yoga in India takes a primary step towards aligning itself with industrial world.
    Latest Business News

  • Budget 2021: Gems, jewelry trade seeks minimize in import obligation, GST

    Image Source : PEXELS.COM Budget 2021: Gems, jewelry trade seeks minimize in import obligation, GST
    The gem and jewelry trade has lots expectation from the Modi authorities within the upcoming Union Budget 2021-22. The trade needs the Centre to scale back customs obligation on gold, withdraw of tax collected at supply (TCS), minimize in import obligation on polished valuable and semi-precious gem stones.
    According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council (GJC), the federal government ought to assess the hostile affect of upper import obligation on the jewelry commerce and prompt to chop the customs obligation to 4 per cent from the present 12.5 per cent. 
    Pethe stated that if the tax fee isn’t stored at this stage, it would encourage smuggling and encourage individuals to do unorganised enterprise.
    In the Budget 2019, the federal government had elevated customs obligation on gold. Gold attracted import obligation of 10 per cent which the federal government was hiked to 12.5 per cent. Gold additionally attracts three per cent GST and the full obligation and GST implication work out at 15.5 per cent. The excessive taxes could lead to smuggling and tax evasion.
    READ MORE: Budget 2021: Govt could announce steps to advertise e-commerce exports, imports
    Surabh Khandelwal, proprietor at Dhanvi Diamond, stated that the sector expects that the federal government will take essential steps within the price range to assist companies affected by the pandemic.
    “Today businessmen are expecting a simple and easy taxation system from the government. I hope the government makes the taxation procedure simpler so that it is easy for a common businessman to understand it. In recent times a new tax TCS has been imposed on the jewelry segment, we have already been already under the supervision of 8-10 taxes, and the addition of this new tax will further add to more compliance, more taxes, and more complicated procedure. A time which we should spend in the progress of our business goes in understanding the minute compliance and the taxation system. From budget 2021 we hope that the goverment comes up with more simplified taxation procedures in our sector which can be achieved through a single and simplified taxation policy instead of multiple and complicated taxations,” he stated.
    Vastupal Ranka, director, Rare Jewels from the House Of Ranka Jewellers, stated that the gems and jewelry sector is significant for the expansion of the financial system, “so we expect the budget to be good for our sector”.

    “When there was a current account deficit, the customs duties on gold and diamonds were greatly increased, due to which the prices in India for gold are higher than our neighbouring countries. I expect the custom duties to be reduced to the minimum,” Vastupal stated.
    Where gold comes via unauthorised channels, he stated, “we are also losing a lot of international business”.
    READ MORE: Govt could hike agri credit score goal to about Rs 19 lakh cr in Budget
    “A robust e-commerce policy is also important as that helps reach a global market,” he stated.
    Vastupal additionally stated that GST charges on gold bullion and jewelry must be diminished from 3 per cent to 1 per cent, as it would result in extra gross sales in payments, which consequently assist companies throughout the spectrum of the market.
    “We are positive that the government will consider these factors, as they are highly effective in helping the economy bounce back and continue to grow,” he stated.
    The gold and diamond commerce collectively accounts for 7.5 per cent of India’s GDP and 14 per cent of the nation’s complete exports.
    READ MORE: Govt could announce formulation of coverage for toys sector in Budget 2021
    Latest Business News

  • Govt could announce formulation of coverage for toys sector in Budget 2021

    Image Source : PTI Govt could announce formulation of coverage for toys sector in Budget 2021
    The authorities could within the Budget subsequent week announce the formulation of a devoted coverage for the toys sector to spice up home manufacturing, sources stated. They stated the coverage will assist in creating a powerful ecosystem for the business within the nation and likewise appeal to startups. The commerce and business ministry is already taking steps to advertise home manufacturing of toys. It has come out with a top quality management order for the sector and had additionally elevated import responsibility final yr on toys.

    A top quality management order is among the methods to cease the movement of low-cost sub-standard toys into the home market.

    A supply stated that the nation has a low share within the worldwide toys business and India’s exports account for lower than 0.5 per cent of world demand, so there are immense alternatives on this phase.

    The different areas which may very well be thought-about for the sector embrace the promotion of analysis and improvement and design facilities for toys.

    “Boosting manufacturing would also help increase exports of toys from India. Countries like China and Vietnam are major players in the sector,” they added.

    India’s toy exports are restricted to about USD 100 million.

    The toys business in India is primarily within the unorganised sector, comprising about 4,000 small and medium enterprises.

    About 85 per cent of toys are imported within the nation, with the utmost coming from China. It is adopted by Sri Lanka, Malaysia, Germany, Hong Kong and the US.

    Prime Minister Narendra Modi had stated that India has the expertise and skill to turn out to be a toy hub for the complete world and referred to as upon startups to work in direction of realising this potential whereas being “vocal about local toys”. 

    (With PTI inputs)

    Latest Business News

  • Ahead of Union Budget, conventional ‘halwa ceremony’ held at Finance Ministry

    The conventional ‘halwa ceremony’ was held on Saturday on the Union Finance Ministry headquarters at North Block in New Delhi. While the ceremony marks the graduation of the printing means of the central authorities’s Budget doc, the Union Budget 2021-22 shall be delivered in paperless kind for the primary time on February 1.
    Union Finance Minister Nirmala Sitharaman and Minister of State Anurag Thakur took half within the ceremony.

    The custom, which matches again a number of years, includes making ready the candy dish in a giant kadhai (frying pot) and serving it to your entire workers within the ministry.
    As per the custom, after the candy dish is served, numerous officers and assist workers, who’re immediately related to the Budget making and printing course of, are required to remain within the ministry and stay reduce off from their households till the presentation of the Budget within the Lok Sabha.

    The officers are usually not allowed to contact anybody via telephone or some other type of communication. The “lock-in” which follows the halwa ceremony is noticed to take care of the secrecy of the Budget preparation course of. Only very senior officers within the Finance Ministry are permitted to go dwelling.
    Budget app launched
    On the event, Sitharaman additionally launched the “Union Budget Mobile App” for hassle-free entry of Budget paperwork by Members of Parliament (MPs) and most people.
    The Union Budget Mobile App shall be accessible in Hindi and English.
    “The mobile app facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution,” the Ministry of Finance stated in a launch.

    “The App has a user-friendly interface with embedded features of downloading, printing, search, zoom in and out, bidirectional scrolling, table of contents and external links, etc. It is bilingual (English & Hindi) and will be available on both Android and iOS platforms,” it added.