India's much-awaited annual budget - in a year when the country faces its deepest recession - comes amid huge expectations.
Covid-19 has ravaged the country, shrunk its GDP, sent unemployment soaring and added to the distress of a banking sector that was already in crisis.
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Outlays in key areas such as healthcare and infrastructure have been ratcheted up to spur economic activity. Given that there is no increase in direct taxes, this exacerbates India's delicate fiscal position.
Quite a lot has been going on:
The Economy Is Improving Faster Than Expected, the U.S. Budget Office Says - The New York Times
The American economy will return to its pre-pandemic size by the middle of this year, even if Congress does not approve any more federal aid for the recovery, but it will be years before everyone thrown off the job by the pandemic is able to return to work, the Congressional Budget Office projected on Monday .
The new projections from the office, which is nonpartisan and issues regular budgetary and economic forecasts, are an improvement from the office's forecasts last summer. Officials told reporters on Monday that the brightening outlook was a result of large sectors of the economy adapting better and more rapidly to the pandemic than originally expected.
What about the Bank Investment Company in Sitharaman's Budget 2021? | Business Standard News
There was no word on the Bank Investment Company (BIC) in the Union Budget. The move was widely expected given the pressure on capital of state-run banks and the limited pool of revenues of the government to continue capitalising them. The setting up of a BIC will help raise funds for state-run banks without altering their “public sector character”.
The BIC is to be set up under the Companies Act, and it is surmised that that the next steps on the BIC -- if any -- may be timed along with the changes to the Banking Regulation Act (1949). And once the state-run banks for privatisation are identified.
Budget 2021 Highlights: Two PSU banks, one insurance firm to be privatised, LIC IPO this year
The government on Monday announced that two public sector banks and one general insurance company will be privatised and LIC will be listed on the bourses in the financial year 2021-22 as part of the consolidation in the banking and insurance sectors. It has also announced Rs 20,000 crore recapitalisation of PSU banks.
The government will start the process of privatisation for two public sector banks in the coming financial year, Finance Minister Finance Minister said in her budget speech. However, the Minister did not disclose the names of the banks. The government currently holds majority stake in PSU banks. The government is expected to bring down the stake in the two PSU banks below 51 per cent or sell the entire stake to private ownership.
In case you are keeping track:
Budget has the ingredients to ignite a fresh investment cycle | Business Standard News
The government has effectively used the backdrop of the massive economic disruption due to the pandemic, to re-organize the Budget as well as its economic priorities along with it. In a growth-constrained world, India has gone down the path of putting in place the building blocks which are required for accelerating its growth agenda.
At an aggregate level, the Budget 1) improves the quality of the spending by focusing on infrastructure thus giving it a growth push.
Additionally, there are measures to make the financial sector more robust, including a new development financial institution, an asset reconstruction company, an institution to infuse liquidity into the corporate bond market, a new security market code, higher FDI limit for the insurance sector and liquidity for depositors in banks under duress.
India pandemic-fighting budget to boost health care spending
NEW DELHI (AP) — India's government has proposed to increase spending on health care in a $477 billion budget for 2021-22 that promises extra help for weathering the coronavirus pandemic.
India is in its worst economic slowdown in a decade. The budget proposal presented to parliament by Finance Minister Nirmala Sitharaman on Monday also focuses on developing financial institutions and shoring up of infrastructure to get the pandemic-ravaged nation back on track as the world's fastest-growing major economy.
OnePlus Nord N1 5G is the company's next budget phone - 9to5Google
Last year saw a return to the affordable market for OnePlus with… mixed results. Now, we’re getting the first details of the company’s 2021 plans. This year, the “OnePlus Nord N1 5G” is apparently coming to market.
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Max J reports on Voice that the next budget Android phone coming from OnePlus will be called the “Nord N1 5G.” Unfortunately, no other details were provided about the device.
Over the course of last year, OnePlus launched a mid-range Nord as well as the more affordable N100 and N10 5G. Prices on these phones ranged between £179 and £399. As far as the “Nord N1 5G” goes, it’ll be a direct successor to the OnePlus Nord N10 5G, not a successor to the regular Nord as the name somewhat implies. The OnePlus Nord N10 5G launched late in 2020, which probably means we’ll be waiting at least a few months to see this model debut.
Union Budget 2021: New Definition Of Small Companies For Startups
FM proposes to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalisation to not exceeding INR 50 Lakh to not exceeding INR 2 Cr
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FM also proposed the incentivisation of OPCs to grow without any restriction on paid-up capital and turnover
Speaking at the Union Budget 2021, finance minister Nirmala Sitharaman has proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalisation from not exceeding INR 50 Lakh to not exceeding INR 2 Cr and turnover from not exceeding INR 2 Cr to not exceeding INR 20 Cr.
Happening on Twitter
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#Rockets-Wizards Takeaways: 1. My fandom for Eric Gordon is toxic and dependent. He kept HOU in it for three quart… https://t.co/RMnxFX5kDA RooshWilliams Wed Jan 27 03:25:02 +0000 2021
Jaire Alexander (2) & Adrian Amos (1) combined for three interceptions for the #Packers defense. 📰 https://t.co/iGsqGb3aFv packers (from Green Bay, WI) Mon Jan 25 14:00:00 +0000 2021
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