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Budget 2021 lays foundations of $5 trillion economy

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Monetisation of infra assets, divestment plans of the non-core assets, and conducive tax compliance are likely to attract the much-needed foreign capital.

In basic terms, Union Budget is a financial plan of the government for a year, but in a broader sense, it significantly decides the course of the economy in the long term, too.

In the run-up to the Budget, there were apprehensions that the tight fiscal condition may force the government to increase taxes and cut capital expenditure.

It did not happen.

The Union Budget 2021 showed that India is not ready to lose control of the course of development and showed the commitment of attaining the goal of becoming a $5 trillion economy in the coming years.

In her Union Budget 2021 speech, Finance Minister (FM) Nirmala Sitharaman said the Budget was based on six pillars- (1) health, (2) physical & financial capital, and infrastructure, (3) inclusive development for aspirational India, (4) reinvigorating human capital, (5) innovation and R&D, and (6) minimum government and maximum governance through recapitalisation of PSU banks, proposal to set up a Development Financial Institution, and stabile direct and indirect taxes are likely to provide the much-desired impetus to growth and equity markets after the Covid-induced economic pain, Chandok added.

The government took a bold step on raising the Capex target for the coming financial year even as COVID-19 put tremendous strain on the fiscal maths of the country.

The government’s expenditure on capital formation will rise 34.5 percent to Rs 5.54 lakh crore in FY22.

"The allocation of Rs 5.5 lakh crores in FY22 is a whopping 35 percent growth over the allocation in FY21 which clearly indicates the focus and thrust of the government. Moreover, the monetisation plans by encouraging INVIT structures and financing initiatives through the setting of development financial institutions is another positive move. Overall, the strong emphasis on infrastructure which is a long-term economic growth multiplier is positive," said B Gopkumar, MD & CEO, Axis Securities.

Apart from an increase in CAPEX, minimum government and maximum governance was a key highlight of the Budget that is deemed very important for a growing economy.

Naveen Aggarwal, Partner, Tax, KPMG India pointed out that a single Securities Markets Code is a step in the right direction to reduce overregulation.

"The FM also announced a hike in the FDI limit for the insurance sector to 74 percent from 49 percent by allowing foreign ownership with safeguards. The tax proposals too were crafted keeping in mind ease of compliance, certainty, dispute resolution, and reduce litigation," said Aggarwal.

The government has pegged the disinvestment target for FY22 at Rs 1.75 lakh crore. This will include the reduction of the Centre's stake in two state-owned banks and a general insurance company, and large-scale asset sales.

Gopkumar of Axis Securities said that the proposals for the financial sector which include privatisation of public banks and asset reconstruction company are significant positives for the financial sector. Overall, the budget has checked most of the boxes and will help the economy, he said.

Now, the implementation of the announcements is the key that will decide how the Indian economy will fare in the days to come."The government has also not been constrained by the fiscal numbers and has focussed on spending to get the economy back to its feet post the devastation of the pandemic. The key will be the execution of the plan. The divestment number will need a lot of work. The additional borrowing needs to be managed by RBI proactively to ensure that it does not impact the long-term rates significantly," said Amar Ambani, Senior President and Head of Research – Institutional Equities, YES SECURITIES.

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Budget 2021: Farming community divided, call it 'interim' budget for agriculture

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In Budget 2021, FM Nirmala Sitharaman introduced an agri infra and development cess of up to 100 percent to create post-harvest infrastructure for improving farmers' income.(Image: AP)The farming community is divided over the Union Budget 2021 unveiled by Finance Minister Nirmala Sitharaman on February 1. While on the one hand, the FM proposed a 10 percent hike in the farm loan disbursal target to Rs 16.5 lakh crore, the allocation for the Department of Agriculture, Cooperation and Farmers Welfare was slashed by 8.5 percent.Similarly, the flagship PM-KISAN scheme also saw a 13 percent drop in the budget, which is Rs 10,000 crore less than the last year’s initial allocation.

Asserting that the government is committed to farmers' welfare amid the ongoing agitation, FM also introduced an agri infra and development cess of up to 100 percent to create post-harvest infrastructure for improving farmers' income.

Sitharaman also proposed higher allocation for Rural Infrastructure Development Fund and Micro Irrigation Fund and extended Agriculture Infrastructure Fund (AIF) to APMCs for augmenting infrastructure facilities.

Union Budget 2021 Highlights | All the action from FM Sitharaman’s budget– as it happened

The AIF was created in 2020, as part of a COVID-19 stimulus package, to provide subsidised financing to projects by primary agriculture cooperative societies, farmer producer organisations, agriculture entrepreneurs, and start-ups to develop cold chain storage and other post-harvest management infrastructure

Agitating farm unions have said that they are only concerned about getting the three farm laws repealed, and what has been offered to the agriculture sector in the Union budget did not matter.

"Our demand was to increase the price of crops, not agriculture credit. This is a conspiracy to take away your land. Within 10-15 years, the corporate will take your land. The fight is for the rate of crops, not for credit. They didn't talk about MSP. There is nothing for farmers," farmer leader Rakesh Tikait told PTI.

Echoing Tikait's view, Ranjeet Raju, state president, Gramin Kisan Majdoor Samiti, Sri Ganga Nagar said, "If the government wants to help, they should take steps to increase farmers' income, not by increasing agriculture credit target. This is like pushing farmers into the debt trap, which eventually leads to more farmer suicides. And micro-irrigation corpus, which I am told is doubled in this Budget, is something that goes to industries in the name of farmers".

"It can be seen as a sign of support to the APMC system. If they are making APMCs eligible to borrow from this fund, and thus strengthen their infrastructure, the government seems to be sending a message that they are not going to be killed,” said Siraj Hussain, former Agriculture Secretary and currently a fellow at the Indian Council for Research on International Economic Relations, as quoted by the Hindu.

He further said that the budget "seems like an interim budget for agriculture as there are no major announcements."

Similarly, Jai Kisan Andolan convenor Avik Saha said, “According to the Economic Survey data, nothing has yet been spent out of the Agriculture Infrastructure Fund of Rs 1 lakh crore or the Animal Husbandry Infrastructure Fund of Rs 15,000 crore, although they were supposed to have been part of the COVID-19 stimulus package.”“While big figures are announced in the name of the infrastructure funds, these are actually not budget allocations, but simply notional funds which are meant to finance projects through loans,” he added, as per the report.

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