Highlights: Budget will drive economic revival post Covid-19, says India Inc

The Delhi Police has been allocated ₹8,644.12 crore in the Union Budget for financial year 2021-22, even as around ₹10 crore has been set aside for Nirbhaya Fund.

According to a police statement, out of the total budget, ₹8,100.20 crore has been embarked for establishment-related expenditure. A sum of ₹237.92 crore shall be incurred for upgradation and expansion of communication infrastructure, modernisation of equipment, installation of traffic signals, upgradation of training and procurement of vehicles for policing.

The government has provisioned ₹5.50 crore for the Central Information Commission and RTI in the Union Budget presented on Monday, a drop of over 44 per cent from 2020-21.

In the revised estimates for 2020-21, the 'CIC and RTI' -- the CIC's Construction of Head Office Building and DOPTs Propagation of the RTI Act -- received ₹9.89 crore.

Investors became richer by over ₹6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown.

Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61.

During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said.

The ruling Shiv Sena on Monday said Maharashtra was ignored in the Union Budget while its allies NCP and Congress termed the annual financial plan as disappointing amidst the coronavirus pandemic and a move towards privatisation.

On the other hand, senior BJP leader and former Maharashtra chief minister Devendra Fadnavis welcomed the provisions made for metro projects for Nashik and Nagpur cities in the Budget.

Deputy Chief Minister and state Finance Minister Ajit Pawar said, "At a time when country's scientists gave life to the people by inventing Covid-19 vaccine, the Union budget has once again put the public on the path of death".

India Inc on Monday hailed Finance Minister Nirmala Sitharaman's Budget for 2021-22 as a reformist one that reimagines India's self-reliance like never before and will drive revival of the economy from the impact of the pandemic with enhanced spending.

The focus on growth over fiscal consolidation, healthcare spending and steps to further help the startup ecosystem came in for praise from industry leaders across different sectors.

Agriculture minister Narendra Singh Tomar said the government under the leadership of PM Narendra Modi is committed to working for the interest of farmers.

"Every year the focus is not only on increased budget allocation, but also the implementation of schemes," he said.

"Finance minister Nirmala Sitharaman deceived people, especially poor, working class, migrants and farmers," Congress leader and former finance minister P Chidambaram said.

"We welcome the Finance Minister's emphasis on healthcare spending and immunization especially for Covid-19 and the pneumococcal vaccines as this will help India recover rapidly from this pandemic," Serum Institute of India CEO Adar Poonawalla ha said.

"It is anti-people budget. They always make false statements. India's first paperless budget sold almost every sector. There is nothing for the unorganized sector in the budget," says West Bengal Chief Minister Mamata Banerjee.

"If employers who threw staff during Covid-19 — whatever may be the reason — take them back, we will provide their PF for the coming two years. Let them come back. We already announced this earlier," says Sitharaman

"There are some public sector banks which are not picking up no matter how much fund we infuse. We are not against keeping public sector banks. But there are some whose health is worrisome," says FM.

"On disinvestment, we are following transparency. We are giving out details so that investors get clarity and certainty. There will be bare minimum involvement of government," FM says.

"In every budget, we strive to double farmers' income," says FM.

Nirmala Sitharaman said she is committed to provide more than ₹35,000 crore for Covid-19 vaccines this year, if needed.

"Balance is expected to get reset by the fact that the money is going to capital expenditure," says FM. "Directly giving money in people's hand helps but I have seen in the initial days that the money is getting blocked. And I don't blame people for that. That money will not be spent amid such Covid-19 crisis," she said.

The focus of Budget 2021 is to boost public expenditure, says Nirmala Sitharaman. "An infrastructure project may take 5 years to be completed. But job creation will take place now," she says.

"My Budget speaks for itself. I don't need to respond to Rahul Gandhi's tweet where he refers to 'crony capitalism' every 15 days. Can he explain why the development of Vizhinjam port in Kerala was handed over to a crony capitalist when the Congress was in power. If he can explain, then I will agree that he can go about with his pet project of tweeting about crony capitalism. ...Either he doesn't understand any of what he tweets or he is ill-advised," says FM.

"Farmers are protesting on borders. We can understand. If any farmer has any question, then the agriculture minister is ready to discuss point-by-point. PM Modi has already said that the proposal is on the table. I will reiterate that as I believe that consultation is the only way," Nirmala Sitharaman said.

Nirmala Sitharaman said defence Budget has not been undermined. Defence Budget consists of three components: Revenue, pension, capital component.

"We have taken steps for employment creation, infrastructure development which will again generate employment, change in definition of MSME. All these measures will help middle-class people, small traders," FM says.

"We reduced the customs duty and levied a disproportionate amount of cess so that the end-users do not get affected much," FM said.

"This Budget comes at a time when all of us decided to give impetus to the economy & that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure," Finance Minister Nirmala Sitharaman said.