Union Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament on Monday. The budget is being presented at a crucial time when India’s economy is battered by the coronavirus pandemic. The Gross Domestic Product (GDP) will contract by 7.7% in FY 2020-21, according to the government’s estimate earlier this month.
The government announced Rs 35,000 crore for COVID-19 vaccines. The Finance Minister also announced that the government will bring IPO for LIC.
A central university will come up in the UT of Ladakh and a gas pipeline will be set up in Jammu and Kashmir. Senior citizens, who are dependent on pension, will now be exempted from filing Income Tax Return (ITR).
The Finance Minister will address a post-budget press conference at 3 pm on Monday.
The Budget session of Parliament began on Friday with President Ram Nath Kovind’s joint address. The Economic Survey 2020-21 was tabled in Parliament on the same day. According to the survey, India’s GDP will grow by 11% in FY22 and that the pandemic-battered economy is witnessing a V-shaped recovery.
The Budget session is being held in two parts — the first part from January 29 to February 15 and the second from March 8 to April 8.