9.5 % Fiscal Deficit

y k y cm VOLUME 10, ISSUE 301 | www.orissapost.com BHUBANESWAR | TUESDAY, FEBRUARY 2 | 2021 12 PAGES | `4.00 FISCAL DEFICIT FOR FISCAL MARKET BORROWING EXPENDITURE CURRENT FISCAL AGAINST DEFICIT FOR TO FUND FOR THE NEXT UNION BUDGET 9.5 % 3.5 PC BUDGETED 6.8 % NEXT FISCAL 12L cr EXPENDITURE 34.83L cr FISCAL 2021-22 MAJOR ALLOCATIONS COSTLIER `2.24L cr Rural infra devp Sharp hike in fund up to capex to FM’S POLL PILL outlay for ` ` healthcare 40,000 cr 5.54L cr A major portion of the spend allocated to poll-bound n Refrigerators and ACs Tamil Nadu, Kerala, West Bengal and Assam n LED lamps, parts and spares such as printed circuit board required are targeted to be raised through n divestment and monetisation. Raw silk and cotton, TAMIL NADU n `4.78L cr Covid `20,000 cr While `1.75 lakh crore is being tar- Solar invertors and lanterns geted from the sale of non-strategic pub- n allocated to vaccination recapitalisation `1.03 lakh crore Automobile parts such as safety defence expenditure for PSBs lic sector companies, the government and toughened glasses `35,000 cr will get `30,000 crore from the new n Windscreen wipers agriculture cess. With government spend- n Signalling equipment KERALA ing more to support the economy during ` the pandemic that hit revenue collec- n Mobile phone parts like PCBA 65,000 crore tions, the fiscal deficit for the current year n Camera module was put at 9.5 per cent of the gross do- n Connectors mestic product (GDP) as against a target 10% Record n Back cover, side keys, mobile ` of 3.5 per cent. For the next fiscal, the fis- hike in farm loan 1.10 lakh crore phone charger components WEST BENGAL cal deficit was projected at 6.8 per cent. disbursal to `16.5 L cr allocated to railways ` "We have spent, we have spent and we n Inputs or raw materials of 25,000 crore have spent. That's why fiscal deficit has Lithiumion battery reached this number," she said. She also n Ink cartridges and ink spray no .. ASSAM signalled that the fiscal policy support of n Finished leather products the economy will continue for at least three No major deal ` years, with the deficit being brought 34,000 crore under 4.5 per cent by FY2025-26. Officials in her ministry at the press for Odisha conference explained that the new limit AGENCIES for interest-free PF would hit less than 1 per cent of the total EPFO base. NINL’s disinvestment to be New Delhi, Feb 1: Finance Minister For the agriculture sector, she main- Nirmala Sitharaman Monday proposed tained the reform momentum such as the n Gold and gold dore completed in coming fiscal a sharp increase in expenditure on in- extension of farm credit provision to n Silver and silver dore frastructure, doubling of healthcare farmers, commodity expansion under n POST NEWS NETWORK GPS-enabled recovery spending and raising of the cap on for- 'Operation Green' and extension of Precious metals like platinum vans will be installed on eign investment in insurance in her Agriculture Infrastructure Fund (AIF) to and palladium Bhubaneswar, Feb 1: the highway. Budget for the next fiscal in a bid to pull APMCs. In order to incentivise the pur- n Medical devices imported by Except for development Similarly, the Centre the economy out of the trough. chase of affordable house, the finance min- international organisation and of a fishing harbour and has decided to complete The Budget for the fiscal year made no ister proposed to extend the period for diplomatic missions landing centre at the strategic disinvest- changes in personal or corporate tax claiming an additional deduction for the n Leather Goods Pradaip, there is noth- ment plan of Neelachal rates but raised customs duties on cer- interest of `1.5 lakh paid for home loans n Nylon Clothes ing new or big an- Ispat Nigam Limited tain auto parts, mobile phone compo- has been offset by an equivalent or more cluded `1.18 lakh crore for the roads and by one year to March 31, 2022. n Iron, steel and copper Items nouncement for the state (NINL) during the year nents and solar panels in order to provide reduction in the import duty. highways sector and `1.08 lakh crore for To remove hardship faced by NRIs in in the Union Budget for 2021-22. Following the state impetus to domestic manufacturing. Interest on employee contributions to railways. The allocation was 37 per cent respect of their income accrued on for- the year 2021-22. government’s consent, Finance Minister Nirmala Sitharaman PF over `2.5 lakhs per annum effective more than last year. The increased spend- eign retirement benefits account due to CHEAPER During her Budget the Union Cabinet had proposed new highways projects of 3,500 April 1, 2021, has now been made tax- ing is aimed at creating demand in the mismatch in taxation, new rules for align- speech, Union Finance approved the disinvest- kms in Tamil Nadu at a cost of Rs 1.03 lakh able. In the previous 2020 Budget, the fi- economy and support job creation. With ment will be noti- Minister Nirmala ment plan, January 8. crore, 1,100 kms of highways in Kerala nance minister had capped the tax ex- just 1 per cent of GDP being spent on fied. Foreign direct Sitharaman has proposed Four central PSUs - at an investment of Rs 65,000 crore. In West emption on employers contribution to PF, health, she proposed raising of the spend- investment limit in substantial investments Metals and Minerals Bengal, she proposed 675 kms of highways NPS and superannuation funds at an ag- ing to `2.2 lakh crore next fiscal to help insurance was pro- in the development of Trading Corporation works at a cost of Rs 25,000 crore and over gregate of `7.5 lakh per annum. improve health systems as well as fund posed to be raised to modern fishing harbours (MMTC), National 1,300 kms of highways in Assam at Rs In a relief to senior citizens, those vaccination drive against coronavirus. 74 per cent from the and fish landing centres. Mineral Development 34,000 crore. It also imposed an Agriculture above 75 years of age with only pension "We decided to spend big on infra- current 49 per cent. In first phase, the Corporation (NMDC), Infrastructure and Development Cess and interest income would no longer structure in this Budget. We attended to Also, a tax deducted Centre planned to de- Bharat Heavy Electricals (AIDC) on the import of certain items (like have to file income tax returns, subject the need of the health sector," she told a at source of 0.1 per velop fishing harbours Ltd (BHEL) and MECON apples, peas, lentils, alcohol, chemicals, to certain conditions. Delivering her press conference after presenting the cent will be levied at Paradip in Odisha and - and two Odisha gov- silver and cotton) to finance agricultural third straight Budget, Sitharaman allo- Budget for 2021-22 in Lok Sabha. "We de- on the purchase of four other locations – ernment companies IPI- infrastructure and other development cated `5.54 lakh crore for capital cre- cided to give greater impetus to the econ- goods exceeding `50 Kochi, Chennai, COL and Odisha Mining expenditure. But its impact on prices ation in the infrastructure sector. This in- omy in this Budget." Additional resources lakh in a year. Visakhapatnam, and Corporation (OMC) are Petuaghat –as hubs of shareholders in the UNION BUDGET 2021-22 economic activities. “We NINL. Apart from the RUPEE COMES FROM RUPEE GOES TO ` will also develop inland above, the state may get 10,840cr loss for state due to fishing harbours and benefits from the in- fish-landing centres along crease in allocation for the banks of rivers and the Post Matric cut in central tax share: CM waterways,” she said. Scholarship Scheme for The Union Minister the welfare of Scheduled said464 km length Castes. The Union gov- INTRODUCTION OF CESS IN PETROL AND DIESEL WILL Raipur-Vishakhapatnam ernment is allotting WEAKEN THE CENTRE-STATE FISCAL BALANCE industrial corridor pass- `35,219 crore for six years ing through till 2025-2026 to benefit POST NEWS NETWORK Chhattisgarh, Odisha four crores of SC stu- and north Andhra dents. Bhubaneswar, Feb 1: Giving mixed re- Pradesh will be awarded Though the state gov- Borrowings and other liabilities Centrally Sponsored Scheme actions to the Union Budget 2021-22, Chief in the current year. ernment had demanded Corporation Tax Central Sector Scheme Minister Naveen Patnaik said the state Construction of the road allocation of `5,650 crore Income Tax Interest payments government would lose `10,840 crore dur- project will start in 2021- for development of the Customs Defence ing the current year for its drastic re- 22, she said. telecom sector in Odisha, Union Excise Duties Subsidies duction of share in central taxes. Advanced traffic man- the Finance Minister has Goods and service tax Finance Comm. and oth. transfers As per the recommendations of the agement system with not mentioned anything Non-tax Revenue States’ share of taxes and duties 15th Finance Commission, the horizon- speed radars, variable about this in her speech. Non-debt Capital receipts Pensions tal share will decrease from 4.629 per message signboards, cent to 4.528 per cent for coming five Other expenditure years. This will seriously impact the state, Naveen said. Similarly, capital investments are very FDI in insurance 74% Disinvestment `1.75Lcr More Ujjwala gas Environment-friendly Relief to elderly much required in Odisha both in railways and highways sectors.

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