Tagore, Team India win in Aus, and of course Aatmanirbhar: FM's Budget 2021 speech has it all
Nirmala Sitharaman presented her third Budget in Parliament on Monday.
By ET Online | Updated:
Agencies
Nirmala Sitharam bets big on Atmanirbhar Bharat for Budget 2021.
Finance Minister Nirmala Sitharaman on Monday was at the centre of attention, in Parliament, and outside as she delivered her third Budget. The Budget comes in the wake of a financially tough and turbulent year triggered by the coronavirus pandemic which has seen subsequent lockdowns and life coming to a standstill.
Even as Lok Sabha Speaker Om Birla welcomed her and asked her to begin the speech, it was lost in Opposition din. As the chants receded, the 61-year-old began her speech, acknowledging the "endurance shown by the people".
Acknowledgement done, the FM went on to highlight that the country's spirit of self-reliance has helped her hold in good stead. And not surprisingly, 'Aatmanirbhar' - the word that has been used frequently by Prime Minister Narendra Modi to urge citizens to become self-reliant - found mention in her speech. At the time of writing this, the FM, 40 minutes into the speech, had already used the word on more than 11 occasions.
'Aatmanirbhar' was not the only keyword. The JNU alumna also quoted Nobel laureate Rabindranath Tagore's verse, as she set the context of seeking hope amidst dark and depressing times, as the country came out of the pandemic. Quoting Tagore from 'Fireflies' she said: “Faith is the bird that feels the light
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And sings when the dawn is still dark."
From Tagore's eternal lines that are still relevant after a century, she transitioned to Team India's stupendous success Down Under in the Border-Gavaskar trophy. The win made headlines as it made history following the drubbing of Australia at the Gabba Stadium in Brisbane, a first in over three decades for the hosts.
Sitharaman, who wore a cream-and-red silk saree with a printed border, compared the economic recovery with that of India's series win in Australia. "Team India's spectacular success in Australia reminds us of the inherent strengths of the people of India."
Nirmala Sitharam with her red tablet for the Budget 2021. An hour into her speech, Sitharaman invoked some lines from Thirukkural written by Tamil poet Thiruvalluvar on the quality of a good king.
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"A good king is one who is able to acquire wealth, guard it and distribute it justly," she quoted, in reference to the efforts and measures taken by the Government for financial empowerment of the poor and marginalised.
Interestingly, Tamil Nadu and West Bengal both go to polls later this year.
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Budget 2021: Mobiles, Raw Silk Dearer; Gold & Silver Cheaper
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Finance Minister Nirmala Sitharaman on Monday junked the traditional 'bahi khata' and opted for a digital tablet (wrapped in a red-coloured cloth with the national emblem) to present her almost-2-hr-long Budget speech in Parliament.
The symbolism was clear - of a direct indicator of the Government's push towards digitisation. As a part of the PM’s push for ‘AatmaNirbhar Bharat’ (a self-reliant India), the Budget speech mentioned data analytics, artificial intelligence, machine learning as well.
A combination of tech and Tagore - the JNU alumna quoted a verse from the Nobel laureate - the Budget had a dose of measures to boost growth. And like all years, there were some winners and some losers. And relief for some sectors, too. A push for the textile industry, relief for gold and silver, exemption for mobile phones parts - were some of the suggestions.
We do the math for you, and tell you what’s cheaper and what’s dearer post-Budget.
Finance Minister Nirmala Sitharaman on Monday junked the traditional 'bahi khata' and opted for a digital tablet (wrapped in a red-coloured cloth with the national emblem) to present her almost-2-hr-..
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Mobile phones and chargers are set to get costlier, thanks to raised import duties. You will now have to shell out a few extra bucks for power banks as well.
If you’ve been planning to upgrade your phone, now’s certainly not the time. The government is withdrawing a few exemptions on parts of chargers and sub-parts of mobile phones, which could lead to a cost in handsets.
Mobile phones and chargers are set to get costlier, thanks to raised import duties. You will now have to shell out a few extra bucks for power banks as well.If you’ve been planning to upgrade your ph..
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Bling it up, we say! In some relief for gold and silver buyers, the precious metals will get cheaper following a cut in customs duty to 7.5 per cent from 12.5 per cent. As the country opens up and accepts the new normal in this post-Covid world, the demand for all things shiny could rise with delayed wedding ceremonies and other gigs taking off, finally. Imported gold coins will also be cheaper as the duty has been cut to 10% from 12.5%.
Investors, too, get some good tidings: gold dore bars and silver dore bars will now attract import duty of 6.9 per cent and 6.1 per cent, respectively, from existing rates of 11.85 per cent and 11 per cent, respectively.
Bling it up, we say! In some relief for gold and silver buyers, the precious metals will get cheaper following a cut in customs duty to 7.5 per cent from 12.5 per cent. As the country opens up and ac..
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Want to enhance your sartorial quotient with some silk? Well, there’s a bit of a problem there. Imported raw silk and silk yarn will now hurt the pocket following a hike in the levy to 15 per cent from 10 per cent. Nylon products are set to get cheaper with the basic customs duty rates on several nylon parts being reduced to 5 per cent.
This move will help bring nylon chains on par with polyester and other man-made fibres and also help the textile industry, MSMEs and overall exports.
Want to enhance your sartorial quotient with some silk? Well, there’s a bit of a problem there. Imported raw silk and silk yarn will now hurt the pocket following a hike in the levy to 15 per cent fr..
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If there is one fashion statement that has survived decades of change and has never completely gone out of style and is still around (not just because of its durability), then it's leather. But now might not be a good time to buy the leather shoes that you have been eyeing or that leather bag that's sitting in your cart as the products will cost you 15-20 per cent more due to increase in import duty.
The Union Budget has imposed 10 per cent customs duty on raw and finished leather.
If there is one fashion statement that has survived decades of change and has never completely gone out of style and is still around (not just because of its durability), then it's leather. But now m..
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Prepare yourself for a hotter summer as prices of ACs and refrigerators are set to jump. In the Budget 2021, customs duty on the compressors for air conditioners and refrigerators has been hiked to 15 per cent from 12.5 per cent. So if you were thinking of updating your current machine or buying a swanky new one, you might wanna speed up.
With increase in customs duty to 15% from 12.5%, the prices of refrigerators and ACs are set to go up by 2.5% from April 1 this year.
Prepare yourself for a hotter summer as prices of ACs and refrigerators are set to jump. In the Budget 2021, customs duty on the compressors for air conditioners and refrigerators has been hiked to 1..
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Buying products that run on solar power will now be dearer as the Government has hiked duty on solar inverters and lanterns from 5 per cent to 20 per cent and 15 per cent from 5 per cent respectively.
Turning to solar power is the way to go for a more digital yet environment-conscious world. But it seems like the plan to become a complete solar equipped country is still some time away, bearing the cost in mind.
Buying products that run on solar power will now be dearer as the Government has hiked duty on solar inverters and lanterns from 5 per cent to 20 per cent and 15 per cent from 5 per cent respectively..
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The FM has hiked the customs duty on certain auto parts which will most likely impact the cost of vehicles. But, these parts are not exclusive ones and are also available in the local market. The items on which the customs duty has been increased to 15 per cent from 10 per cent are frames and forks, wheel rims and spokes, hubs, brakes, saddles, pedals and crank gear. With the employment and production situation still grim in the country due to the ongoing pandemic, this proposal might have a negative impact on the auto industry.
The FM has hiked the customs duty on certain auto parts which will most likely impact the cost of vehicles. But, these parts are not exclusive ones and are also available in the local market. The ite..
