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None whatsoever.Besides, what did the Tories promise in their manifesto?Real terms increases in NHS spending reaching £8bn extra per year by 2022/23Scrapping the triple-lock on the state pension after 2020, replacing it with a "double lock", rising with earnings or inflationMeans test winter fuel payments, taking away £300 from wealthier pensionersRaising cost of care threshold from £23,000 to £100,000 - but include value of home in calculation of assets for home care as well as residential careScrap free school lunches for infants in England, but offer free breakfasts across the primary yearsPump an extra £4bn into schools by 2022Net migration cut to below 100,000Increase the amount levied on firms employing non-EU migrant workersScrap a planned £72,000 cap on care costs, which had been due in 2020People with assets of more than £100,000 would have to pay for their care - but could defer payment until after their deathHowever, the value of an elderly person's property will now be included in the means test for care in their own home, meaning more people will be liable to contribute to the cost of being looked after.Increase the personal allowance to £12,500 and the higher rate to £50,000 by 2020Keep pledge to ensure residents can veto high increases in council tax via a referendumImprove HMRC's capabilities to clamp down on smuggling, including improving policing of borders as UK leaves EUReduce online VAT fraudSpend more on research and developmentEnsure industry and businesses have access to reliable, cheap and clean powerDeliver road, rail, airports and broadband that businesses need.Increase the amount levied on firms employing migrant workersListed companies will have to publish ratio of executive pay to broader UK workforce payMaintain pledge to cut corporation tax to 17% by 2020Reform business rates, with more frequent revaluationsSimplify the tax systemRegulate more efficiently, saving £9bn through the Red Tape Challenge and the One-In-Two-Out RuleLegislate for tougher regulation of tax advisory firmsUpdate the rules that govern mergers and takeoversEnsure foreign ownership of companies controlling important infrastructure does not undermine British security or essential servicesLegislate to make executive pay packages subject to strict annual votes by shareholdersConsider a ban on companies which cold call people to encourage them to make false personal injury claimsReduce insurance costs by "cracking down on exaggerated and fraudulent" whiplash claims.Increase the National Living Wage to 60% of median earnings by 2020Ensure people working in the 'gig' economy are properly protectedChanger the law to ensure listed companies nominate a director from the workforce, create a formal employee advisory council or assign specific responsibility for employee representation to a designated non-executive directorIntroduce a right for employees to request information relating to the future direction of the company.Pump an extra £4bn into schools by 2022Scrap free school lunches for infants in England, but offer free breakfasts across the primary yearsNo school will have its budget cut as a result of the new funding formulaAt least 100 new free schools a yearEnd ban on grammar schools - conditions would include allowing pupils to join at "other ages as well as eleven"Ask universities and independent schools to help run state schoolsA specialist maths school to be opened in every major city in England due to new funding arrangementsEvery 11-year-old expected to know their times tables off by heartIf universities want to charge maximum tuition fees, they will be required to "become involved" in academy sponsorship or the founding of free schoolsIntroduce T-LevelsChange the rules to allow the establishment of new Roman Catholic schoolsNew faith schools will now have to prove parents of other faiths and none would be prepared to send their children to that schoolWork to build up the investment funds of universities across the UK.Real terms increases in NHS spending reaching £8bn extra per year by 2022/23A new GP contract and changes to the contract for hospital consultantsRetain the 95% four hour A&E targetRequire foreign workers and overseas students to pay more to cover the cost of NHS care.Scrapping the triple-lock on the state pension after 2020, replacing it with a "double lock", rising with earnings or inflation - but no longer 2.5%Means test winter fuel payments to pensionersTighten the rules against pension abuse and increase punishment for those caught mismanaging pension schemesGive the pensions regulator powers to issue punitive fines for those found to have wilfully left a pension scheme under-resourced and if necessary, powers similar to those held by the Insolvency Service to disqualify relevant company directorsConsider new criminal offence for company directors who put at risk the ability of a pension scheme to meet its obligations.Commitment to "bear down on immigration from outside the EU" across all visa routesImmigration cut to under 100,000Students expected to leave the country at the end of their course unless they meet new "higher" requirements allowing them to stayOverseas students to remain in the immigration statistics.Second part of the Leveson Inquiry into the culture, practices and ethics of the press will not take placeRepeal section 40 of the Crime and Courts Act 2014, which would - if enacted - force newspapers to pay their opponents' legal costs linked to libel and privacy actions, even if they win in court, if they are not signed up to an officially-recognised regulatorIntroduce a new cultural development fund to turn around communitiesHold a Great Exhibition of the North in 2018 to celebrate achievements in innovation, the arts and engineeringSupport a UK city in making a bid to host the 2022 Commonwealth GamesSupport development of new Edinburgh Concert Hall as part of 70th Anniversary Year of the Edinburgh Festival, reaffirming Edinburgh as the UK's leading festival city and a cultural beacon around the globeMake it clearer for mobile phone customers to know when they have paid off the price of their handset.Create a "national infrastructure police force", which brings together the Civil Nuclear Constabulary, the Ministry of Defence Police and British Transport PoliceSerious Fraud Office to be incorporated into the National Crime Agency£1bn to modernise the prison estateLegislation to make changes in police practices if "stop and search does not become more targeted and stop to arrest ratios do not improve"Legislate if progress not made to reduce the "disproportionate use of force" against black, Asian and ethnic minority people in prison, young offender institutions and secure mental health units.UK should have the lowest energy costs in Europe, both for households and businessesEstablish an industrial energy efficiency scheme to help large companies install measures to cut their energy use and their billsSmart meters offered to every household and business by the end of 2020Make it easier to switch energy providers and introduce a "safeguard tariff cap"Independent review into the cost of energy to ensure UK energy costs are as low as possible, while ensuring a reliable supply and meeting 2050 carbon reduction objectiveAgainst more large-scale onshore wind power for England, but maintain position as a global leader in offshore wind and development of wind projects in the remote islands of Scotland, where they directly benefit local communitiesDevelop the shale industry in BritainNon-fracking drilling treated as permitted developmentSet up a new shale environmental regulatorChange proposed shale wealth fund so greater percentage of tax revenues from shale gas directly benefit the communities that host the extraction sites.Halve rough sleeping over the course of the next parliament and eliminate it by 2027Meet 2015 commitment to deliver a million homes by the end of 2020 and half a million more by the end of 2022Build better houses to match the quality of previous generationsSupport for high-quality, high-density housing like mansion blocks, mews houses and terraced streets160,000 houses built on government landMaintain the existing strong protections on designated land like the Green Belt, National Parks and Areas of Outstanding Natural BeautyContinue £2.5bn flood defence programme to protect 300,000 existing homes by 2021.Review rail ticketing to remove "complexity and perverse" pricing, with a passenger ombudsman introducedMinimum service levels agreed with train companies and staff during times of industrial action. A pledge to make this mandatory if a deal cannot be reached voluntarilyFocus on creating extra capacity on the railways to ease overcrowding, bring new lines and stations, and improve existing routes - including for freightContinue investment in High Speed 2, Northern Powerhouse Rail and the expansion of Heathrow Airport, while ensuring these projects develop the skills and careers of British workersAlmost every car and van to be zero-emission by 2050 with £600m investment by 2020 to help achieve it.Spend at least 2% of GDP on defence and increase the budget by at least 0.5% above inflation in every year of the new parliamentPledge to "maintain" the overall size of the armed forcesRetain the Trident continuous-at-sea nuclear deterrentBetter compensation for injured personnel and the families of those killed in combat.Introduce a "breathing space" scheme to help those in serious debt be protected from further interest, charges and enforcement action for up to six weeks.Provide clarity across England on what devolution means for different administrations so all authorities operate in a common frameworkA referendum on Scottish independence cannot take place until the Brexit process has played out and it should not take place unless there is public consent for it to happenProtect the interests of Scotland and Wales as new UK farming and fisheries policy developsRecognise Northern Ireland's unique circumstances as UK leaves the European Union and will seek to ensure its interests are protected.SummaryNow, I’ve not gone through every single one of those manifesto promises, but after a quick look through I’ll bet at least 20% of them haven’t been met in full. So which ones do you think they should be taken to court over.Let me guess. It’s this one, isn’t it?Exit the European single market and customs union but seek a "deep and special partnership" including comprehensive free trade and customs agreementBecause you brexiteers have absolutely zero idea about politics. You think that governments should be held legally accountable for that one promise that you suspect they may not keep, which conflicts with your ideology. But you keep stubbornly silent about promises likeUK should have the lowest energy costs in Europe, both for households and businessesBcause that is obviously competely impossible to achieve. But breaking that promise doesn’t matter if you’re a hypocrite.

On 2nd February, Finance Minister Nirmala Sitharaman presented the union budget in parliament.Image Source- TwitterSome Key Highlights of India’s 2021 budget are given below-TaxesThe numbers of Income-tax filers has increased from 3.31Cr in 2014 to 6.48Cr in 2020.We shall reduce the compliance burden of our senior citizens who are 75 years of age and above. For senior citizen who only has a pension and interest income exempted from filing income tax returns.AgricultureThe government increased the agriculture credit target to Rs 16.5 lakh crore in 2021–22.One thousand more mandis to be integrated with the electronic national market.The MSP regime has undergone a change to assure a price that is at least 1.5 times the cost of production across all commodities.FDI and disinvestmentThe FDI in insurance increased to 74% from 49%. In 2021–22 we would bring IPO in LIC for which I am bringing the requisite amendments.The States gets a 41% share of taxes as per the recommendation of the 15th finance commission.Two PSBs and a general insurance company to be divested, legislation amendments to be introduced in this session.Governments earnings and spendingsAccording to the Minister, the government is rationalizing customs duties on gold and silver.Fiscal deficit pegged at 9.5% of GDP during current fiscal ending at march 31. It is pegged at 6.8% in the next fiscal year.SchemesNew Centrally Sponsored scheme PM Atmanirbhar Swasth Bharat Yojana to be launched an outlay with 64180 Crore over 6 years.Main Intervention under PM Atmanirbhar Swasth Bharat Yojana would include-Support for health and wellness centerSetting up an Integrated public health laboratory in all districts.Critical care hospitals blocks.One nation One Ration card scheme launched through which beneficiaries can claim their rations anywhere in the country. The Migrants workers benefited more from this scheme.Comprehensive National Hydrogen Energy mission to be launched. The mission will help generate hydrogen from green power sources.Ujjawal Scheme expanded over one crore more beneficiaries. A gas pipeline project will be taken up in Jammu and Kashmir.Allocation to Rural Infrastructure development increased from 30,000 Cr to 40,000 Cr in FY 2021.Allocation of 110055 cr to provide for Indian railways out of which 107100 Cr has been reserved for capital expenditure.The Government allocated 3726Cr for the forthcoming census which will be the first digital census.Rs 35000 Crore have been sanctioned for Covid19 Vaccine this year 2021–22.And So on.

Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget is the account of the government's finances for the fiscal year that runs from 1st April to 31st March. Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented 2021 Budget on 1.2.2021. Given the impact of Budget on Society, Business and Economy, this becomes a very important GD, WAT, Extempore, Interview topic for MBA Admissions and other competitive exams. presents a detailed analysis of Budget 2021.What is 'Union Budget'According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget is the account of the government's finances for the fiscal year that runs from 1st April to 31st March. Union Budget is classified into Revenue Budget and Capital Budget.What is Revenue Budget and Capital Budget?Let’s understand this basic and important difference. Revenue budget includes the government's revenue receipts and expenditure. There are two kinds of revenue receipts - tax and non-tax revenue. Revenue expenditure is the expenditure incurred on day to day functioning of the government and on various services offered to citizens. If revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit. Capital Budget includes capital receipts and payments of the government. Loans from public, foreign governments and RBI form a major part of the government's capital receipts. Capital expenditure is the expenditure on development of machinery, equipment, building, health facilities, education etc. Fiscal deficit is incurred when the government's total expenditure exceeds its total revenue.Union Budget 2021Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented 2021 Budget on 1.2.2021. She said that India’s fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era – one in which India is well-poised to truly be the land of promise and hope.The key highlights of the Union Budget 2021-22 are as follows:6 pillars of the Union Budget 2021-22:Budget 2021 is based on six key pillars.Health and WellbeingPhysical & Financial Capital, and InfrastructureInclusive Development for Aspirational IndiaReinvigorating Human CapitalInnovation and R&DMinimum Government and Maximum GovernanceLet us understand key proposals and initiatives for each of these.1. Health and WellbeingIn the context of COVID 19, Health was the focus of Budget 2021. Here are more details:Massive Increase in Health Spending: Rs. 2,23,846 crore outlay for Health and Wellbeing in BE 2021-22 as against Rs. 94,452 crore in BE 2020-21 – an increase of 137%.Focus on strengthening three areas: Preventive, Curative, and WellbeingRs. 35,000 crore for COVID-19 vaccine in BE 2021-22Rs. 64,180 crore outlay over 6 years for PM Aatma Nirbhar Swasth Bharat Yojana – a new centrally sponsored scheme to be launched, in addition to NHMMission Poshan 2.0 to be launched to strengthen nutritional content, delivery, outreach, and outcome.Universal Coverage of Water Supply. Rs. 2,87,000 crore over 5 years for Jal Jeevan Mission (Urban) - to be launched with an aim to provide 2.86 crore household tap connectionsScrapping Policy announced. Voluntary vehicle scrapping policy to phase out old and unfit vehicles.2. Physical and Financial Capital and InfrastructureProduction Linked Incentive scheme (PLI). Rs. 1.97 lakh crore outlay in next 5 years for PLI schemes in 13 Sectors to create and nurture manufacturing global champions for an AatmaNirbhar Bharat. PLIs to help manufacturing companies become an integral part of global supply chains, possess core competence and cutting-edge technology.Textiles: Mega Investment Textiles Parks (MITRA) scheme, in addition to PLI launched. 7 Textile Parks to be established over 3 years. Textile industry to become globally competitive, attract large investments and boost employment generation & exports.Infrastructure: National Infrastructure Pipeline (NIP) expanded to 7,400 projects. Around 217 projects worth Rs. 1.10 lakh crore completed. Measures in three thrust areas to increase funding for NIP:Creation of institutional structuresBig thrust on monetizing assetsEnhancing the share of capital expenditureBig thrust on monetizing assets: National Monetization Pipeline to be launched. Important asset monetization measures to be taken:5 operational toll roads worth Rs. 5,000 crore being transferred to the NHAIInvITTransmission assets worth Rs. 7,000 crore to be transferred to the PGCILInvITDedicated Freight Corridor assets to be monetized by Railways, for operations and maintenance, after commissioningNext lot of Airports to be monetized for operations and management concessionOther core infrastructure assets to be rolled out under the Asset Monetization Programme:Oil and Gas Pipelines of GAIL, IOCL and HPCLAAI Airports in Tier II and III citiesOther Railway Infrastructure AssetsWarehousing Assets of CPSEs such as Central Warehousing Corporation and NAFEDSports StadiumsRoads and Highways Infrastructure: Rs. 1,18,101 lakh crore, highest ever outlay, for Ministry of Road Transport and Highways – of which Rs. 1,08,230 crore is for capital.Railway Infrastructure: Rs. 1,10,055 crore for Railways of which Rs. 1,07,100 crore is for capital expenditure.Urban Infrastructure: Raising the share of public transport in urban areas by expansion of metro rail network and augmentation of city bus service.Power Infrastructure: 139 Giga Watts of installed capacity and 1.41 lakh circuit km of transmission lines added, and additional 2.8 crore households connected in past 6 years. Consumers to have alternatives to choose the Distribution Company for enhancing competitiveness.Petroleum & Natural Gas: Extention of Ujjwala Scheme to cover 1 crore more beneficiaries.Financial Capital: A single Securities Markets Code to be evolved. Support for development of a world class Fin-Tech hub at the GIFT-IFSC.Increasing FDI in Insurance Sector: To increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards.Company Matters: Many important steps were announced. Like to decriminalize the Limited Liability Partnership (LLP) Act, 2008. Easing Compliance requirement of Small companies by revising their definition under Companies Act, 2013 by increasing their thresholds for Paid up capital from “not exceeding Rs. 50 Lakh” to “not exceeding Rs. 2 Crore” and turnover from “not exceeding Rs. 2 Crore” to “not exceeding Rs. 20 Cr”.Disinvestment and Strategic Sale: This was another important aspect. Rs. 1,75,000 crore estimated receipts from disinvestment in BE 2020-21. Steps announced were:Strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited etc. to be completed in 2021-22.Other than IDBI Bank, two Public Sector Banks and one General Insurance company to be privatizedIPO of LIC in 2021-22New policy for Strategic Disinvestment approved; CPSEs except in four strategic areas to be privatizedNITI Aayog to work out on the next list of CPSEs to be taken up for strategic disinvestmentIncentivizing States for disinvestment of their Public Sector Companies, using central fundsSpecial Purpose Vehicle in the form of a company to monetize idle landIntroducing a revised mechanism for ensuring timely closure of sick or loss making CPSEs3. Inclusive Development for Aspirational IndiaThis was the third pillar of Budget 2021 and included Agriculture reforms. Lets note the key initiatives.MBA/PGDM Admissions Open 2021 | Apply Now!Agriculture:Ensured MSP at minimum 1.5 times the cost of production across all commodities.With steady increase in the procurement, payment to farmers increased as under:2013-14 (in Rs. crore)2019-20 (in Rs. crore)2020-21 (in Rs. crore)WheatRs. 33,874Rs. 62,802Rs. 75,060RiceRs. 63,928Rs. 1,41,930Rs. 172,752PulsesRs. 236Rs. 8,285Rs. 10,530SWAMITVA Scheme to be extended to all States/UTs, 1.80 lakh property-owners in 1,241 villages have already been provided cards Migrant Workers and Labourers: One Nation One Ration Card scheme for beneficiaries to claim rations anywhere in the country was announced. Migrant workers to benefit the most.4. Reinvigorating Human CapitalEducation sector was the fourth pillar of Union Budget 2021. Here are the key initiatives:School Education: 15,000 schools to be strengthened by implementing all NEP components. Shall act as exemplar schools in their regions for mentoring others. 100 new Sainik Schools to be set up in partnership with NGOs/private schools/states.Higher Education: Legislation to be introduced to setup Higher Education Commission of India as an umbrella body with 4 separate vehicles for standard-setting, accreditation, regulation, and funding.Skilling: Proposed amendment to Apprenticeship Act to enhance opportunities for youth was announced. Rs. 3000 crore for realignment of existing National Apprenticeship Training Scheme (NATS) towards post-education apprenticeship, training of graduates and diploma holders in Engineering was mentioned.5. Innovation and R&DInnovation and RD was the fifth pillar. · National Research Foundation (announced in July 2019) will have Rs. 50,000 crore outlay over 5 years to strengthen overall research ecosystem with focus on national-priority thrust areas.6. Minimum Government, Maximum GovernanceFinally, Governance was the last pillar. Rs. 3,768 crore allocated for first digital census in the history of India.Tax ProposalsOne of the highlights of Budget 2021 was that no new taxes were announced. Budget noted following:1. Direct TaxesAchievements:Corporate tax rate slashed to make it among the lowest in the worldBurden of taxation on small taxpayers eased by increasing rebatesReturn filers almost doubled to 6.48 crore in 2020 from 3.31 crore in 2014Faceless Assessment and Faceless Appeal introducedRelief to Senior Citizens:Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to be deducted by paying bank Attracting Foreign Investment for Infrastructure:Infrastructure Debt Funds made eligible to raise funds by issuing Zero Coupon BondsRelaxation of some conditions relating to prohibition on private funding, restriction on commercial activities, and direct investmentSupporting ‘Housing for All’:Additional deduction of interest, up to Rs. 1.5 lakh, for loan taken to buy an affordable house extended for loans taken till March 2022Tax holiday for Affordable Housing projects extended till March 2022Tax exemption allowed for notified Affordable Rental Housing Projects2. Indirect TaxesGST:Measures taken till date:Nil return through SMSQuarterly return and monthly payment for small taxpayersElectronic invoice systemValidated input tax statementPre-filled editable GST returnStaggering of returns filingEnhancement of capacity of GSTN systemUse of deep analytics and AI to identify tax evadersElectronic and Mobile Phone Industry:Some exemptions on parts of chargers and sub-parts of mobiles withdrawnDuty on some parts of mobiles revised to 2.5% from ‘nil’ rateAchievements and Milestones during the COVID-19 pandemicBudget noted following achievements by government during the COVID-19 pandemic:Pradhan Mantri Garib Kalyan Yojana (PMGKY):Valued at Rs. 2.76 lakh croreFree food grain to 80 crore peopleFree cooking gas for 8 crore familiesDirect cash to over 40 crore farmers, women, elderly, the poor and the needyAatmaNirbhar Bharat package (ANB 1.0):Estimated at Rs. 23 lakh crore – more than 10% of GDPPMGKY, three ANB packages (ANB 1.0, 2.0, and 3.0), and announcements made later were like 5 mini-budgets in themselvesRs. 27.1 lakh crore worth of financial impact of all three ANB packages including RBI’s measures – amounting to more than 13% of GDPStructural reforms:One Nation One Ration CardAgriculture and Labour ReformsRedefinition of MSMEsCommercialisation of the Mineral SectorPrivatisation of Public Sector UndertakingsProduction Linked Incentive SchemesStatus of India’s fight against COVID-19:2 Made-in-India vaccines – medically safeguarding citizens of India and those of 100-plus countries against COVID-192 or more new vaccines expected soonLowest death rate per million and the lowest active casesPolitical & Industry Reactions to Budget 2021Overall, Industry has liked and praised the Budget 2021. Stock Market was up nearly 5% on the Budget day! Opposition parties have of course criticized the budget. Here are some reactions:Historic budget with growth as the centre piece: CII presidentCII president Uday Kotak said: “Delivering on her promise of unveiling a ‘Budget Like No Other’, the Finance Minister announced a raft of prudent measures aimed at rejuvenating government spending towards critical areas of increasing allocation on infrastructure expansion, education, housing and health as India rolls out a vaccine drive to inoculate 1.3 billion people.”​