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The upcoming budget scheduled for February 1 will go paperless as the Finance Ministry has decided not to print the <keyword id="1077166" type="PERSON" weightage="20" keywordseo="budget-documents">budget documents</keyword> amid the pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received permission for the same from both the <keyword id="244400" type="COMPANY" weightage="20" keywordseo="Houses-of-Parliament">Houses of Parliament</keyword>. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block. This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing. Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string.--IANS SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms" data-type="tilCustomLink">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-gets-less-risky-the-higher-it-goes-legendary-investor-bill-miller-breaks-down-why-the-cryptocurrency-could-surge-100-in-2021/articleshow/80200462.cms" data-type="tilCustomLink">Bitcoin gets 'less risky the higher it goes': Legendary investor Bill Miller breaks down why the cryptocurrency could surge 100% in 2021</a>

Union Budget 2021: In a first, Budget to go paperless as pandemic disrupts traditions

Here’s how the advertising and marketing industry reacted to Union Budget 2021

The <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword> session of <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> will commence from January 29, with Union Finance Minister Nirmala Sitharaman set to present the <keyword id="6360189" type="ORGANIZATION" weightage="20" keywordseo="union-budget">Union Budget</keyword> on February 1. The session will be held in two parts -- from January 29 to February 15 and March 8 to April 8. The 5th session of the 17th Lok Sabha will have 35 sittings -- 11 in the first part and 24 in the second part. President Ram Nath Kovind will address both Houses of Parliament -- the Rajya Sabha and the Lok Sabha -- at 11 am on January 29. Sitharaman will present the Union Budget at 11 am on February 1. Parliament will adjourn on February 15 to enable various Standing Committees to consider the Demands for Grants of Ministries/Departments and prepare their reports, and reconvene on March 8.

Budget session of Parliament to start on January 29 – Finance Minister Nirmala Sitharaman to present the Union Budget on February 1

New Delhi, The <keyword id="113282" type="COMPANY" weightage="20" keywordseo="Retailers-Association-of-India">Retailers Association of India</keyword> (RAI) has recommended the government to announce the National Retail policy and allow <keyword id="44446" type="PERSON" weightage="20" keywordseo="retailers">retailers</keyword> to register as MSME in the upcoming <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. In a statement, RAI noted that the the Indian retail sector was one of the worst impacted due to the pandemic and all efforts are required to boost the local economy and help revive the retail, saving millions of jobs. RAI in its recommendation said that there is a need to expedite the formulation and implementation of the National Policy for Retail Trade. "We believe that such a step would provide a substantial boost to the retail sector and facilitate ease of doing business. We recommend government to announce the policy in <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword>," RAI said. RAI noted that retail trade is not classified under MSME and it does not come under the priority sector. "Therefore, if a person is merely running a departmental store or a retail shop and retailing in products, not manufactured by him, he cannot obtain MSME registration," it said, urging the government to allow retailers to register as MSMEs. It also made several suggestions on taxation. RAI said that GST laws do not allow for a refund where the tax rates on inputs services are higher than that on output and this leads to accumulation of <keyword id="6354680" type="UNKNOWN" weightage="20" keywordseo="credit">credit</keyword> with the company, blocking working <keyword id="36749" type="ORGANIZATION" weightage="20" keywordseo="capital">capital</keyword>. It has recommended allowing a refund of accumulated input tax credit accrued on account of input services, capital goods. Further, as per the current scenario, GST credit is leading to blocked working capital. It said that companies should be allowed to use GST deposit or credit for payment of basic import duty. Speaking on the expectations from the Union Budget 2021-22, Kumar Rajagopalan, CEO, Retailers Association of India said: "The retail industry was almost squashed during the pandemic. It is slowly getting back on its knees with the opening up of the economy." "To get this crawling industry back to its feet and start running, we believe that the budget should address two main things that will bring in Ease of Doing Business for retailers -- freedom from various procedural strangleholds and access to funds necessary for growth," he said. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/these-amazing-facts-about-the-indian-army-will-make-you-beam-with-pride/slidelist/80270052.cms">Army Day 2021: These amazing facts about the Indian Army will make you beam with pride</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-clocks-in-nearly-27-jump-in-profit-crosses-the-10-billion-revenue-in-third-quarter-of-year-2020-21/articleshow/80278852.cms">HCL Tech clocks in nearly 27% jump in profit, crosses the $10 billion revenue milestone with one more quarter left</a> <a href="https://www.businessinsider.in/india/news/india-will-begin-its-covid-19-vaccination-drive-tomorrow-heres-everything-you-need-to-know/articleshow/80281740.cms">India will begin its COVID-19 vaccination drive tomorrow — here’s a look at how the world’s largest vaccine rollout is set to take place</a>

Budget 2021: India's retail association seeks a national policy for the battered sector

New Delhi, <keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Monday called on President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> before presenting the Union <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021-22. As per established tradition, the Finance Minister met the President at the <keyword id="389151" type="LOCATION" weightage="20" keywordseo="Rashtrapati-Bhawan">Rashtrapati Bhawan</keyword> before heading to <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword>. The <keyword id="6355512" type="COMPANY" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> will meet at 10.15 am to clear the Budget. Also before the actual presentation, the Cabinet headed by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will approve the Budget for the fiscal year 2021-22. While traditionally, copies of the Budget are brought to the Parliament complex before finance minister arrives, this year no document has been printed following the COVID-19 protocol. Instead, the Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same. Expectations are running high as Sitharaman presents her third budget in the Lok Sabha on Monday. She has her task cut out to fire up a pandemic battered economy and revive the animal instinct in it. Dressed in a red silk saree with off-white detailing and golden border, Sitharaman continued with the tradition she set in 2019 carrying the budget speech in a bahi-khata, which she used ditching the briefcase. She was seen holding a red bahi khata. On the first day of the budget session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2020-21, which projected a 'V'-shaped recovery for the economy in the next financial year. The economy is projected to contract by 7.7 per cent in the current fiscal ending March 31, 2021 and expanding by 11 per cent in the next. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-union-budget-2021-live-news-and-highlights/liveblog/80621593.cms">Budget 2021 Live Updates : Finance Minister Nirmala Sitharaman to present the first-ever digital Union Budget today.</a>

Budget 2021: Nirmala Sitharaman meets President Kovind ahead of Budget speech

New Delhi, The <keyword id="2734036" type="PERSON" weightage="20" keywordseo="halwa-ceremony">Halwa ceremony</keyword>, marking the final stage of the Budget making process, was held in North Block on Saturday afternoon in the presence of <keyword id="309842" type="COMPANY" weightage="20" keywordseo="Union-Finance">Union Finance</keyword> and Corporate Affairs Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. A customary Halwa ceremony is performed every year before the "lock-in" process of the Budget preparations gets underway. This normally happens around middle of January when the exercise to finalise and print budget details starts in the basement of North Block. This year, as the budget is going paperless, the ceremony got delayed since the need for lock-in is not required. The <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2021-22 is to be presented on February 1. The Halwa is prepared in a large utensil in the presence of <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> officials, including ministers, and sharing the sweet dish is considered auspicious before starting any good work. Due to the Covid-19 pandemic, there was question mark over the ceremony this year. On the occasion, the Finance Ministry also launched the 'Union Budget Mobile App' for hassle-free access to Budget documents by the MPs and the general public using the simplest form of digital convenience. The app facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The Budget documents will be available on the app after the completion of the Budget speech by the Finance Minister on February 1. At the Halwa ceremony, Sitharaman was accompanied by Union Minister of State for Finance &amp; Corporate Affairs Anurag Singh Thakur; A.B. Pandey, Finance Secretary &amp; Secretary (Revenue); T.V. Somanathan, Secretary, Expenditure; Tarun Bajaj, Secretary, Economic Affairs; Tuhin Kanta Pandey, Secretary, DIPAM; Debashish Panda, Secretary, Financial Services; K.V. Subramanian, Chief Economic Advisor; Rajat Kumar Mishra, Additional Secretary (Budget) and other officials of the Finance Ministry. Later, Sitharaman reviewed the status of the compilation of the Union Budget 2021-22 and extended her best wishes to the officials concerned. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/tech/news/amazfit-smartwatch-gts-2-review-feature-rich-but-theres-still-room-for-improvement/articleshow/80398998.cms">Amazfit GTS 2 review – feature-rich, but there’s still room for improvement</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-to-soon-introduce-voice-and-video-calls-for-web-multi-device-support-jiomart-integration-and-more/articleshow/80398791.cms">WhatsApp to soon introduce voice and video calls for Web, multi-device support, JioMart integration and more</a>

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Union Budget 2021: In a first, Budget to go paperless as pandemic disrupts traditions

IANS

Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

Budget session of Parliament to start on January 29 – Finance Minister Nirmala Sitharaman to present the Union Budget on February 1

IANS

Budget 2021: India's retail association seeks a national policy for the battered sector

IANS

Budget 2021: Nirmala Sitharaman meets President Kovind ahead of Budget speech

PTI

Final stage of Budget 2021-22 commences with Halwa ceremony

IANS

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