Synopsis of Union Budget 2021

The Union Budget for FY 2021-22 was perhaps the most anticipated budget presentation in recent history, as the Indian economy is viewed taking a “V” shaped recovery. With the COVID-19 pandemic taking a significant toll on the country’s economic condition, all eyes were on the steps that would be taken and policies that would be introduced to counter the adverse impact of the pandemic and take the Indian economy on a path of accelerated recovery. Focus is on key sectors such as healthcare, insurance, infrastructure, and agriculture, and also in the areas of ease of doing business in India and promotion of domestic markets. In this report, we discuss the key budget proposals from a policy, regulatory, direct tax and indirect tax perspective.