Parliament passes Finance Bill 2021, FM Nirmala Sitharaman accuses UPA govt of mismanaging the economy

New Delhi: The Parliament on Wednesday (March 24) handed Finance Bill 2021, giving impact to the monetary proposals of the central authorities for the monetary yr 2021-22. A day after it was permitted by the Lok Sabha, the Upper House additionally ratified it right now. The passage of the Finance Bill by Parliament marks the completion of the budgetary course of.

Replying to the debate on the invoice, Finance Minister Nirmala Sitharaman accused the Congress-led UPA authorities of having “mismanaged the economy”, including that the Non-Performing Assets (NPAs) have declined to Rs 8.99 lakh crore as of March 2020. 

According to the Finance Minister, “Things were a mess and the economy was mismanaged under the tenure of UPA. As of now, Non-Performing Assets (NPAs) have declined to Rs 8.99 lakh crore as of March 2020.” 

She stated the dealing with of the 2008 world monetary disaster left a legacy of excessive inflation and `taper tantrum`, including “The 2008 financial crisis was not similar to last year`s COVID crisis. Our Prime Minister, even during the peak of the COVID crises, was engaged in more than 100 virtual meetings in order to learn about the development of the crisis. Last year, we presented a few mini budgets and this union budget too. We are handling the economy well.” 

The Rajya Sabha returned the Finance Bill after the minister`s reply.

Earlier on Tuesday, the Lok Sabha handed the Finance Bill, 2021. Finance Minister Nirmala Sitharaman replied to the debate on the invoice which has some adjustments in the proposals made in the union finances. 

She stated the adjustments have been made largely to spice up ease of doing enterprise and easing compliance burden. She additionally stated there will probably be no change in the price of earnings tax.

FM Sitharaman said that the Prime Minister was clear that “we are not going to generate resources by raising the tax to meet the contingency which is arising out of coronavirus.”

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Although a number of opposition members pointed to excessive costs of petrol and diesel and stated that the petroleum merchandise ought to be introduced beneath Goods and Services Tax (GST) Council, the Finance Minister stated that the Centre is open to discussing the concept in the GST Council assembly.