That's a wrap to the LIVE coverage on Budget 2021. For more news, views and updates, stay logged on to CNBCTV18.com.

Budget 2021 Reactions LIVE: Architects defend the math, say growth and tax targets realistic

Ajay Bhushan Pandey, Secretary, Finance to CNBC-TV18: “The estimate that we have given both on the expenditure side as well as on the revenue side they are very realistic. So far as the current year is concerned we have already passed 10 months, we have a fairly good idea of how much we have collected and how much we have spent. What we have tried to do in this budget is that we have transparently put the revenue side as well as the expenditure side and then from there this fiscal deficit number that 9.5 percent as come in.”

Tarun Bajaj, Secretary, Economic Affairs: "This glide path is very much achievable and we have actually been very truthful while coming out with our numbers and we have not tried to overestimate or to bow before the people who have been saying that we should not move away from the 3 percent fiscal deficit target."

Budget 2021 Reaction LIVE: Arvind Panagariya to CNBC-TV18

CNBC-TV18 Budget Townhall: Shereen Bhan in conversation with Finance and Economic Affairs Secretaries

Budget 2021 LIVE Updates: Trade unions call for nationwide protest on Wed against privatisation, other policies in Budget

Budget 2021 Reaction LIVE: Union budget totally ignores poll-bound Puducherry, says Narayanasamy

Budget 2021 Reaction LIVE: Reform measures to take India out of COVID-induced downturn, says Niti Aayog VC

Budget 2021 Reaction LIVE: Rakesh Jhunjhunwala says budget conveying more than we are grasping

Budget 2021 Reaction: Allocations will boost development in MP, says Scindia

Budget 2021 Reactions LIVE: India's budget shot in the arm for economy, fiscal consolidation takes a back seat, says S&P

S&P Global Ratings on Tuesday said India's budget for the next fiscal is an effort of the government to shore up economic recovery, but fiscal consolidation would pose a stout challenge to policymakers going forward. The rating agency currently does not see any material effect from the budget on India's key credit factors, but the economy's brightening growth prospects will be critical to maintaining the sustainability of public finances. It said general government debt is likely to hover at more than 90 percent of GDP over the next few years. Stating that fiscal consolidation has taken a back seat in the Budget, S&P said aggressive provisioning to help heal the economy will be costly. The government's 9.5 percent fiscal deficit projection for current fiscal was bigger than the US-based rating agency's expectation. "The prospect of consolidation from these heights, while maintaining a significant degree of support for the economy, poses a stout challenge to India's policymakers. The government will seek to balance its spending imperative against its limited fiscal headroom by consolidating its finances at a much slower pace than it planned prior to the pandemic," S&P said in a statement. The government has announced a fiscal deficit glide path to lower fiscal deficit to 4.5 percent of GDP by fiscal 2025-26. "India's budget for fiscal 2022 (ending March 31, 2022) represents a comprehensive effort by the central government to shore up the country's nascent economic recovery. But the brawny spending programme also entails higher-than-expected general government deficits," S&P said.

Budget 2021 Reactions LIVE: It’s time to go for growth; not worry about fiscal deficit

Samir Arora, Founder and Fund Manager of Helios Capital to CNBC-TV18: If this bet had to be taken, which is go for growth and don’t worry about the fiscal deficit because the world is not looking at a fiscal deficit so closely because of COVID crisis, interest rates are low and anyway we were having a cyclical recovery; we feed into that animal spirit otherwise to revive a totally dead economy would be much more difficult. There is no need to go into the difficult both from business and return point of view, but still celebrate the overall strategy of the government, which is going for growth and hopefully the bet will work because the environment for this bet is as good as it has ever been. Catch the conversation here.

Budget 2021 LIVE Updates: Proposed ARC to buy Rs 1.4-1.5 lakh crore of bad loans from banks, say sources

The proposed Asset Restructuring Company may require over Rs 10,000 crore of capital for cleaning up the bad loans, a senior official familiar with the matter told CNBC-TV18. The officials said the equity capital for this ARC will be pooled in by banks. Operationally, the ARC will work as per the existing 15:85 structure, with banks getting 15 percent in cash and the rest in the form of security receipts, for their bad loans when they transfer it to the ARC. In her Budget speech, FM Sitharaman had proposed setting up of an ARC company for tackling the NPA issue by buying large stressed assets worth over 1.5 lakh crores from the banks. For more information, click here.

Budget 2021 Reactions LIVE: What Fitch, which rates India BBB-, has to say about Budget 2021's deficit-spending approach

Budget 2021 showed govt is not afraid of taking on more debt despite the BBB- negative rating — which CEA said is unreal for the world's fifth-largest economy. Now here's what Fitch has to say about Budget:

- Deficit targets higher, medium-term consolidation more gradual, than we expected

- Placed India’s ‘BBB-’ rating on negative outlook in June 2020, in recognition of pandemic’s impact on growth, challenges of the high public debt burden

- Govt's prioritization of fiscal support for health and well-being, ongoing economic recovery understandable.

- There is little fiscal space given India’s high public debt ratio prior to the virus shock

- We view the economic and revenue assumptions underpinning the budget to be largely credible

- Disinvestment revenue target appears optimistic at over three times higher than the level achieved in FY20

- Budget takes positive steps toward improving fiscal transparency, particularly by bringing the loans from the FCI onto the budget

- Wider deficits, gradual pace of consolidation will lift India’s govt debt, put more onus on the nominal GDP growth outlook in our assessment of medium-term debt trajectory, which is core to our view of India’s sovereign rating

- Signs of a weaker-than-anticipated economic recovery or a reassessment of medium-term growth potential would make it more challenging to achieve a downward trend in the debt ratio, add to pressure on the rating

- Forecast real GDP to rebound by 11% in FY22 and grow around 6.6% per annum through FY26

- Higher expenditure, particularly the increase in infrastructure spending in FY22, will likely be supportive of the near-term recovery

- Proposed establishment of an ARC/AMC to deal with bad assets in the banking sector is a potential positive

Budget 2021 LIVE Updates: How right is it to use budget as 'tool' to win polls, asks Shiv Sena

The Shiv Sena on Tuesday claimed Union Minister Nirmala Sitharaman has announced big packages in the budget for some poll-bound states and asked how right is it to use the budget as a "tool" to win elections. Accusing the Centre of setting a new trend of playing "dirty politics" for votes through the budget, an editorial in Sena mouthpiece 'Saamana' said the allocation of more funds to poll-bound states is a kind of "bribery". It also accused the Centre of ignoring Maharashtra which, it said, contributes the highest revenue to the Union government's coffers. Finance Minister Sitharaman presented the 2021-22 Union Budget on Monday. "...what is unfortunate is that the (central) government has set a new trend of playing dirty politics of votes through budget," reported PTI. The Assembly polls are due in West Bengal, Assam, Tamil Nadu and Kerala. Hence, the finance minister has allocated big packages and projects to these states, it said.

Budget 2021 Reactions LIVE: Budget 2021 represents a comprehensive effort of govt to shore up recovery

S&P Ratings on Budget: The budget represents a comprehensive effort of govt to shore up the recovery

- Brawny spending prog entails higher than expected general govt deficit

- We currently see no material effect from budget on key India's credit factors

- Economy's brightening growth prospects critical to maintaining the sustainability of public finances 

- Expect India to recovery to its pre-COVID output level only in the next fiscal 

- Forecast real GDP growth of 10 percent for FY22

Budget 2021 Reactions LIVE: Budget 2021 gives a strong message of intent

Neelkanth Mishra, CS to CNBC-TV18: FY22 expenditure is flat YoY due to reduction in some subsidies

- Govt's pro-growth stance became clear when it announced PLI schemes

- Govt has bought itself fiscal space over the next few years

- There is a big expenditure on railways & defence, need more clarity on that

- Q4 expenditure may not boost growth

- FY22's capital expenditure may boost growth

- Would be overweight on sectors which are showing earnings growth

- Bad bank would have been more potent if it had been set up 3 years ago

- Bottlenecks of credit availability to start to get addressed with some of the measures

- Would question the assumption that bond yields will remain higher

- Inflation is not something we need to worry about right now

- Govt is trying to now grow out of the problem instead of trying to shrink out of it

Budget 2021 Reactions LIVE: Beginning of multi-year investment cycle, says Kotak Equities’ Sanjeev Prasad

Sanjeev Prasad, Managing Director, Co-Head of Kotak Institutional Equities to CNBC-TV18: This is the beginning of a multi-year investment cycle and we will see positive results of the government’s measures taken over the last few years. The budget was fairly sensible, with a credible set of numbers on both the revenue side and expenditure side. The more important thing is the continuous focus on the supply-side reforms. He said govt has been doing the right things for the last two years on the reform side. Catch the conversation here.

Budget 2021 Reactions LIVE: Kolkata healthcare sector hails increased allocation in Union budget

The healthcare sector in Kolkata on Monday welcomed the Union budget saying that an outlay of Rs 2.24 lakh crore, an increase of 137 percent from the previous year, will augur well for the healthcare sector. Authorities of those medical establishments also hailed the allocation of Rs 35,000 crore for COVID-19 vaccine. "In this year's budget, we see a significant rise in budgetary allocations for healthcare, particularly under the Atmanirbhar Bharat project," President of the Association of Hospitals of Eastern India, Rupak Barua, said. Significant allocations have also been made in the development of primary healthcare infrastructure, R&D in disease identification, and for COVID-19 vaccination, said Barua, also Group CEO of the AMRI Hospitals. Dr Simmardeep Gill, COO of the city-based CK Birla Hospitals, said, "I acknowledge and appreciate the endeavour of the government by making provisions of an outlay of Rs 2.24 lakh crore in the budget exclusively towards healthcare, which represents an increase of about 137 per cent from last year." The allocation of Rs 35,000 crore for COVID-19 vaccines was much needed as it is the need of the hour, Director of SIRO Clinpharm Akahy Daftary said. SIRO Clinpharm provides clinical research services to health care companies.