Friday, 5 July 2019

Budget 2019 LIVE | Govt aims for $5 trn economy, Opposition not impressed

Finance Minister Nirmala Sitharaman with MoS Anurag Thakur and others outside the North Block ahead of the presentation of Union Budget 2019-20 at Parliament | Photo: PTI
Budget 2019 LIVE updates: Finance Minister Nirmala Sitharaman on Friday presented Union Budget 2019-2020. Announcing a slew of measures in her maiden Budget speech, Sitharaman said the government will launch an inter-opearable ATM-like One Nation One Card for pan-India travel, new rental laws for affordable housing, interest subvention scheme for MSMEs and women. After The BSE Sensex cracked over 450 points, dragged by power, oil and gas, metal and energy counters, after the Budget proposal of raising public shareholding threshold sparked fears of sufficient liquidity to absorb the additional float of shares. Sitharaman said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.
Hailing the Budget, Prime Minister Narendra Modi said, "It is a citizen friendly, development friendly Budget." Sitharaman lowered the fiscal deficit target to 3.3 per cent for the current fiscal from the earlier estimate of 3.4 per cent of the GDP.
"The fiscal deficit this year is 3.3 per cent brought down from 3.4 per cent," she said while presenting Budget 2019-20.
Union Budget 2019: Here are the key takeaways from Finance Minister Budget speech

— Economy will grow to become a $3 trillion economy in the current year itself
— You can use your Aadhaar number to file your I-T Returns soon
— Additional deduction of Rs 1.5 lakh on loans up to March 31 2020 for buying affordable houses
— Excise duty on petrol, diesel to be hiked by Rs 1

— Angel tax: Startups not be subject to any scrutiny in respect to valuation

— TDS of 2 per cent on cash withdrawals exceeding Rs 1 crore in a year

— TV channel for promoting startups
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07:44 PM
Kerala CM flays Union Budget 2019
Kerala Chief Minister Pinarayi Vijayan said the budget had failed to keep its various promises, including setting up of an All India Institute of Medical Sciences, made to the state.

It was unfortunate that the budget did not show any "sympathetic attitude" towards the southern state, which had been devastated during the August floods last year.

07:36 PM
Budget 2019: Rs 50-trn investments in Railways by 2030; public-private partnership model allowed
The Indian Railways will depend heavily on public-private partnership (PPP) projects for growth despite its past record of slow pace in attracting investors.

Union Finance Minister Nirmala Sitharaman pointed out sectors for PPP projects that were not open earlier. Private investments are being pushed thanks to the Rs 50-trillion investment required between 2018 and 2030, which the government would find difficult to generate by itself.
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07:33 PM
Budget 2019: Five key income-tax related announcements FM made today
While the income tax slab rates were kept unchanged, Finance Minister Nirmala Sitharaman on Friday announced a number of new income tax proposals while presenting Budget 2019.

Click here for five key changes related to income tax in Budget 2019:
07:26 PM
Missed FM Sitharaman's Budget speech? Here's all you need to know in two minutes
From concessions on purchase of affordable housing to higher surcharge on those earning over Rs 2 crore, click here for highlights of Budget 2019

07:21 PM
Budget 2019 a mixed bag for farm industry: Experts
The allocation made in the Union Budget is an increase of 6.87 per cent over revised estimates of Rs 2.98 trillion given in 2018-19.Farm experts and industry bodies gave mixed response to the first budget of the Modi 2.0 government saying it failed to address key areas like oilseeds while giving thrust to fishery and other allied agricultural activities.
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07:20 PM
Defence budget unchanged at Rs 3.18 trillion
The defence budget remained unchanged at Rs 3.18 trillion, the amount set aside in the interim budget in February, notwithstanding expectations of steep hike in resources to modernise the armed forces and procure critical military platforms.

The allocation made in the Union Budget is an increase of 6.87 per cent over revised estimates of Rs 2.98 trillion given in 2018-19.
07:19 PM
Govt to tap foreign market to raise funds for meeting fiscal deficit
Finance Minister Nirmala Sitharaman Friday said the government will soon tap foreign market to raise funds to meet fiscal deficit which is pegged lower at 3.3 per cent of the GDP for the current financial year.

The government will borrow Rs 4.48 trillion from the market in 2019-20, higher than the Rs 4.22 trillion in the previous year to meet the fiscal deficit.

07:00 PM
Key highlights in the railway infrastructure sector:
Rs 50 trillion investment needed in Railway Infrastructure during 2018-2030
Public-Private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services.
657 kilometres of Metro Rail network has become operational across the country
06:49 PM
Budget 2019 allocates Rs 28,261 cr to Jal Shakti Ministry
The Jal Shakti Ministry, which is executing the government's mission to provide clean and piped drinking water to every household in the country, has been earmarked Rs 28,261.59 crore in the budget 2019-20. Read more
06:31 PM
Delhi Metro given grant of over Rs 400 crore in Budget 2019
The Delhi Metro has been given a grant of Rs 414.70 crore in the Union Budget 2019-20 as against Rs 50 crore in the last fiscal.
06:17 PM
Budget 2019: Delhi Police gets Rs 7,496.91 crore
The Union Budget has allocated Rs 7,496.91 crore to the Delhi Police, an increase of Rs 290 crore over last year's revised estimate
06:10 PM
Congress calls Budget 2019 'insipid', says it did't disclose allocations to important programmes
Congress Live

@INCIndiaLive
· 3h
LIVE: Press briefing by @PChidambaram_IN, @rssurjewala and @GouravVallabh on Union Budget 2019 https://www.pscp.tv/w/b-8nKzFsWktwZ2VwbEJvUW58MUx5eEJBeW1FQWFKTl-3O--AApXt_D5H-mD5VlVg9UFINCJVsQNcDPcuESuI …

INC Live @INCIndiaLive
LIVE: Press briefing by @PChidambaram_IN, @rssurjewala and @GouravVallabh on Union Budget 2019
pscp.tv
Congress Live

@INCIndiaLive
Budget 2019-2020 is an insipid budget. Has there ever been a budget speech that does not disclose the total revenue, total expenditure, fiscal deficit, revenue deficit, additional revenue mobilisation or financial concessions- @PChidambaram_IN
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5:06 PM - Jul 5, 2019
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06:05 PM
Budget proposes simple KYC norms for FPIs, higher public holding limit
Budget 2019 proposed various measures such as easing of KYC norms for foreign portfolio investors and allowing the listing of social enterprises. Read more

05:58 PM
Govt's subsidy bill up 13.32% for 2019-20
The government's subsidy bill on food, fertiliser and fuel is estimated to go up by 13.32 per cent to Rs 3,01,694 crore in the current fiscal, according to the Budget document.

Of the total subsidy bill, much of the increase has been made in the fuel subsidy, which is pegged at Rs 37,478 crore for the current fiscal.

05:56 PM
Lokpal gets over Rs 100 crore Budget
Anti-corruption ombudsman Lokpal has got over Rs 100 crore Budget allocation, whereas Rs 35.55 crore outlay has been earmarked for the probity watchdog Central Vigilance Commission (CVC) for 2019-20.
05:52 PM
Fiscal deficit target of 3.3% realistic: Finance secy
Finance ministry said the lower target is realistic as the government is expecting net additional revenue of Rs 6,000 crore over the interim Budget estimates.
Finance Secretary Subhash Chandra Garg said, "On the revenue side as compared to actual of 2018-19, direct taxes are expected to increase by 17.5 per cent, indirect taxes are going up by only 15 per cent. This is very realistic targets in our judgement. On non-tax side, there is also an increase as we are expecting better dividends."
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05:48 PM
Budget disappoints pharma, healthcare sectors: Dr Reddys
The union budget which was presented by Finance Minister Nirmala Sitharaman has not offered any impetus to the growth of pharmaceutical and healthcare sectors, chairman of Dr Reddys Laboratories Sathish Reddy said Friday.

Describing the budget as an incremental one, he said the emphasis on start-ups and education sector is a good move. Read more
05:46 PM
Budget clearly reflects PM Modi’s vision for India’s development: Amit Shah
Amit Shah

@AmitShah
The #BudgetForNewIndia clearly reflects PM @narendramodi’s vision for India’s development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hardwork and Indian enterprise gets a boost.
This is truly a budget of hope and empowerment.
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1:39 PM - Jul 5, 2019
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Amit Shah

@AmitShah
Today’s #BudgetForNewIndia sets the stage for fulfilling our collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing especially in sunrise sectors. The Budget will enable India to become a more vibrant start-up hub.
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1:39 PM - Jul 5, 2019
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05:31 PM
Budget is a vision document with well-charted roadmap: Devendra Fadnavis
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Devendra Fadnavis

@Dev_Fadnavis
This year’s Budget is a vision document with well-charted roadmap which will transform & create a #NewIndia, a dream of our PM @narendramodi ji !https://youtu.be/RWpqwfgNgJk #BudgetForNewIndia
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4:30 PM - Jul 5, 2019
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05:21 PM
Highlights of Union Budget 2019-20: Measures related to MSMEs
Measures related to MSMEs:

* Pradhan Mantri Karam Yogi Maandhan Scheme

* Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.

* Enrolment to be kept simple, requiring only Aadhaar, bank account and a self declaration.

* Rs 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.

* Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.
05:06 PM
Budget 2019: Rs 400 crore for world class educational institutions
Finance Minister Nirmala Sitharaman said the government will bring in a New National Education Policy to transform India's higher education system to one of the best in the world.

She highlighted that while there was not a single Indian institution in the top 200 in the world university rankings five years back, there were three now - two IITs and IISc Bengaluru.

"This has been achieved due to concerted efforts by the institutions to boost their standards and also project their credentials better," she said.
05:05 PM
Budget 2019: Rs 62,398 cr outlay for health sector; Rs 6,400 cr earmarked for AB-PMJAY
Sitharaman announced Rs 62,659.12 crore outlay for the health sector in the 2019-2020 fiscal, the highest in the last two financial years. The health outlay for this financial year saw an increase of around 19 per cent over the 2018-2019 fiscal when it was Rs 52,800 crore. The budgetary allocation for the sector is Rs 60,908.22 crore, with Rs 6,400 crore earmarked for the centre's flagship health insurance scheme Ayushman Bharat- Pradhan Mantri Jan Arogya Yojna (AB-PMJAY).
04:56 PM
How Modi 2.0 Budget impacts your pocket: A quick view in just 5 minutes
Listen to this podcast for the key announcements on personal tax and sectors by the finance minister and how it impacts your pocket.

04:43 PM
India reached $2 trillion-mark before Modi govt came to power, says Congress
Congress

@INCIndia
A gentle reminder to the new Finance Minister Smt. @nsitharaman, Indian economy hit the US $2 trillion mark before your government took to power for the first time. https://twitter.com/BJP4India/status/1147019372638027776 …
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BJP

@BJP4India
From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years: Smt. @nsitharaman #BudgetForNewIndia
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4:37 PM - Jul 5, 2019
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04:41 PM
Budget 2019: The key highlights in the transport sector are as follows
* India's first indigenously developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards, launched in March 2019.

* Inter-operable transport card runs on RuPay card and would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.
04:35 PM
Winners and losers: Who received how much in Nirmala Sitharaman's Budget
Here’s a list of winners and losers from the announcements today:

WINNERS

State-Run Banks
Rural India
Aviation
Renters
Real Estate & Construction

LOSERS

Jewellers, Gold Importers
Defense
High and Middle-Income Earners
Auto Parts
Rivers & environment
04:31 PM
Budget 2019: Finance Minister has been very benign to the Railways, says Goyal
Union Minister Piyush Goyal to news agency ANI: Finance Minister has been very benign to the Railways. She has laid out a vision of investment of nearly Rs 50 lakh crore over the next 10 years. I would really like to thank Finance Minister for strengthening the resolve of the Railways.
04:30 PM
Budget 2019: Most of the Rs 70,000 cr for PSBs will be for growth capital, says Subhash Chandra Garg
Most of the Rs 70,000 crore for PSBs will be for growth capital, said Subhash Chandra Garg, Secretary, Department of Economic Affairs.
04:28 PM
Budget 2019: Rs 1.19 lakh crore to MHA; modest 5.17 per cent hike in budget allocation
The Home Ministry has been allocated Rs 1,19,025 crore in the Union Budget 2019-20, Rs 5,858 crore more than the last fiscal with special focus on improving police infrastructure, border areas and modernisation of police forces.

The ministry, currently headed by Amit Shah, received a modest 5.17 per cent hike over the revised estimate of 2018-19 amounting to Rs 1,13,167 crore.

The Delhi Police, which maintains law and order in the national capital, has been allocated Rs 7,496.91 crore while Rs 2,129 crore has been proposed for the development of infrastructure along the Indo-Pak, Sino-Indian and other international borders.
04:27 PM
Finance minister Nirmala Sitharaman, in her budget speech, said the government envisions India to leapfrog into a global electric vehicle manufacturing hub.

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