Budget 2019 LIVE: Petrol, Diesel, Gold Get Costlier; No Income Tax Cheer For Middle Class, FM Nirmala Sitharaman Announces Tax Benefits On Loans
Budget 2019 Live Updates: Finance and Corporate Affairs Minister Nirmala Sitharaman presented the Union Budget 2019-20 in the Lok Sabha on Friday. She said the objective of her government is a strong nation and strong citizen. "Our objective was and continues to be 'Mazboot Desh Ke Liye Mazboot Nagrik'. With determined human efforts the task will surely be completed," she said in the Parliament.
Newly appointed Finance Minister outlined the priorities of Prime Minister Narendra Modi in his second term after a massive election victory. This is the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
It is also be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, who will today present the full-year budget for the year ending March 2020.
In the much-anticipated Union Budget, Sitharaman laid down the Modi 2.0 government's road map for the economy and the nation in the next five years.
Budget 2019: Union Budget 2019 Announcements Live
ABP News Bureau
Last Updated:
05 Jul 2019 01:25 PM
FM Nirmala Sitharaman: To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 March 2020 for purchase of house up to Rs 45 lakhs
FM Nirmala Sitharaman: I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel
Finance Minister Nirmala Sitharaman: To resolve the so-called Angel Tax issue, the startups & their investors who file requisite declarations&provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums.
FM Sitharaman: As I stated earlier, we have taken a slew of measures to ease burden on small and medium earners. Those having annual income up to Rs 5 lakhs are not required to pay any income tax. We are thankful to tax payers who play an important role in nation building
FM Sitharaman: As I stated earlier, we have taken a slew of measures to ease burden on small and medium earners. Those having annual income up to Rs 5 lakhs are not required to pay any income tax. We are thankful to tax payers who play an important role in nation building
Strategic disinvestment of select Central Public Sector Enterprises will continue to be a priority; strategic disinvestment of Air India will re-initiate; 1 lakh 5000 rupees is disinvestment target for 2019-20: FM
Finance Minister Nirmala Sitharaman: Direct tax collection increased by 78%; Tax collection rose from 6.38 lakh crore rupees in 2013-14 to 11.37 lakh crore rupees in 2018
For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs : FM
Net owned fund requirements to be reduced from 5000 crore to 1000 crore rupees, to facilitate onshoring of international insurance transactions and enable opening of branches by foreign reinsurers : FM
Finance Minister Nirmala Sitharaman: A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly.
FM: Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%. Also to make EVs affordable for consumers our Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs
For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs : FM
Finance Minister Nirmala Sitharaman: India's sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies.
Finance Minister Nirmala Sitharaman: To further encourage women entrepreneurship, Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India
India's sovereign external debt to GDP is among the lowest globally at less than 5%, she points out. A new series of coins including for Rs 20 will be made available for public use shortly, she says.
India's sovereign external debt to GDP is among the lowest globally at less than 5%, she points out. A new series of coins including for Rs 20 will be made available for public use shortly, she says.
Finance Minister Nirmala Sitharaman: 'Gandhipedia' is being developed to sensitize the youth about positive Gandhian values.
Finance Minister Nirmala Sitharaman: Non-performing asset(NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year
Finance Minister Nirmala Sitharaman: I propose to consider issuing Aadhaar Card for Non Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days.
Finance Minister Nirmala Sitharaman: To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.
FM: Under PMAY (Urban), over 81 Lakh houses with investment of about Rs 4.83 Lakh Cr have been sanctioned of which construction has started in about 47 Lakh houses. Over 26 Lakh houses have been completed of which nearly 24 Lakh houses have been delivered, to beneficiaries.
Finance Minister Nirmala Sitharaman: I draw attention to the women of India, 'Naari tu Narayaani'. This Government believes that we can progress, with greater women participation.
Finance Minister Nirmala Sitharaman: This new Ministry will look at the mgmt of our water resources & water supply in an integrated & holistic manner and will work with states to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission'.
Finance Minister Nirmala Sitharaman: Ensuring India's water security & providing access to safe drinking water to all Indians is a priority. A major step in this direction has been the constitution of Jal Shakti Ministry
Finance Minister Nirmala Sitharaman: To provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route
FM Sitharaman: 9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free.We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village
Pradhan Mantri Gram Sadak Yojana - Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees : FM
Sensex falls over 170 points during Finance Minister Nirmala Sitharaman's maiden budget speech.
Finance Minister Nirmala Sitharaman: India has emerged as a major space power. It is time to harness our ability commercially. To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO
Finance Minister Nirmala Sitharaman: With the changing economic scenario it's important to upgrade roads connecting villages to rural markets. For this Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
Finance Minister Nirmala Sitharaman: To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI & SEBI to enable stock exchanges to allow AA rated bonds as collaterals.
Finance Minister Nirmala Sitharaman: To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI & SEBI to enable stock exchanges to allow AA rated bonds as collaterals.
Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt. will take necessary measures in this regard in consultation with RBI and SEBI: FM
FM Nirmala Sitharaman says the government has given a massive push to all forms of physical connectivity via
1. PMGSY
2.Industrial corridors
3. Dedicated freight corridors
4. Bharatmala
5. Sagarmala
6. Jal Marg vikas
7. UDAN schemes
1. PMGSY
2.Industrial corridors
3. Dedicated freight corridors
4. Bharatmala
5. Sagarmala
6. Jal Marg vikas
7. UDAN schemes
Finance Minister Nirmala Sitharaman: Govt will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries.
Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place : FM
Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme: FM
Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme: FM
Online portal for ease of access to credit of up to Rs 1 crore within 59 minutes for MSMEs: FM
Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly : FM
Plans to reach 5 trillion USD economy-
• Heavy investment in infrastructure
• Digital Economy
• Job creation
Hearts of citizen filled with hope,trust and aspirations: FM
• Heavy investment in infrastructure
• Digital Economy
• Job creation
Hearts of citizen filled with hope,trust and aspirations: FM
Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services: FM
Finance Minister says comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity
FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra : FM
Finance Minister Nirmala Sitharaman: Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure.
Finance Minister Nirmala Sitharaman: Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure.
India's first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges : FM
India's first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges : FM
Finance Minister Nirmala Sitharaman: Chanakya Neeti sutra says 'Kaarya purusha kare na lakshyam sampa dayate'. Meaning with determined human efforts the task will surely be completed.
India Inc, our job creators, are the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth :FM
Finance Minister Nirmala Sitharaman says, 'It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion.'
Finance Minister Nirmala Sitharaman: The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position.
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: FM
The people of India have validated their two goals for our country's future: national security and economic growth, says FM Sitharaman
Finance Minister Nirmala Sitharaman at Lok Sabha: The first term of PM Narendra Modi led NDA govt stood out as a performing govt. Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline.
Nirmala Sitharaman tables the first budget of Modi government 2.0.
Union cabinet approved Budget2019. It will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha shortly.
When will the Union Budget 2019 be presented?
The Finance Minister Nirmala Sitharaman will deliver her maiden budget speech at 11 am today. Earlier, this year interim budget was tabled by former Finance Minister Arun Jaitley.
The Finance Minister Nirmala Sitharaman will deliver her maiden budget speech at 11 am today. Earlier, this year interim budget was tabled by former Finance Minister Arun Jaitley.
Parents of Finance Minister Nirmala Sitharaman - Savitri and Narayanan Sitharaman - arrived at the Parliament.
It will be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, and will today present the full-year budget for the year ending March 2020.
It will be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, and will today present the full-year budget for the year ending March 2020.
Parents of Finance Minister Nirmala Sitharaman - Savitri and Narayanan Sitharaman - arrived at the Parliament.
It will be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, and will today present the full-year budget for the year ending March 2020.
It will be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, and will today present the full-year budget for the year ending March 2020.
Rupee slips 20 paise to 68.70 vs USD in early trade ahead of Budget
The rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar in opening trade Friday, ahead of the presentation of the Union Budget. Forex traders said rupee slipped marginally against the US dollar as market participants awaited cues from the Union Budget to be presented in the Parliament Friday. The rupee opened weak at 68.55 at the interbank forex market and then fell further to 68.70, down 20 paise over its last close. The rupee had settled at 68.50 against the US dollar on Thursday.
The rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar in opening trade Friday, ahead of the presentation of the Union Budget. Forex traders said rupee slipped marginally against the US dollar as market participants awaited cues from the Union Budget to be presented in the Parliament Friday. The rupee opened weak at 68.55 at the interbank forex market and then fell further to 68.70, down 20 paise over its last close. The rupee had settled at 68.50 against the US dollar on Thursday.
Ahead of Budget, Congress leader Digvijaya Singh has a suggestion for Nirmala Sitharaman on the coaching industry. 'I have suggested to Finance Minister to reduce GST in Coaching Institutes to zero to help the unemployed youths,' he wrote on Twitter.
Ahead of Budget, Congress leader Digvijaya Singh has a suggestion for Nirmala Sitharaman on the coaching industry. 'I have suggested to Finance Minister to reduce GST in Coaching Institutes to zero to help the unemployed youths,' he wrote on Twitter.
Copies of Budget 2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.
Copies of Budget 2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.
Copies of Budget 2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.
As per tradition, Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget.
As per tradition, Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget.
Chief Economic Advisor Krishnamurthy Subramanian on FM Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase: It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger)
Chief Economic Advisor Krishnamurthy Subramanian on FM Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase: It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger)
Ahead of Budget announhcement, Sensex jumped up by 119.15 points at 40,027.21.
Nirmala Sitharaman Leaves For Rashtrapati
Bhavan Finance Minister Nirmala Sitharaman, with her Budget 2019 team, has left for the Rashtrapati Bhavan to meet President Ram Nath Kovind ahead of the presentation of the Union Budget 2019 in Parliament today.
Bhavan Finance Minister Nirmala Sitharaman, with her Budget 2019 team, has left for the Rashtrapati Bhavan to meet President Ram Nath Kovind ahead of the presentation of the Union Budget 2019 in Parliament today.
Nirmala Sitharaman along with her team unveiled the Red Budget Briefcase. The minister have left the North Block and are now moving towards the Parliament to announce the Union Budget.
Sitharaman will present the full-year Budget for the year ending March 2020. The Budget speech will begin around 11:00 am today. Usually the duration of the presentation ranges from 90 to 120 minutes.
MoS Finance Anurag Thakur offers prayers ahead of Budget 2019. Finance Minister Nirmala Sitharaman to present the Budget at 11 am in Lok Sabha today.
Finance Minister Nirmala Sitharaman arrives at Ministry of Finance. She will present the Budget 2019 today at 11 am in Lok Sabha.
Finance Minister Nirmala Sitharaman arrives at Ministry of Finance. She will present the Budget 2019 today at 11 am in Lok Sabha.
Finance Minister Nirmala Sitharaman arrives at Ministry of Finance. She will present the Budget 2019 today at 11 am in Lok Sabha.
The government's welfare measures for individual tax payers and the rural economy is expected to add further stress to its finances.
This is expected to be reflected in the Budget that may reset the fiscal deficit target for FY20 again to 3.6 per cent of GDP from earlier Budget estimate of 3.4 per cent.
But the roadmap towards fiscal consolidation may be drawn in a way that 3 per cent fiscal deficit is reached in subsequent year.
This is expected to be reflected in the Budget that may reset the fiscal deficit target for FY20 again to 3.6 per cent of GDP from earlier Budget estimate of 3.4 per cent.
But the roadmap towards fiscal consolidation may be drawn in a way that 3 per cent fiscal deficit is reached in subsequent year.
The Budget will also reward the middle-class by increasing the ability to buy their dream home.
In this regard, the tax deduction limit on interest on home loans may be increased to Rs 2.5 lakh a year from the present Rs 2 lakh limit.
But this enhanced benefit will come with withdrawal of deduction for interest on second house that was allowed earlier.
In this regard, the tax deduction limit on interest on home loans may be increased to Rs 2.5 lakh a year from the present Rs 2 lakh limit.
But this enhanced benefit will come with withdrawal of deduction for interest on second house that was allowed earlier.
In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.
Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.
The middle-class tax payers may have a lot to cheer about in the Budget proposals to be presented by Finance Minister Nirmala Sitharaman today.
Meanwhile, the economists at largest private sector lender HDFC Bank have said ivestors and the market should not expect any big surprises from the first Budget by the first woman finance minister on Friday. Citing 'time constraint', they said finance minister Nirmala Sitharaman's first budget will 'broadly be a replication' of the interim budget, with some action on the election promises and some tweaks on the tax and expenditure figures.
For Sitharaman, the biggest constraining factor is lower-than-expected growth in tax revenues, particularly those of the goods and services tax (GST), something she may look to bridge through aggressive stake sale in PSUs, higher dividend from the RBI, rollover of some FY20 expenditure to FY21, cut back in plan expenditure and increase in off-balance sheet expenditure with portion of subsidies being transferred to state-owned enterprise balance sheet.
A big push for infrastructure spending is also expected, including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019 -- well below China's 6.4 per cent. The slowdown is also reflected in high-frequency numbers such as IIP and automobile sales numbers.
Some believe the new finance minister may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.
The Budget, which is to be presented today, is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as she lays down the Modi 2.0 government's road map for the economy and the nation in the next five years.
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Finance Minister Nirmala Sitharaman will present Budget in the Parliament today. She will be presenting the Budget for the first time as the Finance Minister.
Stay tuned with us for every live update.
Finance Minister Nirmala Sitharaman will present Budget in the Parliament today. She will be presenting the Budget for the first time as the Finance Minister.
Stay tuned with us for every live update.
Background
Budget 2019 Live Updates: Newly appointed Finance Minister Nirmala Sitharaman presented the first budget of the new government on Friday, outlining the priorities of Prime Minister Narendra Modi in his second term after a massive election victory. This is the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
It is also be the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi and first first full-time woman finance minister in the history of independent India, who will today present the full-year budget for the year ending March 2020.
In the much-anticipated Union Budget, Sitharaman laid down the Modi 2.0 government's road map for the economy and the nation in the next five years.
The Budget speech began at 11:00 am today and the finance minister addressed to the speaker of Lok Sabha.
The Finance Minister on Thursday tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian yesterday.
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