Budget 2020 HIGHLIGHTS | New Reforms Will Boost Employment, Double Farmers' Income: PM Modi
Budget 2020 Live Updates: Finance Minister Nirmala Sitharaman on Saturday tabled Union Budget 2020-21 in the Parliament. The budget was cleared by the Union Cabinet in a meeting earlier. Sitharaman and junior finance minister Anurag Thakur along with top finance ministry officials met President Ramnath Kovind with Sitharaman's trademark style Budget document called 'Bahi-Khata'.
ABP News Bureau
Last Updated:
01 Feb 2020 09:50 PM
BJP President JP Nadda on Union Budget 2020: I would like to express my gratitude to PM Modi and congratulate Finance Minister Nirmala Sitharaman and her team for this visionary and futuristic budget. This 1st budget of 3rd decade of 21st century reflects aspirations, hopes and country's faith in govt.
Union Minister Dharmendra Pradhan on Rahul Gandhi's Budget reaction
A person who is hollow himself, will find everything hollow. I request Rahul Gandhi to educate himself, stay in the country, learn about it and have a positive mindset. Then he will be able to contribute to the country as opposition.
A person who is hollow himself, will find everything hollow. I request Rahul Gandhi to educate himself, stay in the country, learn about it and have a positive mindset. Then he will be able to contribute to the country as opposition.
PM Narendra Modi on Union Budget 2020
The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget.
The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment.
The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget.
The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment.
Former Finance Minister P Chidambaram on Union Budget 2020
Indian economy is demand-constrained and investment-starved. Finance Minister has not acknowledged these two challenges, and that is a pity. Consequently, she has proposed no measures or solutions to those two challenges.
If the twin challenges remain, the economy will not turn around and there will be no relief to the millions of poor and the middle class.
In 2019-20, Finance Minister failed to meet any of the key Budget Estimate targets — nominal GDP growth,fiscal deficit,net tax revenue collection, disinvestment revenue or total expenditure. There is no assurance that she will meet targets set for 2020-21.
Indian economy is demand-constrained and investment-starved. Finance Minister has not acknowledged these two challenges, and that is a pity. Consequently, she has proposed no measures or solutions to those two challenges.
If the twin challenges remain, the economy will not turn around and there will be no relief to the millions of poor and the middle class.
In 2019-20, Finance Minister failed to meet any of the key Budget Estimate targets — nominal GDP growth,fiscal deficit,net tax revenue collection, disinvestment revenue or total expenditure. There is no assurance that she will meet targets set for 2020-21.
Union Minister of Commerce & Industry, Piyush Goyal on stock market crash after Budget announcement
There are some specific sectors in the stock market that carry a lot of weightage, for example, we have increased tax on cigarettes, so ITC's stocks have weakened a bit.
Maybe because there isn't yet clarity on exemptions, (stocks of) some banks & insurance companies have weakened. I think the market will become fine after getting through the fine prints of budget & seeing how it's encouraging domestic industry.
There are some specific sectors in the stock market that carry a lot of weightage, for example, we have increased tax on cigarettes, so ITC's stocks have weakened a bit.
Maybe because there isn't yet clarity on exemptions, (stocks of) some banks & insurance companies have weakened. I think the market will become fine after getting through the fine prints of budget & seeing how it's encouraging domestic industry.
Budget 2020 Fails To Cheer Stock Market
As Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 347 points lower.
At 1.20 p.m., the Sensex was trading at 40,375.84, lower by 347.65 points or 0.85 per cent from the previous close of 40,723.49 points.
The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.
As Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 347 points lower.
At 1.20 p.m., the Sensex was trading at 40,375.84, lower by 347.65 points or 0.85 per cent from the previous close of 40,723.49 points.
The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.
Defence budget was hiked by government by 6 per cent from Rs 3.18 lakh crore to Rs 3.37 lakh crore. With defence pensions, the total budget would go upto Rs 4.7 lakh crore.
FM Nirmala Sitharaman presented a record-breaking longest-ever Budget speech which was clocked at 2 hours 41 min beating her own previous record of 2019. Interestingly, she could complete her speech today and submitted the rest of budget as read.
Finance Minister Nirmala Sitharaman on Saturday cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha. Sitharaman had only two pages of her Budget speech unread when she appeared uneasy and was seen wiping sweat from her forehead. Reports say her speech was 2.48 hr long.
Budget 2020: The defence pension budget goes up to Rs 1.33 lakh crore from Rs 1.17 lakh crore allocated last year. The hike in defence pension budget is more than the hike given in revenue and capital funds for defence.
Budget 2020: For modernisation and buying new weapon systems, defence forces allocated Rs 1,10,734 crore which is Rs 10, 340 more than what was provided in last year’s budget.
Chief Minister Yogi Adityanath: I congratulate Prime Minister Modi and Finance Minister Nirmala Sitharaman for this development oriented and pro-farmer budget. This Budget will further strengthen the economy.
Congress leader Rahul Gandhi: Maybe this was the longest Budget speech in history but it had nothing, it was hollow.
Rahul Gandhi on Budget: The main issue facing is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes govt well, lot of repetition,rambling-it is mindset of govt, all talk, but nothing happening.
Finance Minister Nirmala Sitharaman has concluded presentation of Union Budget 2020-21.
Aadhaar-based verification of taxpayers being introduced: FM
Option to be provided to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess, with no exemptions or deductions; to be exempted also from Minimum Alternative Tax: FM
Concessional corporate tax cut to be extended to new domestic companies engaged in power generation: FM
Finance Minister Nirmala Sitharaman: I propose to impose a nominal health cess on imports of medical equipment
FM: Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020
FM Nirmala Sitharaman: Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily
Finance Minister Nirmala Sitharaman: Govt to further ease process of allotment of PAN. Govt to launch system for instant allotment of PAN on basis of Aadhaar
Finance Minister Nirmala Sitharaman: Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor.
Finance Minister Nirmala Sitharaman: Concessional corporate tax cut to be extended to new domestic companies engaged in power generation
Finance Minister Nirmala Sitharaman: Dividend Distribution Tax to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates
FM Nirmala Sitharaman: In order to promote affordable housing projects, I propose to extend date of approval of affordable housing projects for availing tax holiday by one more year.
FM Nirmala Sitharaman: Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates
Finance Minister Nirmala Sitharaman: A person earning Rs 15 lakh per annum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh
FM Nirmala Sitharaman: Start-ups are engine of growth. Propose to increase turnover limit for startups from Rs 25 crores to 100 crores.
Divident Distribution Tax abolished
The Finance Minister has done away with the dividend distribution tax. Companies will no longer be required to pay DDT. A total of Rs 25,000 crore is revenue foregone due to DDT abolition, says FM. This will make India an attractive investment destination.
The Finance Minister has done away with the dividend distribution tax. Companies will no longer be required to pay DDT. A total of Rs 25,000 crore is revenue foregone due to DDT abolition, says FM. This will make India an attractive investment destination.
Divident Distribution Tax abolished
The Finance Minister has done away with the dividend distribution tax. Companies will no longer be required to pay DDT. A total of Rs 25,000 crore is revenue foregone due to DDT abolition, says FM. This will make India an attractive investment destination.
The Finance Minister has done away with the dividend distribution tax. Companies will no longer be required to pay DDT. A total of Rs 25,000 crore is revenue foregone due to DDT abolition, says FM. This will make India an attractive investment destination.
FM Nirmala Sitharaman: In this new personal income tax regime, income tax rates will be significantly reduced for the individuals who forgo certain exemptions and deductions
Big announcements of income tax! FM Nirmala Sitharaman announced reduced tax rate-
• No tax for income between upto Rs. 5 lakh
• Reduced tax rate at 10% for income between Rs. 5-7.5 lakh
• Reduced tax rate at 15% for income between Rs. 7.5-10 lakh
• Reduced tax rate at 20% for income between Rs. 10-12.5 lakh
• Reduced tax rate at 25% for income between Rs. 12.5-15 lakh
• Tax rate at current 30% for income above Rs. 15 lakh
• No tax for income between upto Rs. 5 lakh
• Reduced tax rate at 10% for income between Rs. 5-7.5 lakh
• Reduced tax rate at 15% for income between Rs. 7.5-10 lakh
• Reduced tax rate at 20% for income between Rs. 10-12.5 lakh
• Reduced tax rate at 25% for income between Rs. 12.5-15 lakh
• Tax rate at current 30% for income above Rs. 15 lakh
FM Nirmala Sitharaman: We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21
Finance Minister Nirmala Sitharaman: We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%.
Finance Minister Nirmala Sitharaman: Government proposes to sell a part of its holding in LIC by initial public offer.
Finance Minister Nirmala Sitharaman: Mechanism will be made to address liquidity constraints of NBFCs and Hosue finance corporations. Govt to offer support by guaranteeing securities floated to provide liquidity for NBFCs
FM Nirmala Sitharaman: We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.
Finance Minister Nirmala Sitharaman: Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh
Finance Minister Nirmala Sitharaman: Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh
Finance Minister Nirmala Sitharaman: India will host G-20 presidency in the year 2022; Rs 100 crores allocated for preparation
Finance Minister Nirmala Sitharaman: We wish to enshrine in the statutes a taxpayer charter through this Budget. Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind.
Finance Minister Nirmala Sitharaman: Clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air. Allocation for this purpose is Rs 4,400 crores.
Finance Minister Nirmala Sitharaman: 5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur
Rs. 85,000 crore allocated for SCs and OBCs; Rs. 53,700 crore allocated for STs: FM
Finance Minister Nirmala Sitharaman: Enhance allocation of Rs 9500 crores for senior citizens and 'Divyang'.
FM Sitharaman: I propose to provide Rs 35600 crores for nutrition related programmes for 2020-21.
Finance Minister Nirmala Sitharaman: Over 6 lakh Anganwadi workers are equipped with smartphones to upload nutritional status of more than 10 crore households
Finance Minister Nirmala Sitharaman: Over 6 lakh Anganwadi workers are equipped with smartphones to upload nutritional status of more than 10 crore households
Finance Minister Nirmala Sitharaman: 'Beti bachao, beti padhao' has yielded tremendous results, gross enrolment ratio of girls across all levels of education now higher than boys
Finance Minister Nirmala Sitharaman: 100 more airports to be developed by 2024 to support Udaan scheme
Finance Minister Nirmala Sitharaman: To soon bring out a policy to enable private sector to build Data Centre Parks in the country
More TEJAS-type trains will connect iconic tourist destinations: FM
Huge employment opportunities exist for India's youth in construction, operation & maintenance of infrastructure; 'Project Preparation Facility; will involve young engineers, management graduates and economists from our universities: FM
Scheme proposed for encouraging manufacturing of mobile phones, electronic equipment and semi-conductor packaging: FM
Special bridge courses to be designed for teachers, nurses, para medical staff, caregivers: FM
Govt proposes to attach medical colleges with district hospitals on PPP model to deal with shortage of doctors: FM
Govt proposes to start programme for urban local bodies to provide opportunities for internship to young engineers: to provide opportunities for internship to young engineers: FM
FM Nirmala Sitharaman: A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.
FM: Entrepreneurship is strength of India. I propose to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level
FM Nirmala Sitharaman: Viability gap funding window to be set up to cover hospitals, with priority given to aspirational districts that don't have hospitals empanelled under Ayushman Bharat scheme.
FM Nirmala Sitharaman: We propose Rs 99300 crores for education sector in 2020-21 and Rs 3000 crores for skill development.
FM Nirmala Sitharaman: We propose Rs 99300 crores for education sector in 2020-21 and Rs 3000 crores for skill development.
National Police University and National Forensic Science University proposed: FM
Under Study In India programme, IND-SAT exam in Asian and African nations to benchmark foreign candidates who receive scholarships to study in Indian higher educational centres: FM
Centre to announce new education policy soon; govt received over 2 lakh suggestions on it: FM
Market benchmarks Sensex and Nifty turned cautious in late-morning trade on Saturday as Finance Minster Nirmala Sitharaman began presenting the Union Budget 2020-21 in Parliament.
After gyrating over 450 points in the morning session, the 30-share BSE Sensex was trading 30.84 points, or 0.08 per cent, higher at 40,754.33 at 1130 hours.
Similarly, the 50-share NSE Nifty advanced 10.35 or 0.09 per cent, to 11,972.45.
Sensex was trading over 150 points higher ahead of the Budget presentation.
After gyrating over 450 points in the morning session, the 30-share BSE Sensex was trading 30.84 points, or 0.08 per cent, higher at 40,754.33 at 1130 hours.
Similarly, the 50-share NSE Nifty advanced 10.35 or 0.09 per cent, to 11,972.45.
Sensex was trading over 150 points higher ahead of the Budget presentation.
India has uplifted 271 million people out of poverty, Finance Minister Nirmala Sitharaman said on Saturday.
In her second Budget presentation, the finance minister said the Budget for 2020-21, is woven around aspirational India, economic development and caring society.
The government aims to achieve seamless delivery of services through digital governance, she added.
'We shall strive to bring ease of living for every citizen,' Sitharaman said.
In her second Budget presentation, the finance minister said the Budget for 2020-21, is woven around aspirational India, economic development and caring society.
The government aims to achieve seamless delivery of services through digital governance, she added.
'We shall strive to bring ease of living for every citizen,' Sitharaman said.
India is now the fifth largest economy in the world and the Central government debt has reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014, Finance Minister Nirmala Sitharaman said on Saturday.
Presenting the Union Budget for 2020-21, she said growth of 7.4 per cent was surpassed in 2014-19 with average inflation of 4.5 per cent.
Sitharaman also listed out various welfare schemes like affordable housing, direct benefit transfer (DBT) and Ayushman Bharat.
Presenting the Union Budget for 2020-21, she said growth of 7.4 per cent was surpassed in 2014-19 with average inflation of 4.5 per cent.
Sitharaman also listed out various welfare schemes like affordable housing, direct benefit transfer (DBT) and Ayushman Bharat.
Indian Railways to set up a 'Kisan Rail' for perishable goods like milk, meat and fish to build a seamless national cold-supply chain: FM
Village Storage Scheme to be run by Self-Help Groups (SHGs); we want to restore women in villages as 'Daanya Lakshmis': FM
Water stress-related issues a serious concern across the country; our govt. proposes comprehensive measures for 100 water-stressed districts: FM
FM Nirmala Sitharaman: To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes.
FM Nirmala Sitharaman: To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes.
FM Nirmala Sitharaman: Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
FM Nirmala Sitharaman: Budget 2020 is to boost the income of people and enhance their purchasing power
FM Nirmala Sitharaman Budget 2020: Our government is proposing comprehensive measures for 100 water-stressed districts in the country.
FM Nirmala Sitharaman: This budget is woven around 3 prominent themes -
1) Aspirational India
2) Economic Development
3) Caring Society
1) Aspirational India
2) Economic Development
3) Caring Society
We have insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna: FM
FM says Budget woven around aspirational India, economic development and caring society.
Govt says aim is to achieve seamless delivery of services through digital governance: FM
India uplifted 271 million people out of poverty: FM
India is now 5th largest economy in world.Central Govt debt reduced to 48.7% of GDP from 52.2 per cent in March 2014: FM
Finance Minister lists out welfare schemes like affordable housing scheme, DBT and Ayushman Bharat, affordable housing scheme, DBT and Ayushman Bharat.
I'm mindful of presenting Budget 2020 in backdrop of 2 cross-cutting developments - proliferation of tech. & no. of people in productive age group (15-65 yrs) in India being at its highest: FM
FM Nirmala Sitharaman: Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014
FM Nirmala Sitharaman: GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST.
FM Nirmala Sitharaman: GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST.
FM Nirmala Sitharaman: I pay homage to visionary leader Late Arun Jaitley, the chief architect of Goods and Services Tax. GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically.
FM: Our people should be gainfully employed, our businesses should be healthy; for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations
FM Nirmala Sitharaman's Budget speech: With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy.
BREAKING NEWS: Finance Minister Nirmala Sitharaman presents Budget 2020.
Finance Minister Nirmala Sitharaman presents the full Budget of the second term of the Narendra Modi government.
Finance Minister Nirmala Sitharaman presents the full Budget of the second term of the Narendra Modi government.
Just a few minutes left for Finance Minister
Nirmala Sitharaman to present Budget 2020!
Nirmala Sitharaman to present Budget 2020!
Just a few minutes left for Finance Minister
Nirmala Sitharaman to present Budget 2020!
Nirmala Sitharaman to present Budget 2020!
Vineet Agarwal, Senior Vice President, ASSOCHAM: Our expectation from Budget 2020 is broadly that how will govt policies align towards country's&PM's goal of $5 trillion economy. We're expecting some areas of guidance from the govt&policies that could help us to lead towards that
Amit Gossain, MD, Kone Elevators on Budget 2020: Real estate sector should become an industry& I think they will do something about it. Real Estate is still struggling. There are liquidity crisis. It should be taken care of. Once real estate picks up it is good for employment too
Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament.
Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament.
Minister of State for Finance Anurag Thakur, who recently courted a huge controversy with his aggressive ‘goli maaro’ remark, on Saturday appeared all set to aid Finance Minister Nirmala Sitharaman who will be presenting the Union Budget 2020. He said that the budget will hold good for all the people of the country.
Thakur was seen offering prayers to Lord Hanuman, in the morning today before setting off for the big day. He said the government has attempted to bring the best for the people and for the country.
Thakur was seen offering prayers to Lord Hanuman, in the morning today before setting off for the big day. He said the government has attempted to bring the best for the people and for the country.
In a major move, the government is likely to stipulate a uniform framework for all asset classes - equity, property and gold - for computation of capital gains. Among the proposals being considered for the Union Budget is that the long term capital gains (LTCG) tax will be fixed at 24 months or two years uniformly for all asset classes.
This will be a major policy intervention as currently the LTCG for equities is 1 year, 2 years for property and 3 years for gold. Though it is not yet known, the tax treatment for LTCG may also see the consequent changes.
This will be a major policy intervention as currently the LTCG for equities is 1 year, 2 years for property and 3 years for gold. Though it is not yet known, the tax treatment for LTCG may also see the consequent changes.
Rajasthan Chief Minister Ashok Gehlot hoped the budget fulfils expectations of the common people.
Gehlot said: Budget 2020 is the time for NDA government to provide a healing touch to common people and industries facing hardships since noteban. Hope the budget fulfils expectations of common people and provide relief across sections.
Gehlot said: Budget 2020 is the time for NDA government to provide a healing touch to common people and industries facing hardships since noteban. Hope the budget fulfils expectations of common people and provide relief across sections.
The Union Budget 2020 will be presented in a short while from now. The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.
The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.
The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.
Home Minister Amit Shah arrives at the Parliament.
Home Minister Amit Shah arrives at the Parliament.
Home Minister Amit Shah arrives at the Parliament.
Prime Minister Narendra Modi arrives at the Parliament, ahead of presentation of Union Budget 2020-21.
Prime Minister Narendra Modi arrives at the Parliament, ahead of presentation of Union Budget 2020-21.
The printed copies of the Union Budget being checked by a sniffer dog as part of a security check ahead of the presentation of Budget at 11 am
The printed copies of the Union Budget being checked by a sniffer dog as part of a security check ahead of the presentation of Budget at 11 am
Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.
Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.
The Congress on Saturday expressed hope that the Union Budget would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing 'hardship' since demonetisation.
Equity benchmark indices were largely flat during early hours on Saturday as investors awaited presentation of the Union Budget 2020 in Parliament by Finance Minister Nirmala Sitharaman. The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made.
Sitharaman is likely to present a 'feel-good' Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21.
At 10 am, the BSE S&P Sensex was up by 24 points to 40,747 while the Nifty 50 was unmoved at 11,963. Sectoral indices at the National Stock Exchange were mixed.
Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers.
However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains.
Meanwhile, Asian share markets were closed for the weekend.
Sitharaman is likely to present a 'feel-good' Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21.
At 10 am, the BSE S&P Sensex was up by 24 points to 40,747 while the Nifty 50 was unmoved at 11,963. Sectoral indices at the National Stock Exchange were mixed.
Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers.
However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains.
Meanwhile, Asian share markets were closed for the weekend.
The Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget. It will be her second Budget. Earlier, Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. She also visited the Ministry of Finance in the North Block.
The Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget. It will be her second Budget. Earlier, Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. She also visited the Ministry of Finance in the North Block.
Union Ministers Prakash Javadekar and Jitendra Singh arrive at the Parliament, to attend the Cabinet meeting at 10:15 am.
Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament, to attend Cabinet meeting at 10:15 am.
As a measure to boost domestic small and medium industry, the government may consider a hike in customs duty on over 300 items like toys, furniture, footwear, coated paper, rubber items among other in the Union Budget.
Besides giving relief to the domestic industry and boosting employment, the move to keep imports down and help to raise revenue. Many of these are industries which are essentially concentrated in the small and medium sectors and employment intensive.
Besides giving relief to the domestic industry and boosting employment, the move to keep imports down and help to raise revenue. Many of these are industries which are essentially concentrated in the small and medium sectors and employment intensive.
Union Budget 2020 can be seen as an opportunity for the government for course correction at a time when the economy has hit a rough patch. Among the many sectors which will be expecting a boost from the government, the startups of the country will also be looking forward to what the government has in store for it.
The ruling Modi government is credited for recognizing the potential and possibilities of the start-up sector and for the subsequent inception of the ‘Startup India’ initiative. The sector this time will, by and large, be expecting lowered personal taxes so that the disposable income is increased and a reduction in the Goods and Services Tax (GST).
The ruling Modi government is credited for recognizing the potential and possibilities of the start-up sector and for the subsequent inception of the ‘Startup India’ initiative. The sector this time will, by and large, be expecting lowered personal taxes so that the disposable income is increased and a reduction in the Goods and Services Tax (GST).
Finance Minister Nirmala Sitharaman will now proceed to the Parliament House to attend the Cabinet meeting.
Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind before presenting the Union Budget 2020-21.
Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind before presenting the Union Budget 2020-21.
Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a 'bahi-khata'.
For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year. Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes.
Ministry of Finance: The gross GST revenue collected in the month of January, 2020 is Rs 1,10,828 crores. The total number of GSTR 3B Returns filed for the month of December up to 31st January, 2020 is 83 lakh.
Cabinet meeting to be held at 10:15 am today in the Parliament House, ahead of the presentation of Union Budget 2020-21.
Finance Minister Nirmala Sitharaman and her team will meet President Ram Nath Kovind, ahead of presentation of Budget.
Finance Minister Nirmala Sitharaman and her team will meet President Ram Nath Kovind, ahead of presentation of Budget.
Indications from statements made by President Ram Nath Kovind and Prime Minister Narendra Modi at the start of the Parliament's Budget session may presage a Budget woven around the theme of the start of a new decade and the building of a New India.
PM Modi kicked off the 'new decade' theme on Friday morning in his customary statement before the beginning of the Budget session.
He asked the Members of Parliament to work towards laying a strong foundation for a 'bright future of the country in the new decade'.
PM Modi kicked off the 'new decade' theme on Friday morning in his customary statement before the beginning of the Budget session.
He asked the Members of Parliament to work towards laying a strong foundation for a 'bright future of the country in the new decade'.
Delhi: MoS Finance Anurag Thakur offers prayers at his residence, ahead of the presentation of the Union Budget 2020-21 in the Parliament today.
Delhi: Finance Minister Nirmala Sitharaman arrives at Ministry of Finance; She will present her second Budget today
Delhi: Finance Minister Nirmala Sitharaman arrives at Ministry of Finance; She will present her second Budget today
With disruptive technologies like Artificial Intelligence (AI) driving businesses, the IT sector wants the Union Budget for fiscal 2020-21 to ensure greater use of these to spur a sluggish economy among other measures for the sector, industry experts said on Friday.
With the US and China racing ahead of India in AI research, AI entrepreneurship and government investment in AI, he said the budget should make it easier for start-ups to access capital, as they face an uphill task in early-stage funding.
With the US and China racing ahead of India in AI research, AI entrepreneurship and government investment in AI, he said the budget should make it easier for start-ups to access capital, as they face an uphill task in early-stage funding.
IMF Managing Director Kristalina Georgieva on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday, told journalists on Friday: The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021, It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence.
India's tryst with space appears to be on the slow track as the government's space expenditure still lags behind that of the major players in the space sector, flags Economic Survey 2019-2020 that was presented in Parliament on Friday.
India spent about $1.5 billion on space programmes in 2018. However, India's government space expenditure still lags behind that of the major players, the survey stated.
India spent about $1.5 billion on space programmes in 2018. However, India's government space expenditure still lags behind that of the major players, the survey stated.
Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley had changed the tradition in 2017 when the Union Budget was presented on February 1.
Sitharaman had presented her maiden budget in July last year, shortly after the BJP-led government came back to power in the Centre in the 2019 Lok Sabha elections.
The Union Budget 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.
The Finance Minister on Friday tabled in Parliament the pre-Budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian.
The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.
Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government.
This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.
Sitharaman will present the full-year budget for the year ending March 2021.
This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.
Sitharaman will present the full-year budget for the year ending March 2021.
Background
Union Budget 2020: Amid a year-long downward spiral in the country's economic growth, Finance Minister Nirmala Sitharaman tabled Union Budget 2020 in Parliament on Saturday with an aim to refresh policy priorities in order to catalyze the slowed growth.
The Union Budget was expected to see investments in infrastructure, renewable energy, railways, agriculture, irrigation, mobility, health, water, when it was presented on February 1.
As the GDP growth dipped to 4.5 percent in the last quarter, the government aims to boost demand and revive the economy and how it will be done, remains to be seen. Budget 2019 is crucial in ensuring that India's economy rebounds, as concerns abound on whether the current economic situation will become even worse.
FM Sitharaman tabled her second Union Budget in Parliament on February 1 (Saturday) at 11 am. On January 31, Friday, a day in advance before the upcoming budget session, Chief Economic Advisor Krishnamurthy Subramanian presented the economic survey.
WATCH REPORT | Jan Man Dhan: What Kind Of Budget Will The Modi Government Bring?
Budget 2020 was said to be a crucial event for the Indian economy that has been reeling under lesser consumer spending as well as a decline in gross domestic product (GDP) growth. Several industry experts were hoping that Modi government 2.0, in Budget 2020, will focus on enhanced spending on infrastructure and job creations.
According to market watchers, the Budget will be gauged by its ability to pass on some liquidity to the masses to restart the consumption cycle and to usher in investments. Lately, the economy has suffered from low consumer demand on account of high GST, farm distress, stagnant wages, and liquidity constraints.
This trend referred to as 'slowdown' has pulled down the country's GDP growth rate, and caused job losses. Already, sectors such as automobiles, consumer durables and capital goods have come under heavy pressure due to the slowdown.
Budget 2020 speech- When and where to watch?
The vision of Modi government 2.0 for the Indian economy was revealed through FM Sitharaman’s Budget 2020 speech on Saturday. The Finance Minister delivered the Budget 2020 speech in Parliament on February 1 at 11 am.
ABP LIVE will bring you all the updates and in-depth analysis of Budget 2020. We are covering all the major Budget announcements and post-Budget reactions of political leaders and economic watchdogs.
Below are the direct links to all our social media platforms that would give you real-time updates of Modi government's Budget 2020:
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After FY 2015-16, this is for the first time that a Union Budget was presented on Saturday. When the Narendra Modi government came to power in 2014, it was decided that Union Budget would be presented on the first working day of February instead of the last working day of the month, which means that Budget sessions have been advanced by a month.
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