Finance Minister Sitharaman and her deputy Anurag Thakur with President Kovind at Rashtrapati Bhavan. (Photo Credit: Tweeted by @rashtrapatibhvn)
Union Budget 2020: Today marks the biggest test of Union Finance Minister Nirmala Sitharaman as she will present the toughest budget in over last 10 years. The Economic Survey tabled yesterday showed that the Indian economy has already bottomed out. While there was a hint at a robust rebound, the immediate concern is how Sitharaman will boost the government spending. From realty to auto, from FMCG to steel, almost all sectors are eyeing possible relief measures by the Modi government. The main concern is to make sure the Indian economy is back on track. Recently, the International Monetary Fund (IMF) lowered India’s economic growth forecast to 4.8 per cent for this fiscal year owing to the crisis in the non-banking financial sector and weak rural demand. It also cut the world’s growth estimate and blamed the slowdown in India for its move.
So with all these concerns, India awaits with bated breath for the Union Budget 2020. Check LIVE updates here:
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 crore more than what was provided in last year’s budget.
Union Minister of Commerce & Industry Piyush Goyal: "Rahul Gandhi didn't seem very enthused with the budget, if he has any issue-based questions I can answer them, but if he only wants to use adjectives, I'm seeing 10 times better adjectives that are positive on the television."
Piyush Goyal: "If a small part of Life Insurance Corporation (LIC) goes to the public it will increase transparency and accountability, after all, it is public's property, I don't think there is any harm if a small part of it is with the people."
"It is a balanced Budget which prepares India for the decade ahead of us and prepares it to be a 5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development amd ensures that we continue to remain an economic powerhouse," says Piyush Goyal.
Union Min Piyush Goyal: It is a balanced Budget which prepares India for the decade ahead of us &prepares it to be a 5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development&ensures that we continue to remain an economic powerhouse. pic.twitter.com/1PLgYVoC1D
— ANI (@ANI) February 1, 2020
Finance Minister Nirmala Sitharaman: "I agree that my budget speech was lengthy but in the speech, I had focussed on and spoken about the schemes for employment for the youth, as well as benefits to them."
"Corporate tax cut and benefit derived by new companies, as well as improved GST collections will improve revenue generation & give the comfort to bring down fiscal deficit next year, with disinvestment too improving," says Sitharaman.
"To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM (Fiscal Responsibility and Budget Management), we had to relax fiscal deficit target by 0.5%," says Nirmala Sitharaman.
Introduction of taxpayer charter is a major step, in line with our commitment to ensure honest taxpayers are respected, it is an article of faith for us, says Sitharaman.
For the real estate sector, we have actually given something much more than what was announced even before the budget, says Finance Minister.
What was the need of new tax regime? Revenue Secretary Ajay Bhushan Pandey says, “There are close to 120 exemptions. Some people weren't able to take benefits of this. So we have introduced a new system so that who are unable to take benefits of exemptions enjoy a lower rate.”
Income tax rebate will continue on EPFO, says Sitharaman.
We wanted to place money in the hands of the people, particularly the middle class and lower middle classes, says Sitharaman.
Sitharaman clears air over now I-T sops, says those who want to take benefits of exemptions can remain in the old Income Tax regime
Intention is to reduce the rates and simplify the structure, says Sitharaman.
Nirmala Sitharaman addresses media after presenting Union Budget
Bloodbath on Dalal Street, Sensex plunges over 1,000 points.
Defence budget up from Rs 3.18 lakh crore to Rs 3.37 lakh crore in Budget 2020-21, a modest hike of barely 6%.
Didn't see any idea that would help youth get jobs, says Rahul Gandhi
Sitharaman halts Union Budget speech midway, remaining part tabled in Parliament
Nominal cess to be imposed on import of some medical equipment, says Sitharaman.
Toys and footwear set to be costlier as Sitharaman announces increase in import duty.
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
To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought, says Sitharaman
Sitharaman’s announcements fail to cheer Dalal Street, Sensex tanks 649.14 points.
Sitharaman announces new tax regime. The new scheme will reduce tax rates for those who forego exemptions. These are - 10% for Rs 5-7.5 lakh vs present 20% but without any exemptions benefit; 15% for Rs 7.5-10 lakh vs present 20% but without any exemptions benefit
Estimated nominal growth of GDP for 2020-21 at 10 per cent, says Nirmala Sitharaman
Govt to sell part of its holding in LIC, says Sitharaman.
Specified categories of government bonds to be open to NRIs, announces Sitharaman.
Govt proposes to increase investment limit of FPIs in corporate bonds from 9 per cent to 15 per cent, says Sitharaman.
Amid NPA crisis, Sitharaman announces amendments in the Banking Regulation Act. Sitharaman also announces increase in deposit insurance cover from Rs 1 lakh to Rs 5 lakh per depositor.
Govt proposes amendments in Companies Act to decriminalise civil offences, says Sitharaman.
India will host G-20 presidency in the year 2022, Rs 100 crores allocated for preparation, says Sitharaman.
Rs 30,757 crore allocated for Jammu and Kashmir and Rs 5,958 crores for Ladakh, says Sitharaman.
Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind, says Sitharaman.
Wish to enshrine in the statute a taxpayers' charter through this Budget for the first time, says Sitharaman.
New scheme to boost domestic manufacturing of mobile phones, electronic equipment, says Sitharaman.
Tamil poet and philosopher Thiruvalluvar once again makes a comeback in Sitharaman’s Budget speech. Sitharaman invoked Thiruvalluvar on what marks a good country- Lack of major illnesses, wealth, good crops, happiness, security and safety.
FM says 5 archaeological sites to be developed as iconic sites with museums - Rakhigarhi, Hastinapur, Shivsagar, Dholavira, Aadichannalur. Sitharaman announces Indian Institute of Heritage and Conservation.
Rs 9,500 crore provided for senior citizens and Divyangs, announces Sitharaman.
Govt allocates Rs 28,600 crore for programmes specifically for women, says Sitharaman.
Rs 85,000 crore for Scheduled Castes and other backwards announced by Sitharaman.
Prepaid smart meters in 3 years for electric supply. Consumers will be able to choose power distribution company and rates, says Sitharaman.
Rs 22,000 crore to be provided to power and renewable energy sector in 2020-21, says Sitharaman.
'Fibre to the home' technology will link 100,000 gram panchayat, says Sitharaman.
Modi govt will soon allow policy to enable private sector to build data centre parks across country, says Sitharaman.
1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of private sector, says Sitharaman.
Delhi-Mumbai Expressway to be completed by 2023, Chennai-Bengaluru Expressway to be launched, says Sitharaman.
More Tejas-type trains will connect iconic tourist destinations, high speed train between Mumbai-Ahmedabad to be actively pursued, says Sitharaman.
Accelerated development of highways to be undertaken, says Finance Minister
I propose to monetise at least 12 lots of highway bundles of over 6,000 km before 2024, says Sitharaman.
Sitharaman says govt considering proposal to set up solar power facilities next to railway lines along with national logistics policy.
I propose to provide Rs 27300 crore for development for industry and commence for year 2020-21, says Sitharaman.
Investment clearance cell for end-to-end facilitation announced.
Budget 2020 provides an additional Rs 69,000 crore for the health sector, announces Sitharaman.
National Police University and National Forensic University; degree level full-fledged online education programme institutions ranked in top 100; medical colleges to be attached with district hospitals on PPP model to deal with shortage of doctors - says Sitharaman.
Rs 12,300 crore allocated for PM Modi’s flagship ‘Swachch Bharat’ programme.
Sitharaman launches ‘TB haarega, desh jeetega’ campaign.
NABARD refinance scheme will be expanded, says Sitharaman.
Govt plans to double milk production by 2025, says Sitharaman.
Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations, announces Sitharaman.
Finance Minister Nirmala Sitharaman announces Dhanya Lakshmi scheme for village women
Comprehensive measures for 100 water-stressed districts being proposed - Sitharaman.
ICMYI – Traders, take note- Simplified return for GST has been announced from April 2020.
Sitharaman proposes 16-point action plan to boost agriculture.
“We have insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna,” says Sitharaman.
“Farm markets need to be liberalised, farming need to be made more competitive, handholding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed,” says Sitharaman.
Sitharaman lays out roadmap for Budget – ‘Aspirational India’; ‘Economic Development for All’; 'Ours shall be a caring society.’
With eye on ‘agri stress’, Sitharaman says Modi government is committed to doubling farmers' income by 2022.
A nod to Article 370? Sitharaman recites a Kashmiri couplet
India is now world’s fifth largest economy, says Sitharaman.
40 crore returns have been filed and 800 crore invoices have been uploaded, Sitharaman says.
Hailing the landmark GST regime, Sitharaman says, ‘consumers have got a annual benefit of 1 lakh crore rupees by GST.’
Soft budget in offing? Looks like the tone is set for more people-friendly framework to boost markets confidence.
Amid economic chaos, Sitharaman talks about ‘inclusive’ growth.
In mention the GST, Sitharaman pays solemn tributes to Arun Jaitley.
Sitharaman opens her Budget speech with a mention of the bumper mandate of 2019 Lok Sabha polls.
Union Finance Minister Nirmala Sitharaman presents her 'do or die' Budget. This is the second Budget of Modi government.
As Sitharaman readies for ‘do or die’ budget, her family arrives at Parliament to lend support. See pic
Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament, reports ANI.
#BudgetWithNewsNation#Budget2020 #UnionBudget2020 @nsitharaman
Track LIVE updates:https://t.co/VH89hbJIpl pic.twitter.com/AhGxDT2sv4
— News Nation (@NewsNationTV) February 1, 2020
“We need to treat the causality not the symptoms - hope #Budget2020 takes this approach. Wealth creation is a key part of our economic immune system! Waiting eagerly to hear Finance Minister,” Shaw tweeted.
India Inc is closely watching what Sitharaman has to offer. Industrialist Kiran Mazumdar Shaw says that, “Our economic cancer needs immunotherapy not chemotherapy.”
The printed copies of the Union Budget have arrived at Parliament. Though the tradition continues, the number of copies are much lesser this year.
Look at all the camera flashes! 48 minutes to go before make or break Budget!
— News Nation (@NewsNationTV) February 1, 2020
Nirmala Sitharaman arrives at Parliament, to present Union Budget at 11 am.
As per tradition, Finance Minister Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget.
— President of India (@rashtrapatibhvn) February 1, 2020
Sensex opens 200 points down, Nifty below 11,900 ahead of Budget 2020.
First visuals of Nirmala Sitharaman
#VIDEO | Finance Minister @nsitharaman arrives at Ministry of Finance; she will present her second Budget today in Parliament, reports ANI. #BudgetWithNewsNation#Budget2020 #UnionBudget2020
Track LIVE updates https://t.co/eHsfv9XDju pic.twitter.com/HvF7jDSVYw
— News Nation (@NewsNationTV) February 1, 2020
Dressed in mustard yellow, Nirmala Sitharaman seen in a beautiful silk saree as she arrives at the Finance Ministry.
The ‘Bahi Khata’ returns: Remember the red cloth folder? Nirmala Sitharaman will carry her Budget papers in the red ‘Bahi Khata’.
Junior Finance Minister Anurag Thakur is performing ‘pooja’ at his place. He will leave for the ministry shortly.
GST collections have crossed the Rs 1 lakh crore mark for the third month in a row in January
Ahead of Budget, there’s a good news for Modi government that may spell some relief. GST collections are out for January and it looks good.
In 2015, stock exchanges were open for trading on February 28, Saturday, when then Finance Minister Arun Jaitley had presented the Budget.
This is not the first time that the markets will operate on a Saturday.
Trading would be conducted during normal hours from 9 am to 3.30 pm.
Important note for investors - Stock exchanges will be open today but mutual funds are closed for subscription and redemptions.
On Friday, the Economic Survey projected revival of economic growth to 6-6.5 per cent in the next fiscal from 5 per cent estimated in 2019-20.