Budget 2019 Live updates: Finance minister Nirmala Sitharaman presents Modi 2.0 govt’s first Budget

Budget 2019 Live updates Finance minister Nirmala Sitharaman present Modi 2 govt first budget

1:16 PM IST

Lok Sabha adjourned

Lok Sabha adjourned till Monday 11 am

1:10 PM IST

Finance Minister Nirmala Sitharaman concludes Budget 2019

Would thank the response for the crowd sourcing. Have benefitted from crowd source. The Fiscal deficit this year is 3.3% brought down from 3.4%. 

1:08 PM IST

Excise Duty

Customs duty exempted on certain Electric Vehicles (EVs). Export duty is being rationalised on finished leather. Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1/litre, increase custom duty on gold and other precious metal from 10 to 12.5%. 

1:05 PM IST

FM on Customs Duty

Basic customs duty has been increased in cashew kernels, metal, tiles, marble  slabs, CCTV camera, IP camera. Exemptions on customs duty on certain electronic items which are now being manufactured in India are being withdrawn. 

1:02 PM IST

FM on Direct Taxes

In view of rising income levels, a surcharge will be levied on individuals with taxable income of Rs 2 to 5 crore, and Rs 5 crore and above. The effective tax rate for these categories will increase by around 3% and 7%, respectively

12:57 PM IST

Nirmala Sitharaman on TDS

To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account: Nirmala Sitharaman

12:54 PM IST

Interchangeability of PAN and Aadhaar

More than 120 crore Indians now have Aadhaar. Sitharaman proposes to make the two documents interchangeable so that Aadhaar can be used for verification with no requirement for PAN

12:50 AM IST

Affordable home buyers

FM Nirmala Sitharaman proposes to allow an additional tax deduction of Rs 1.5 lakh on interest paid on housing loans for self-occupied house owners

12:49 PM IST

On Angel Tax

Government attempts to resolve Angel tax. No scrutiny for start-ups. Funds won't come under I-T scrutiny - FM Sitharman 

12:43 PM IST

On taxation

Currently, the lower tax rate of 25% is applicable to firms with annual turnover of Rs 250 crore. I propose to widen this to all companies with annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies: FM Nirmala Sitharaman 

12:42 PM IST

FM on Direct tax

Direct tax revenue has grown 78 percent from 2014 to 2019: FM Nirmala Sitharaman

12:40 PM IST

FM Nirmala Sitharan quotes Tamil verse

'Just a few mounds of rice cooked from a small piece of land is enough for the elephant. But if the same elephant enters a paddy field it will end up trampling more than it would consume' says Nirmala Sitharaman adding, the tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14.

 

12:37 PM IST

On Taxation

Finance minister thanks taxpayers of India 

12:33 PM IST

FM on India's sovereign debt

India's sovereign external debt to GDP is among the lowest globally at less than 5%. A new series of coins including for Rs 20 will be made available for public use shortly 

12:30 PM IST

Rs 100 lakh crore investment for infrastructure

FM Nirmala Sitharaman proposes Rs 100 lakh crore investment for infrastructure over 5 years

12:29 PM IST

Public Sector Banks

For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, govt will provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10%

12:28 PM IST

National Housing Board

Government proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI: FM

12:24 PM IST

FM on Public Sector Banks

PSBs are now proposed to be further provided Rs 17,000 crore of capital to boost credit

12:20 PM IST

Sensex update

Sensex currently at 39,788.65, down by 118.99 points.

12:16 PM IST

Aadhaar for NRI with Indian passports

Propose to consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without waiting for the mandatory wait of 180 days: Nirmala Sitharaman 

12:15 AM IST

Naari to Narayani

Contribution of women is significant in every sector. The recent election saw record turnout of women voters, at par with men. We also have a record 78 women MPs in the House. Every verified woman having a Jan Dhan account, an overdraft of Rs 5000 will be allowed. One woman in every SHG shall be made eligible for a loan of Rs 1 lakh under MUDRA scheme: Nirmala Sitharaman 

12:12 AM IST

Naari to Narayani

There is no chance for the welfare for the world unless the condition of the woman is improved. It is not possible for a bird to fly with one wing. - Nirmala Sitharaman quotes Swami Vivekananda 

 

12:09 PM IST

Ujjwala scheme

About 35 crore LED bulbs distributed under the Ujjwala scheme, leading to a cost saving of Rs 18,341 crore annually: Nirmala Sitharaman 

12:07 PM IST

Manual Scavenging

Machines are doing scavenging which saves the people of manual scavenging, their dignity - Finance Minister 

12:04 PM IST

On Labour laws

The govt is proposing to streamline multiple labour laws into set of four labour codes. This will ensure that filing of returns will get standardised and streamlined - Nirmala Sitharaman 

 

12:02 PM IST

Study in India initiative

India will be soon a hub of higher education. 'Study in India' initiative will be started for the exchange of foreign students: Nirmala Sitharaman

12:01 PM IST

World class institutions

None of our technological institutions were in top 200 in 2014. But now, there are three in the list - Finance minister 

11:58 AM IST

On Gandhipedia

A Gandhipedia is being developed to sensitize youth and society at large on positive Gandhian values: FM

11:54 AM IST

On Open defecation

More than 95% of our cities have declared themselves open-defecation free. We aim to make India open-defecation free by October 2, on 150th birth anniversary of Mahatma Gandhi: FM - Nirmala Sitharaman 

11:53 AM IST

Pradhan Mantri Gramin Digital Saksharata Abhiyan

Under Pradhan Mantri Gramin Digital Saksharata Abhiyan, 2 crore Indians have been digitally literate - FM Nirmala Sitharaman 

11:50 AM IST

Swachh Bharat Abhiyan

This scheme, initiated in 2014 has achieved immense success. 9.6 crore toilets have been constructed since October 2, 2014. More than 5.6 lakh villages have become open defecation free : Nirmala Sitharaman

11:49 AM IST

Jal Jeevan Mission

We seek to provide water to all rural households under 'har ghar jal'. Jal ministry to focus on providing adequate drinking water, which is a primary area of concern. Jal Jeevan will converge with states : FM

11:48 AM IST

Zero budget farming

Will go back to basics. We need to replicate this innovative model. In a few states, farmers are also practising this. - Nirmala Sitharaman

11:47 AM IST

On eNAM

The government will work with State to benefit from eNAM. Ease of doing business and ease of living should apply to farmers too: FM

11:45 AM IST

National Agriculture Market

Govt will work with states to allow farmers to benefit from National Agriculture Market or eNAM: FM

11:43 AM IST

Pradhan Mantri Gram Sadak Yojana

1.25 lakh kilometers of roads will be upgraded over the next 5 years under Pradhan Mantri Gram Sadak Yojana at the cost of Rs.80,250 crores : FM

11:41 AM IST

On fishing and fishermen

The department of fisheries will establish robust Fishery management which will address critical gaps in the value chain, including production, post-harvest management and quality control, : Nirmala Sitharaman

11:39 AM IST

Power and LPG

By 2022, power and LPG will be provided to all households except to all those unwilling : Nirmala Sitharaman 

11:38 AM IST

Gaon, Garib and Kisan

The Centre of our efforts are Gaon (village), Garib (poor) and Kisan (farmers) : FM

11:36 AM IST

India has emerged as a major space power

Time has come to harness this ability commercially. A public sector enterprise, New Space India Limited, has been incorporated to tap the benefits of R&D carried out by Isro. The company will spearhead commercialization of various space products: Nirmala Sitharaman

11:35 AM IST

Pradhan Mantri Karam Yogi Man Dhan Scheme

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

11:33 AM IST

Annual global investors' meet

Government is mulling organizing an annual global investors' meet in India: FM

11:31 AM IST

100% FDI will be permitted for insurance intermediary: FM

FDI inflows have remained robust despite global headwinds. India's FDI inflows remained strong despite global slippages. We saw a 6% y-o-y growth in foreign investment: FM

11:29 AM IST

KYC to be more investor friendly

As key source of capital to Indian economy, it is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly: FM

 

11:26 AM IST

Payment platform for MSME

Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself: FM

 

11:24 AM IST

On Affordable Housing

It is proposed that several reform measures will be taken up to promote rental housing: FM

11:23 AM IST

Uday scheme being analysed

Our govt launched UDAY in 2015 for financial and operational turnaround of discoms. We are analyzing the scheme and plan to improve it further: Nirmala Sitharaman 

11:20 AM IST

Rs 50 Lakh crores investment required fro Railway

Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030: FM

11:17 AM IST

National Common Mobility Card 2019

National Common Mobility Card was launched by PM Modi in March 2019. This will enable people to pay multiple transport charges across India. This card runs on RuPay card and allows users to pay bus charges, parking charges, etc: Nirmala Sitharaman 

11:16 AM IST

India to enter into aviation finance

Nirmala Sitharaman believes time is right for India to enter into aviation finance

11:15 AM IST

Improving connectivity

Government has given a massive push for all kinds of conntectivity. The ambitious programme of Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity: Nirmala Sitharaman

11:11 AM IST

India will become a $3 trillion economy

India will become a $3 trillion economy this year: Nirmala Sitharaman

11:07 AM IST

Sitharaman at the Parliament

Mega programmes that we initiated in the first five years will now be further accelerated, will further simplify procedures: FM

11:05 AM IST

Nirmala Sitharaman presents Budget 2019

Voters gave their approval to a performing government. People have validated two mandates - national security and economic growth

11:03 AM IST

Finance Minister presents Budget 2019

Finance Minister Nirmala Sitharman presents Budget 2019

10:59 AM IST

Union Cabinet approves Budget 2019

Budget 2019 has been approved by the Union Cabinet. Finance Minister will present the budget in the Lok Sabha momentarily

 

10:36 AM IST

Budget copies brought to parliament

Delhi: Copies of #Budget2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.

10:20 AM IST

Finance Minister arrives at parliament

Finance minister Nirmala Sitharaman arrives at the Parliament

#WATCH Delhi: Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament. #Budget2019 pic.twitter.com/vry6cs1caO

— ANI (@ANI) July 5, 2019

9:47 AM IST

Finance Minister Nirmala Sitharaman calls on President Ramnath Kovind

Rashtrapati Bhavan: As per tradition, Finance Minister Nirmala Sitharaman calls on President Ramnath Kovind before presenting the Union Budget

9:20 AM IST

Sensex up 119.15 points

Sensex at 40,027.21, up by 119.15 points. #Budget2019

9:19 AM IST

Finance minister prepares for Budget presentation

Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur, Finance Secretary S C Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry. #Budget2019 to be presented at 11 am in Lok Sabha today

9:08 AM IST

MoS Anurag Thakur offers prayers

Delhi: MoS Finance Anurag Thakur offers prayers ahead of #Budget2019. Finance Minister Nirmala Sitharaman to present the Budget at 11 am in Lok Sabha today

8:57 AM IST

Finance minister arrives

Finance Minister Nirmala Sitharaman has arrived at the North Block which houses the Ministry of Finance.

12:22 AM IST

Iconic Tourism

The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Documentaries with anthropological details will be stored for tourists - Nirmala Sitharaman 

12:00 AM IST

National Research Foundation

Propose to establish National Research Foundation to fund and coordinate research in India: Nirmala Sitharaman 

1:16 PM IST:

Lok Sabha adjourned till Monday 11 am

1:11 PM IST:

Would thank the response for the crowd sourcing. Have benefitted from crowd source. The Fiscal deficit this year is 3.3% brought down from 3.4%. 

1:08 PM IST:

Customs duty exempted on certain Electric Vehicles (EVs). Export duty is being rationalised on finished leather. Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1/litre, increase custom duty on gold and other precious metal from 10 to 12.5%. 

1:05 PM IST:

Basic customs duty has been increased in cashew kernels, metal, tiles, marble  slabs, CCTV camera, IP camera. Exemptions on customs duty on certain electronic items which are now being manufactured in India are being withdrawn. 

1:03 PM IST:

In view of rising income levels, a surcharge will be levied on individuals with taxable income of Rs 2 to 5 crore, and Rs 5 crore and above. The effective tax rate for these categories will increase by around 3% and 7%, respectively

12:57 PM IST:

To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account: Nirmala Sitharaman

12:54 PM IST:

More than 120 crore Indians now have Aadhaar. Sitharaman proposes to make the two documents interchangeable so that Aadhaar can be used for verification with no requirement for PAN

12:53 PM IST:

FM Nirmala Sitharaman proposes to allow an additional tax deduction of Rs 1.5 lakh on interest paid on housing loans for self-occupied house owners

12:48 PM IST:

Government attempts to resolve Angel tax. No scrutiny for start-ups. Funds won't come under I-T scrutiny - FM Sitharman 

12:43 PM IST:

Currently, the lower tax rate of 25% is applicable to firms with annual turnover of Rs 250 crore. I propose to widen this to all companies with annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies: FM Nirmala Sitharaman 

12:43 PM IST:

Direct tax revenue has grown 78 percent from 2014 to 2019: FM Nirmala Sitharaman

12:42 PM IST:

'Just a few mounds of rice cooked from a small piece of land is enough for the elephant. But if the same elephant enters a paddy field it will end up trampling more than it would consume' says Nirmala Sitharaman adding, the tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14.

 

12:39 PM IST:

Finance minister thanks taxpayers of India 

12:36 PM IST:

India's sovereign external debt to GDP is among the lowest globally at less than 5%. A new series of coins including for Rs 20 will be made available for public use shortly 

12:30 PM IST:

FM Nirmala Sitharaman proposes Rs 100 lakh crore investment for infrastructure over 5 years

12:29 PM IST:

For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, govt will provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10%

12:28 PM IST:

Government proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI: FM

12:24 PM IST:

PSBs are now proposed to be further provided Rs 17,000 crore of capital to boost credit

12:20 PM IST:

Sensex currently at 39,788.65, down by 118.99 points.

12:17 PM IST:

Propose to consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without waiting for the mandatory wait of 180 days: Nirmala Sitharaman 

12:32 PM IST:

Contribution of women is significant in every sector. The recent election saw record turnout of women voters, at par with men. We also have a record 78 women MPs in the House. Every verified woman having a Jan Dhan account, an overdraft of Rs 5000 will be allowed. One woman in every SHG shall be made eligible for a loan of Rs 1 lakh under MUDRA scheme: Nirmala Sitharaman 

12:12 PM IST:

There is no chance for the welfare for the world unless the condition of the woman is improved. It is not possible for a bird to fly with one wing. - Nirmala Sitharaman quotes Swami Vivekananda 

 

12:09 PM IST:

About 35 crore LED bulbs distributed under the Ujjwala scheme, leading to a cost saving of Rs 18,341 crore annually: Nirmala Sitharaman 

12:08 PM IST:

Machines are doing scavenging which saves the people of manual scavenging, their dignity - Finance Minister 

12:05 PM IST:

The govt is proposing to streamline multiple labour laws into set of four labour codes. This will ensure that filing of returns will get standardised and streamlined - Nirmala Sitharaman 

 

12:02 PM IST:

India will be soon a hub of higher education. 'Study in India' initiative will be started for the exchange of foreign students: Nirmala Sitharaman

12:01 PM IST:

None of our technological institutions were in top 200 in 2014. But now, there are three in the list - Finance minister 

11:58 AM IST:

A Gandhipedia is being developed to sensitize youth and society at large on positive Gandhian values: FM

11:56 AM IST:

More than 95% of our cities have declared themselves open-defecation free. We aim to make India open-defecation free by October 2, on 150th birth anniversary of Mahatma Gandhi: FM - Nirmala Sitharaman 

11:53 AM IST:

Under Pradhan Mantri Gramin Digital Saksharata Abhiyan, 2 crore Indians have been digitally literate - FM Nirmala Sitharaman 

11:52 AM IST:

This scheme, initiated in 2014 has achieved immense success. 9.6 crore toilets have been constructed since October 2, 2014. More than 5.6 lakh villages have become open defecation free : Nirmala Sitharaman

11:50 AM IST:

We seek to provide water to all rural households under 'har ghar jal'. Jal ministry to focus on providing adequate drinking water, which is a primary area of concern. Jal Jeevan will converge with states : FM

11:49 AM IST:

Will go back to basics. We need to replicate this innovative model. In a few states, farmers are also practising this. - Nirmala Sitharaman

11:47 AM IST:

The government will work with State to benefit from eNAM. Ease of doing business and ease of living should apply to farmers too: FM

11:47 AM IST:

Govt will work with states to allow farmers to benefit from National Agriculture Market or eNAM: FM

11:44 AM IST:

1.25 lakh kilometers of roads will be upgraded over the next 5 years under Pradhan Mantri Gram Sadak Yojana at the cost of Rs.80,250 crores : FM

11:41 AM IST:

The department of fisheries will establish robust Fishery management which will address critical gaps in the value chain, including production, post-harvest management and quality control, : Nirmala Sitharaman

11:40 AM IST:

By 2022, power and LPG will be provided to all households except to all those unwilling : Nirmala Sitharaman 

11:38 AM IST:

The Centre of our efforts are Gaon (village), Garib (poor) and Kisan (farmers) : FM

11:37 AM IST:

Time has come to harness this ability commercially. A public sector enterprise, New Space India Limited, has been incorporated to tap the benefits of R&D carried out by Isro. The company will spearhead commercialization of various space products: Nirmala Sitharaman

11:35 AM IST:

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

11:33 AM IST:

Government is mulling organizing an annual global investors' meet in India: FM

11:31 AM IST:

FDI inflows have remained robust despite global headwinds. India's FDI inflows remained strong despite global slippages. We saw a 6% y-o-y growth in foreign investment: FM

11:29 AM IST:

As key source of capital to Indian economy, it is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly: FM

 

11:26 AM IST:

Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself: FM

 

11:24 AM IST:

It is proposed that several reform measures will be taken up to promote rental housing: FM

11:23 AM IST:

Our govt launched UDAY in 2015 for financial and operational turnaround of discoms. We are analyzing the scheme and plan to improve it further: Nirmala Sitharaman 

11:21 AM IST:

Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030: FM

11:18 AM IST:

National Common Mobility Card was launched by PM Modi in March 2019. This will enable people to pay multiple transport charges across India. This card runs on RuPay card and allows users to pay bus charges, parking charges, etc: Nirmala Sitharaman 

11:16 AM IST:

Nirmala Sitharaman believes time is right for India to enter into aviation finance

11:15 AM IST:

Government has given a massive push for all kinds of conntectivity. The ambitious programme of Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity: Nirmala Sitharaman

11:12 AM IST:

India will become a $3 trillion economy this year: Nirmala Sitharaman

11:07 AM IST:

Mega programmes that we initiated in the first five years will now be further accelerated, will further simplify procedures: FM

11:05 AM IST:

Voters gave their approval to a performing government. People have validated two mandates - national security and economic growth

11:03 AM IST:

Finance Minister Nirmala Sitharman presents Budget 2019

10:59 AM IST:

Budget 2019 has been approved by the Union Cabinet. Finance Minister will present the budget in the Lok Sabha momentarily

 

10:40 AM IST:

Delhi: Copies of #Budget2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.

10:22 AM IST:

Finance minister Nirmala Sitharaman arrives at the Parliament

#WATCH Delhi: Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament. #Budget2019 pic.twitter.com/vry6cs1caO

— ANI (@ANI) July 5, 2019

9:47 AM IST:

Rashtrapati Bhavan: As per tradition, Finance Minister Nirmala Sitharaman calls on President Ramnath Kovind before presenting the Union Budget

9:20 AM IST:

Sensex at 40,027.21, up by 119.15 points. #Budget2019

9:19 AM IST:

Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur, Finance Secretary S C Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry. #Budget2019 to be presented at 11 am in Lok Sabha today

9:09 AM IST:

Delhi: MoS Finance Anurag Thakur offers prayers ahead of #Budget2019. Finance Minister Nirmala Sitharaman to present the Budget at 11 am in Lok Sabha today

8:58 AM IST:

Finance Minister Nirmala Sitharaman has arrived at the North Block which houses the Ministry of Finance.

12:22 PM IST:

The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Documentaries with anthropological details will be stored for tourists - Nirmala Sitharaman 

11:59 AM IST:

Propose to establish National Research Foundation to fund and coordinate research in India: Nirmala Sitharaman 

Finance minister Nirmala Sitharaman to present her first Union Budget shortly. This is also the first Budget of Modi 2.0 government. Catch all the live updates here on MyNation's live blog