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Union Budget 2019 was announced with 10-year vision in mind: Nirmala Sitharaman

Union Budget 2019: It Will Be Modi Government’s First India Budget After Winning An Overwhelming Mandate In The Lok Sabha Elections 2019

News Nation Bureau | Edited By : Fayiq Wani | Updated on: 05 Jul 2019, 03:03:37 PM

New Delhi:

Finance Minister Nirmala Sitharaman will be tabling her first Union Budget in Lok Sabha at 11 am today. It will be Modi government’s first India Budget after winning an overwhelming mandate in the Lok Sabha Elections 2019. The Narendra Modi government is expected to take various measures to accelerate the slow economic growth of the country. Some of the key expectations from the Union Budget this year include measures to tackle agricultural distress and boost farm incomes and a solution to the NPA problem. The unemployment rate, according to a recent government report, has touched a 45-year high and many have linked slower growth with falling employment. In the last quarter of the 2018-19, GDP growth slipped to its lowest level in five years.

Union Budget 2019: Here are the LIVE Updates

No tax on income below Rs 5 lakh, discount for middle class people on affordable housing, discount on electrical vehicles, from where will all that money come? It'll have contributions from all of us: Anurag Thakur on excise, cess on petrol, diesel increased by Rs 2.

The budget have been made keeping the strong India & its strong citizens in mind. The budget is for common people. Our resolve to make India a 5 trillion dollar economy is also visible in this budget: Uttarakhand Chief Minister Trivendra Singh Rawat on Budget 2019.

The Government, and RBI and Banks, have taken a historical decision in this budget by waiving off Merchant Discount Rate (MDR) that used to be imposed on either customers or merchants. It will increase digital transactions: Union Minister Dharmendra Pradhan on Budget 2019

Union Budget 2019 doesn't have any program to curb unemployment problem, which is highest in the last 45 years. Also, Nirmala Sitharaman is a woman, women of the nation expected many things, but they have not been fulfilled: Congress leader Siddaramaiah

In a significant development, import of Defence Equipment not manufactured in India exempted from Basic Customs Duty. It'll have an impact of augmenting the Defence Budget by Rs 25,000 crores on account of savings in expenditure on Customs Duty over the next 5 years: Defence Minister Rajnath Singh

Take it from me, our Congress' finance minister will in future bring an iPad: Former finance minister P Chidambaram on Finance Minister Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase

Chidambaram slams Finance Minister Nirmala Sitharaman for not disclosing sector-wise allocation in her speech. 

It has given a huge thrust to startup, job creation, Make in India. It has given pension to the traders, large part of the community that was left out of the social security network. It's very reform-oriented. So it's a budget for 130 crore Indians: Piyush Goyal

I think people's verdict is out. I can only say that Congress seems to be rudderless, leaderless and helpless: Union Minister Piyush Goyal

Our track record is that we've performed on every single budget for last 5 yrs. Congress made promises that no one was willing to buy, because they were just "sheikh chilli ki kahani", dreams in the air that nobody trusted: Piyush Goyal

Finance Minister has been very benign to the Railways. She has laid out a vision of investment of nearly 50 lakh crore over the next 10 years. I would really like to thank Finance Minister for strengthening the resolve of the Railways: Railway Minister Piyush Goyal on Budget 2019 

Government allocates Rs 1,12,079.57 crore for defence pensions. Along with the defence budget, the total defence allocation comes to around Rs. 431,010.79 crore and accounts for 15.47 % of the total Central Government expenditure for coming fiscal.

One woman in every SHG will get 1 lakh rupees under MUDRA for her business, overdraft facilities too increased. We have addressed needs of all segments without denying anybody

Non-Banking Financial Companies (NBFC) are a critical component of our banking system. The Government has adopted a comprehensive approach for NBFC financing.

Nirmala Sitharaman while addressing media

The emphasis was very clearly on the overall development of economy. We looked at rural initiatives, all of which will give certain dynamic to the rural areas. Similarly, we looked at how urban living can be better, says Nirmala Sitharaman.

The startups are being given a whole set of tax benefits: Nirmala Sitharama

The government has responded comprehensively to the NBFC issue. This is why some powers have been passed on to the RBI.

This budget has been announced with a 10-year vision in mind: Nirmala Sitharaman

Nirmala Sitharaman addresses media

PM Narendra Modi: The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernize.

PM Narendra Modi: The budget for a New India has a roadmap to transform the agriculture sector of the country, this budget is one of hope.

This budget is a Green Budget in which environment, electric mobility, the solar sector has been at the forefront, says PM Modi.

This budget ensures women empowerment: PM Modi

PM Narendra Modi: The middle class will progress with this budget, development work will expedite even more. The tax structure will get simpler and infrastructure will modernize.

PM Modi lauds budget, says special focus on green initiatives.

PM Narendra Modi adresses media after Lok Sabha adjourns.

Budget 2019: PAN, Aadhaar interchangeable, tax returns can be filed with Aadhar | Click HERE to read

Big relief for home buyers, Sitharaman announces additional Rs 1.5 lakh deduction on home loans​​ | Read HERE

Read HERE | Modi government injects Rs 70,000 crore into public sector banks

Petrol, diesel to get costlier, Nirmala Sitharaman proposes Rs 2 duty and cess hike | Click HERE to read complete story

Lok Sabha adjourned

Lok Sabha has been adjourned till July 8.

Union Budget 2019: What gets cheaper and what gets costlier; complete list | Read by Clicking HERE

Gold to go costlier

Customs duty on gold hiked to 12.5 per cent from 10 per cent.

Petrol, Diesel set to go costlier

Additional excise duty on petrol and diesel to be imposed by Re 1 per litre

To resolve the so-called Angel Tax issue, the startups and their investors who requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums: Nirmala Sitharaman

More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman: Strategic disinvestment of select Central Public Sector Enterprises will continue to be a priority; strategic disinvestment of Air India will re-initiate; Rs 1 lakh 5 thousand crore is disinvestment target for 2019-20.

2 per cent TDS on cast withdrawal exceeding Rs 1 crore in a year: Sitharaman

BHIM, UPI, Aadhaar Pay, NEFT can be used to promote less cash economy, the government has taken number of initiatives to promote digital payments, says Nirmala Sitharaman

PAN and Aadhaar cards would soon be interchangeable. Taxes can be paid using Aadhaar, says FM Nirmala Sitharaman

Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12 per cent to 5 per cent. Also to make EVs affordable for consumers our government will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs: Nirmala Sithraman

Additional deduction of Rs 1,50000 on interest on loans under affordable housing.

New Coins introduced

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 Nirmala Sitharaman

Stock Market

Nifty PSU Bank index up 0.71% to 3,320.75

Corporate tax

Corporate tax on companies with turnover up to Rs 400 crore reduced to 25 per cent.

Electric Vehicles

Additional income tax exemption of Rs 1.5 lakh to buyers of electric vehicles.

Government has been following policy of disinvestment in non-financial public sector undertakings, maintaining govt's stake not to go below 51 per cent. Government is considering, in case where undertaking is still to be retained in govt control,to go below 51 per cent to an apt level on case to case basis.

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

The tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14: Nirmala Sitharaman


Will bring transparency in taxation: Sitharaman

Congress leaders Sonia, Rahul Gandhi during budget speech

FM Nirmala Sitharaman thanks taxpayers for development of country.

Women Empowerment

To further encourage women entrepreneurship, Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Need to replicate the innovative model of zero Budget farming: Nirmala Sitharaman

Union Budget 2019: Key takeaways

Key takeaways of FM Nirmala Sitharaman's maiden Budget speech, CLICK HERE

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, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman: 'Gandhipedia' is being developed to sensitize the youth about positive Gandhian values.

Union Budget 2019: PM Modi in Lok Sabha

Stock Market

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

Government proposes Aadhaar cards to NRIs with Indian passports upon arrival in India without having to wait for the necessary 180 days, says Nirmala Sitharaman

Read more HERE

Nirmala Sitharaman: Happy and satisfied to report that India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Modi.

Jal Jeevan Mission

This new Ministry will look at the management of our water resources and 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'.

To provide a platform for startups new channel is proposed to be started under Doordarshan.

Study in India' to focus on bringing foreign students to Indian higher education institutions, says Sitharaman

There was not a single Indian institute in top 200 universities ranking until 5 years ago, we now have 3 institutions in the top 200 global institutions: 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, says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said that ‘gaon, gareeb aur kisan’ will be focal point of Modi Government 2.0’s flagship programmes. With an eye on bossting the investment in stagnant economy, Sitharaman said that, “Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in consultation with stakeholders; 100% FDI to be permitted for insurance intermediaries.” Sitharaman in her Budget speech said that India's FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion.

We will invest widely in agricultural infrastructure. We will support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy.

Youth of India

The government proposes a National Education Policy to take India's higher education system to global standards.

Swachh Bharat mission

FM Nirmala 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.

Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled, says Nirmala Sitharaman

Will ensure 'har ghar jal' by 2024, says Nirmala Sitharaman

Stock Market

Stock market tanks amid budget speech, NIFTY below 11,900-mark.


Modi Govt 2.0 'examining' to increase FDI in aviation, media, insurance, says 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: Nirmala Sitharaman

Movement of cargo on Ganga is estimated to rise 4 times in 4 years.

Pradhan Mantri Gram Sadak Yojana

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: Sitharaman

FM talks about FDI in aviation to help divest Air India.

User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number, says Nirmala Sitharaman

Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India: Nirmala Sitharaman

It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%, says Nirmala Sitharaman.

The FAME II scheme aims to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure, says Nirmala Sitharaman.

To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI and SEBI to enable stock exchanges to allow AA rated bonds as collaterals: FM Nirmala Sitharaman

Government will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100 per cent FDI will be permitted for insurance intermediaries.

FM Nirmala Sitharaman: Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans. Pension for shopkeepers and retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme.

People have validated their two goals for our country's future

Nirmala Sitharaman on Railways

Railway infrastructure would need an investment of 50 lakh crores between 2018 and 2030.

Pradhan Mantri Man Dhan Scheme

Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore.

National Highways Programme

Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity.Government envisions using rivers for cargo transport,it will also decongest roads and railways.

PM Modi has urged states to work together to tackle socio-economic problems, and make India a $5-trillion economy by 2024, says Nirmala Sitharaman.

FM Nirmala Sitharaman speaks of "One Nation, One Grid" for power availability to states at affordable rates.

The government will look at improving the laws between the lessor and lessee in a fair manner - Sitharaman

Nirmala Sitharaman speaks about creating congenial atmosphere for development of MRO services.

We have set the ball rolling for New India

India is set to become $3 trillion economy this year, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman: Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure.

We don't look down upon legitimate profit earning. Gone are the days of policy paralysis and license quota control regime. India Inc are India's job creators, nation's wealth creators. Together with mutual trust we can gain, catalyse past and attain sustained growth - Nirmala Sitharaman. 

India to enter into aircraft financing and leasing activities, says Sitharaman.

Bharatmala project will enhance road connectivity and Sagarmala will help port and waterways connectivity: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman: It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion.

We need to undertake many structural reforms, says Sitharaman.

Finance Minister Nirmala Sitharaman qoutes an Urdu couplet: 'Yakeen ho to koi raasta niklata hai, hawa ki ot(protection) bhi le kar charagh jalta hai.'

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.

Sitharaman says it has set the ball rolling for new India

We have shown by our deeds that the principles 'perform, reform, transform' can indeed succeed: Sitharaman

The recent election was charged with brimming home and desire for a bright and stable 'New India'. Voter turnout was highest; every section came to stamp their approval for performing government: Nirmala Sitharaman.

Confident to achieve economic goals, says Sitharaman.

Cabinet approves Union Budget 2019, Finance Minister Nirmala Sitharaman to present budget at the Lok Sabha shortly.

Glimpses into a busy day at Parliament

Ahead of maiden Budget of Modi 2.0 govt, here are a few glimpses into a busy day at Parliament, Click HERE

Parents of Finance Minister Nirmala Sitharaman - Savitri and Narayanan Sitharaman - arrive at the Parliament.

Cabinet meeting underway. Lok Sabha to convene at 11.00 am.

Copies of Budget 2019 brought to the Parliament

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).

PM Modi arrives at Parliament, Nirmala Sitharaman to begin speech shortly.

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

Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament.

President Ramnath Kovind gives nod to Union Budget 2019.

Nirmala Sitharaman junks traditional briefcase, carries Budget files wrapped in red cloth

Union Finance Minister Nirmala Sitharaman broke age-old tradition of ‘budget briefcase’ ahead of her first Budget speech at Parliament. Instead of traditional black, brown or beige briefcases, Sitharaman chose to simply wrap the Budget documents in a red cloth. The Finance Minister was seen with her cloth folio that was tied with red ribbon and had National Emblem on it. Traditionally, every finance minister used to pose with a leather briefcase before reading out the Budget Day speech inside Parliament. For those who don’t know, budget and briefcase have a long history. The word ‘budget’ originates from a French word 'bougette' which means a leather bag. The Budget documents were always carried in a leather briefcase with different shades of red and brown. This tradition continues from the British era, who used a Gladstone box.

Nirmala Sitharaman reaches Rashtrapati Bhavan, calls on President Kovind.

Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur, Finance Secretary SC Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry.

Nirmala Sitharaman arrives at Ministry of Finance.

Finance Minister Nirmala Sitharaman leaves home to reach ministry.

The Economic Survey tabled in Parliament on Thursday had said, India's economic growth will depend upon the ability to provide affordable, reliable and sustainable energy to citizens and the country is required to raise per capita energy consumption by at least 2.5 times to increase per capita income by USD 5000.

Union Budget 2019: When and where to watch LIVE coverage of budget?

All the latest updates on Budget can be read by clicking HERE

The Finance Minister will begin her budget speech at 11 am in Lok Sabha.

Latest media reports suggest that the Economic Survey expects 7 per cent GDP growth the present financial year. The Economic Survey that is seen as the roadmap for the government’s financial policies says that the January-March slowdown was due to poll-related uncertainty. General fiscal deficit seen at 5.8% in FY19 vs 6.4% in FY18.

Indian economy has been impacted by slowing trade, rising protectionism, trade conflict between the United States and China, Brexit, US sanctions on Russia, Iran and Venezuela impacted the domestic economy.

The Budget to be presented 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.

Finance Minister Nirmala Sitharaman will be tabling her first Union Budget in Lok Sabha on Friday.

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First Published : 05 Jul 2019, 09:48:34 AM