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It's pro-poor, pro-farmer budget, says Chief Minister Devendra Fadnavis

Interim Budget 2019 LIVE Updates: Will Modi Government Go For Votes Over Country's Economic Growth In Its Last Budget? Stay With Us For The Full Live Coverage Of Interim Budget 2019.

News Nation Bureau | Edited By : Shashikant Sharma | Updated on: 01 Feb 2019, 11:33:58 PM
Stay with us for the full live coverage of Interim Budget 2019. (Image Credit: PTI)

Stay with us for the full live coverage of Interim Budget 2019. (Image Credit: PTI)

New Delhi:

Interim Budget 2019 Live Updates: Railways Minister Piyush Goyal, who has been given the additional charge of Finance Ministry due to Arun Jaitley’s ill health, will present the Interim Budget 2019 in the Lok Sabha on Friday. With general elections looming large, the Narendra Modi government is likely to present a ‘pleased-all’ budget and tax sops for the middle class and farm relief package may figure in its last budget.  According to reports, the Modi government is expected to project the country’s economic growth at around 7.5 per cent for the next financial year. However, ahead of the interim budget 2019, Fitch Ratings on Thursday warned the Modi government that India may face second consecutive year of fiscal slippage if it resorted to woo the voters by populist measures. So, will Modi go for votes over country's economic growth? Finance Minister Goyal has all the answers in his briefcase. Stay with us for full live coverage of Interim Budget 2019.

Here are the live updates on Interim Budget 2019:

Maharashtra Chief Minister Devendra Fadnavis Friday welcomed the "pro-poor, pro-farmer and pro-common man" interim Union Budget 2019-20, which the Opposition denounced as a mere "gimmick" ahead of the Lok Sabha polls.

I want to know what they have done for the problems of the farmers who are in debt about whom every minister including PM talks about. What have they done for unemployed youth? They're our future. Govt should have thought about them, says Punjab chief minister Amarinder Singh






I thank Prime Minister Narendra Modi for the budget, which is dedicated to the poor, middle class and farmers, tweets Sushma Swaraj  

I congratulate the Prime Minister and Finance Minister for this historic Interim Budget which is not only development friendly but also pays special attention to the middle class, farmers, workers in unorganised sector and other vulnerable sections of our society, says Rajnath Singh


Rs 1330 Crore provided in the Interim Budget 2019-20 for the Mission for Protection and Empowerment, says Union Minister Sadananda Gowda


This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless, says TMC chief Mamata Banerjee

Nothing new in Budget, UPA harping on achievements, Budget prepared with an eye on electoral benefits: Mayawati

This budget is for everyone and is a good one, says Lok Sabha Speaker Sumitra Mahajan.



This is an Interim Budget. This is just a trailer of the budget which, after elections, will take India on the path to development: PM Modi



Union Minister Dharmendra Pradhan on Budget2019: Opposition has no issues to talk about, they are scared of Modi Ji’s welfare schemes. We don’t do votebank politics, we do development politics. We are dedicated to take Indian farmers to new heights.

Rahul Gandhi reacts to Interim Budget 2019, says "Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for."

"As per my calculation, the Rs 6,000 per year cash relief to farmers makes Rs 17 per day for per family. I don't understand how is this a big relief," says Chidambaram.

"The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full-fledged budget accompanied by an election campaign speech," says Chidambaram.

Meanwhile, Congress leader and former Finance Minister is also addressing a press conference on Interim Budget 2019.



It is a never-before development, including development in North Eastern Region, which the Government has delivered, along with fiscal prudence: FM Shri Piyush 

Under the new system being developed, income tax assessment to be done in 24 hours. Acceptance of more than 99% tax returns without scrutiny is a historic development, Government is working towards the whole nation walking on the path of honesty: Piyush Goyal

The announcements made in Budget 2019 for defence sector reflects the Government's commitment and gratitude towards its armed forces: Piyush Goyal

"A holistic approach has been taken by the Government for the welfare of all sections of the citizenry. 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries," says Piyush Goyal. 

Every year, poor farmers will get Rs 6,000 which will be a big help for them. Pension scheme announced in the Interim Budget 2019, will start from this month, says Piyush Goyal.

"Our govt. has initiated the World's largest behavioural change movement with the SwachhBharat Mission. India has achieved 98% rural sanitation coverage and as many as 5.45 lack villages have been declared ODF," says Piyush Goyal.

"It's an election budget. In these circumstances of the case, concessions to farmers and concessions to middle class will obviously have implications in the election," NDTV quoted former prime minister Manmohan Singh.

"Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision," says Piyush Goyal in the post-budget press conference.



Finance Minister Piyush Goyal is addressing a post-budget press conference. In the conference, he is explaining the announcements made in the Interim Budget 2019.



"The announcement of cash relief for farmers will help to double their income by 2022. PM Modi has taken a big step by Kamdhenu Yojana for cows. This will help in the conservation of several breeds of cows. PM Modi has fulfilled people's aspirations," says Amit Shah.

"Budget2019 actually rubs salt in the wounds of farmers. The 'historic' 6,000 rupees a year for a family of 5 translates to Rs. 3.3 a day. This is even lower than MNREGA or old-age pension!" Says Yogendra Yadav of Swaraj India.

"We have also issued guidelines for Pradhan Mantri Kisan Samman Nidhi scheme. In 2018-19 financial year, for months before March, Rs 2000 will be transferred to farmers' accounts, and in the financial year 2019-20 farmers will get Rs 6000," says Agriculture Minister Radha Mohan Singh.

Rajnath Singh: This is a historical budget, all the sections of the society will benefit from it.

"The Budget is unquestionably Pro-Growth, Fiscally prudent, Pro-Farmer, Pro-Poor and strengthens the purchasing power of the Indian Middle Class. Between 2014-19, every Budget has given significant relief to the Middle Class," says Arun Jaitley.

"All sections of the society, including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India'," says Yogi Adityanath. 

Neeru Ahuja, Partner, Deloitte: We all were expecting it, If we add up all the things then people with an annual income around Rs 7.5 lakh won’t have to pay tax. It wasn’t the full budget, it was interim budget, so I would give it a 8/8.5 out of 10.

"The whole exercise has turned out to be a damn squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&dignity?" Shashi Tharoor.

"Thank you Interim FM for copying the Congress' declaration that the poor have the first right to the resources of the country. It was not a Vote on Account. It was an Account for Votes," says former finance Minister P Chidambaram

On Interim Budget 2019, Majid Menon said "it is not a budget, the government is going to change".

Budget was like surgical strike, says Bollywood actor Paresh Rawal.

Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.

TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees: Piyush Goyal

TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees. Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.

Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure: Piyush Goyal

Both tax collection and tax base have shown significant increase due to government initiatives in recent years, and we have moved to a moderate tax regime, with high collection. Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.

6. Oceans and coastlines is the sixth dimension of our vision for 2030, says acting Finance Minister Piyush Goyal.


7. India becoming launchpad of the world, placing an Indian astronaut in space by 2022.

4. Expanding rural industrialization using modern industrial technologies, based on #MakeInIndia approach, using grassroot MSMEs and startups across the country.


5. Clean Rivers - with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using strength of blue economy and SagarMala.

FM underlines 10 most important dimensions that will guide the Government in Vision 2030.



  1. To build next-gen infrastructure - physical as well as social - for a 10 trillion dollar economy and to provide Ease of Living.

  2. To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs.

  3. Clean and Green India - an India that drives electric vehicles, with renewables becoming major source of energy, bringing down import dependence and increasing energy security for our people.

Reducing tax limit for middle class always our priority. All returns to be processed within 24 hours and refund simultaneously: Piyush Goyal

Over 1 crore people paid income tax for the first time after demonetisation, claims Finance Minister Piyush Goyal.

14 per cent growth in state tax collections was guaranteed and underwritten the by the Government of India: Piyush Goyal

Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns. GST collections in January 2019 has crossed 1 lakh crore rupees: Piyush Goyal

"GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket," says Piyush Goyal in Budget Speech.

GST is undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business: FM Piyush Goyal


Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore. 99.54 per cent returns have been accepted without any scrutiny: Piyush Goyal


Government contribution in PF increased from 4 per cent to 14 per cent. Those earning 21,000 per month will be given a bonus: Piyush Goyal

Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector: Piyush Goyal

India has achieved over 98% rural sanitation coverage. 5.45 lakh villages declared ODF. SwachhBharat now a national movement: FM Piyush Goyal

Construction of rural roads has been tripled; 15.8 lakh out of a total 17.84 lakh habitations have been connected with pucca roads under PMGSY. PMGSY allocated 19,000 crore rupees in 2019-20(BE): Piyush Goyal

Already disbursed 35,000 crore rupees for our soldiers under #OROP, substantial hike in military service pay has been announced: FM Piyush Goyal



To ensure cleaner fuel and health assurance, we embarked on @PMUjjwalaYojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections given already. Next year will achieve the target of 8 crore: FM Piyush Goyal

A committee under @NITIAayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under @MSJEGOI for the welfare of these hard-to-reach communities and for tailored strategic interventions: FM Piyush Goyal 

Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age: FM Piyush Goyal

In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: FM Piyush Goyal

Gratuity limit increased from 10 lakh to 30 lakh rupees: FM Piyush Goyal



High growth and formalization of economy has resulted in increased EPFO membership by 2 crore in last two years: FM Shri Piyush Goyal

Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured: FM Piyush Goyal

Increased allocation for Rashtriya Gokul Mission to 750 crore in current year. Modi government announces Kamdhenu Yojana for cows. Under the scheme, 2% interest subvention will be given to farmers pursuing animal husbandry and fisheries: Piyush Goyal

This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore

"Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding," announces Piyush Goyal.

For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved: Piyush Goyal

Rs 60,000 crore to be allocated to MNREGA in FY20, announces Piyush Goyal in his budget speech.

Efforts have been initiated to bring full representation for economically weak backward classes, by giving them reservation in jobs and education: Piyush Goyal in budget speech.



Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government: Piyush Goyal 

Meanwhile, Sensex is currently 110.15  points up at 6,366.84, Nifty at 10,861.35.

Current account deficit is expected to be 2.5 per cent this year. Fiscal deficit has been brought down to 3.4 per cent in the revised estimate of 2018-19: Piyush Goyal

We've prepared the foundation for sustainable progress & prosperity for our people; we are moving towards realizing the dream of New India by 2022: Piyush Goyal

"Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19," Piyush Goyal in Budget Speech.

"Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation," says Goyal.






"I can confidently say, India is solidly back on track and marching towards growth and prosperity," says Piyush Goyal.

Piyush Goyal presents Interim Budget 2019 in Lok Sabha in the absence of Finance Minister Arun Jaitley, who is undergoing treatment in US. Goyal also wished Jaitley a speed recovery.

Since morning, Govt sources have been sending budget pointers to media houses, now if these pointers are there in FM's speech then it tantamounts to a leak. It would be a serious issue of breach of secrecy.



Breaking News: Union Cabinet has approved the interim Budget 2019-20. Finance Minister Piyush Goyal to begin speech shortly.

Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament. Following the Cabinet meeting, Piyush Goyal will present the interim Budget 2019-20 at 11 am.


"They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven’t really benefitted general public. Only 'Jumlas' (gimmicks) will come out today. They've only 4 months when will they implement the schemes?" says Congress Leder Mallikarjun Kharge.






"The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, it will empower them," says Union Agriculture Minister Radha Mohan Singh. 

What experts say about populist measures like farm loan waiver - "Loan waiver is not the solution to farmers problems. Had it been the solution, the farmers' condition in the country would have changed by now," says senior jounalist and expert Manoj Gairola.

Do you know - Interim Budget, also known as vote-on-account is approval for essential government spending for a limited period. The Interim Budget is presented if its date of presentation falls few months ahead of Lok Sabha polls.

"The way the government has increased the investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased," says Manoj Sinha, (MoS) Railways


Finance Minister Piyush Goyal arrives at the Parliament with the Budget briefcase. Following the Cabinet meeting, he will present the interim Budget 2019-20 at 11 am.




Finance Minister Piyush Goyal calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Interim Budget 2019. He will now head to the Parliament House and attend a Union Cabinet meeting.


Ahead of Budget 2019, Sensex opens in green. The benchmark 30-share BSE index is up by over 90 points at 36,352.51, Nifty at 10,858.75 in the opening trade.

Union Minister of Parliamentary Affairs Narendra Singh Tomar: 'Sabka Saath, Sabka Vikas' has been our government's mantra and it will reflect in the Budget.

Piyush Goyal and his team outside Finance Ministry ahead of Budget 2019. Goyal will present interim Budget 2019-20 in the Parliament at 11 am today.




Copies of Budget 2019 brought to Parliament complex; Piyush Goyal to present Interim Budget 2019 at 11 am.




Do you know: In 2016, the Railways Budget was clubbed with the General Budget for the first time.

Do you know - Finance Minister Arun Jaitley had in 2017 changed the date of budget presentation to February 1.

Prime Minister Narendra Modi likely to chair Union Cabinet meeting ahead of Interim Budget 2019 today.

Piyush Goyal arrives at the Ministry of Finance. He will present interim Budget 2019-20 in the Parliament today.



(ANI Photo)

Finance Minsiter Piyush Goyal will reach Parliament House at 10 am. Interim Budget 2019 to be presented by him at 11 am in the Lok Sabha.

Piyush Goyal left for Finance Ministry at 8:30 am from his residence 8, teen murti three idols. At 9 am, he will leave for Rashtrapati Bhavan.

"Modi government is a popular government, it's natural that we will take care of everything. We will do whatever is possible for the people. We have always presented a good budget," says Shiv Pratap Shukla, MoS (Finance).

Here is what you can expect from Interim Budget 2019:


Agriculture: Farm relief package,  food subsidies in the fiscal year, waiving premium for taking insurance policy for food crops and interest on crop loans for farmers who pay on time.


Taxes: Higher tax exemptions for middle class and small businesses, corporate tax rate cut to 25 per cent from 30 per cent may be delayed due to elections, reduction of GST on electric vehicles and batteries.


Health: At least 5 per cent incsrease expected in health allocation from previous year.


Banking Services: Discount on on loans for businesses with annual sales of less than 50 million rupees. Rs 40 billion may be infused in public sector.


 



Income tax concessions, farm relief package may figure in Modi government’s last Budget. With its voter base shrinking, the ruling government may offer income tax concessions to middle class, a farm relief package, support for small businesses in its last-ditch attempt to woo the voters ahead of elections.

Hello and welcome to our special coverage of Interim Budget 2019. Acting Finance Minsiter Piyush Goyal will Friday present Narendra Modi government's last budget. It is expected that the Modi government will go for populist spendings to win its lost voters in an election year. so, will Modi go for votes over country's growth? Stay with us as we bring you all the live coverage related to Interim Budget 2019.

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First Published : 01 Feb 2019, 07:11:54 AM