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Union Budget 2019-20

July 05, 2019

India Union Budget 2019 Live Updates

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Hon'ble Finance Minister Nirmala Sitharaman Presented Union Budget

BUDGET Highlights

Amendments Proposed by the Finance (No.2) Bill, 2019 - By CA Manoj Gupta

BUDGET - Live Commentary

  • 01:08 PM Finance Minister Nirmala Sitharaman concludes the Union Budget 2019-20 speech.
  • 01:05 PM Sitharaman says the govt aims to buy back govt bonds worth Rs 50,000 cr in FY20
  • 01:04 PM Surcharge will be levied on individuals with taxable income of above Rs. 5 Crore at 7% : FM
  • 01:03 PM Legacy Dispute Resolution scheme announced : FM
  • 01:02 PM Fiscal deficit in FY19 at 3.3% of the GDP : FM
  • 01:01 PM Excise duty on fuel hiked by 1 rupee : FM
  • 01:00 PM Sitharaman says import of defence equipment not manufactured in India exempt from customs duty
  • 12:56 PM Custom duty on gold increased by 2%. Custom duty on other precious metal increased by 2.5% to 12.5% : FM
  • 12:55 PM Effective income tax increase of 3% for those earning Rs 2-5 cr: FM
  • 12:54 PM No change in personal income tax rates : FM
  • 12:53 PM BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. RBI and banks will absorb these costs, FM says
  • 12:51 PM FM Nirmala Sitharaman: TDS of 2% on cash withdrawal of over one crore to discourage cash payments by businesses
  • 12:50 PM PAN and Aadhaar to become interchangeable for filing ITR. Individual can use one in case of absence of other, announces FM
  • 12:49 PM An additional deduction of Rs 1,50,000 on interest on loans borrowed under affordable housing loans till March 2020 : FM
  • 12:48 PM Propose easing angel tax on startups : FM
  • 12:47 PM For startups : The startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. - A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.
  • 12:46 PM FM: Govt has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%
  • 12:45 PM Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles : FM
  • 12:43 PM Currently, only 25% tax rate is applicable to companies with an annual turnover of Rs 250 crore. This has been extended to companies with turnover of up to Rs 400 crore. Only 0.7% companies will remain outside of this 25% rate: Sitharaman
  • 12:41 PM Direct tax revenue has grown 78 per cent from 2014 to 2019, says FM
  • 12:40 PM Only if income is more than Rs 5 lakh, then people will have to pay tax, says FM
  • 12:39 PM Fundamentally sound NBFCs to keep getting funding from banks : FM
  • 12:39 PM Govt to continue strategic disinvestment in select CPSEs : FM
  • 12:38 PM New Rs 1, 5, 10 & 20 coins to be available for public use soon, says FM
  • 12:36 PM FM Sitharaman said the government proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector
  • 12:35 PM External debt to GDP less than 5%. The lowest globally - FM
  • 12:33 PM The govt is setting an enhanced target of Rs 1,05,000 crore for disinvestment and will continue with disinvestment of PSUs in the non-financial space - FM
  • 12:30 PM Rs 100 lakh crore investment for infrastructure over 5 years - Nirmala Sitharaman
  • 12:28 PM 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%
  • 12:27 PM Government has smoothly carried out consolidation, reducing the number of PSBs by 8 - Nirmala Sitharaman
  • 12:26 PM Govt decided to open Indian embassies and high commissions in countries where India doesn't have a resident diplomatic mission as yet: FM
  • 12:26 PM We have enabled 6 public sector banks out of PCA
  • 12:25 PM RBI to take over as HFC regulator from NHB, says FM
  • 12:22 PM PSU banks to get Rs 70,000 crore boost for credit improvement, says FM
  • 12:20 PM NPAs reduced by over Rs 1 trn; Rs 4 trn recovered via IBC
  • 12:13 PM Aadhar Card for NRI Indians with Indian passports without any waiting period: FM Nirmala Sitharaman
  • 12:12 PM Nari tu Narayani scheme for improving the condition of women in the country. FM Nirmala Sitharaman announces initiatives to promote women entrepreneurship in every district of the country
  • 12:12 PM Ensuring India's water security & providing access to safe drinking water to all Indians is a priority. A major step in this direction has been the constitution of Jal Shakti Ministry
  • 12:12 PM 35 crore LED bulbs distributed under UJALA schemes have saved Rs 18,341 annually : FM
  • 12:11 PM Railway station modernisation to start this year. Greater thrust on investment in suburban railway networks : FM
  • 12:11 PM 95% cities in India have become open-defecation free : FM
  • 12:10 PM Sitharaman says ‘Stand Up India' Scheme to continue till 2025
  • 12:10 PM FM Sitharaman allocates Rs 400 crore for world-class higher education institutions in FY20.
  • 12:08 PM The Pradhan Mantri Shram Yogi Maan Dhan Yojana of providing Rs 3,000 - nearly 30 lakh workers have joined the scheme. Labour laws to be streamlined into four basic labour codes
  • 12:07 PM Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives : FM
  • 12:06 PM Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund : FM
  • 12:05 PM We will try to improve the skills of our youth in areas such as Artifical Intelligence, Big Data, Robotics, etc
  • 12:03 PM An exclusive TV channel for start ups : FM
  • 12:02 PM Govt to launch 'Study in India' programme to attract foreign students in higher education. From no single Indian institute in top 200 universities ranking until 5 years ago, we now have 3 institutions in the top 200 global institutions bracket: FM
  • 12:00 PM National Research Foundation to fund and coordinate research in India - FM
  • 11:59 AM I propose to expand the Swachh Bharat mission to undertake sustainable solid waste management in every village - FM
  • 11:58 AM 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries : FM
  • 11:58 AM 100 new clusters to be set up in 2019-20 under SFURTI, which will enable 50,000 artisans to join the economic value chain : FM
  • 11:57 AM A National Education Policy to transform India's higher education system to global standards
  • 11:56 AM Under Pradhan Mantri Awas Yojna - Urban, over 80 lakh houses have been sanctioned
  • 11:56 AM To sensitise people of positive Gandhian values, a 'Gandhipedia' is being developed by National Council for Science Museums: FM
  • 11:53 AM All-weather road connectivity provided to more than 97% of eligible and feasible habitations, made possible by a high pace of road construction: FM
  • 11:52 AM We also hope to form 10,000 new farmer organisations, says FM
  • 11:51 AM By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility. 5 lakh villages are now open-defecation free. 9.6 crore toilets have been constructed since 2014 - FM Sitharaman
  • 11:46 AM 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
  • 11:45 AM Driving Force: Rs 80,250 crore dedicated to building 1,25,000 km of roads in the next 5 years, says FM Sitharaman
  • 11:43 AM I have asked SEBI to consider raising the current threshold of 25% to 35%: FM
  • 11:42 AM Public holding in listed firms may go up to 35% from the current 25%
  • 11:41 AM The department of fisheries will address critical gaps in the value chain
  • 11:40 AM Pradhan Mantri Awas Yojana aims to achieve housing for all by 2022. By 2022, power and LPG will be provided to all households, says FM
  • 11:38 AM The government has given a massive push to all forms of physical connectivity via: -PMGSY -Industrial corridors -Dedicated freight corridors -Bharatmala -Sagarmala -Jal Marg vikas -UDAN schemes
  • 11:37 AM Time has come to harness this ability commercially. New Space India Limited, a public sector enterprise, has been incorporated to tap the benefits of R&D carried out by Isro. The company will spearhead commercialization of various space products
  • 11:36 AM Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place : FM
  • 11:35 AM Govt will examine suggestion on opening FDI in aviation, media, animation. Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly
  • 11:34 AM NRI investment in Indian capital market is less. I propose to merge the NRI portfolio investment scheme route with FPI route : FM
  • 11:33 AM To deepen the market in corporate debt security govt will work with regulators RBI and Sebi to allow AA corpoarate bonds as collateral: FM
  • 11:32 AM Local sourcing norms will be relaxed for FDI. FDI inflows have remained robust despite global headwinds
  • 11:32 AM New KYC for foreign investors : FM
  • 11:32 AM 100% FDI will be permitted for insurance intermediary
  • 11:32 AM Social Stock Exchange under SEBI proposed
  • 11:31 AM Payment platform for MSMEs to be created
  • 11:30 AM FDI inflows remained strong in 2018-19 marking a 6% growth
  • 11:29 AM 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans
  • 11:29 AM Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly : FM
  • 11:28 AM It is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly
  • 11:28 AM Plans to reach 5 trillion USD economy -Heavy investment in infrastructure -Digital Economy -Job creation
  • 11:27 AM India with strident commitment to fiscal consolidation: FM
  • 11:27 AM  We propose a no. of measures to further deepen the bond market
  • 11:26 AM  PPP to be used to unleash faster development and delivery of passenger freight services : FM
  • 11:26 AM  Our last mile delivery stood out; programmes will be accelerated, red tape will be reduced: FM
  • 11:26 AM  Upfront incentive to be offered on purchase of EVs
  • 11:25 AM  Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme
  • 11:24 AM  Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself
  • 11:24 AM  Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity : FM
  • 11:23 AM  Government envisions using rivers for cargo transportation, which will also decongest roads and railways : FM
  • 11:23 AM  It is proposed that several reform measures will be taken up to promote rental housing
  • 11:22 AM  New tenancy law: A modern tenancy law will be finalized and given to the states
  • 11:22 AM  A lobbying opportunity opens up in eligiiblity for e-vehicle subsidy
  • 11:22 AM  FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra
  • 11:22 AM  Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030
  • 11:22 AM  FM speaks of "One Nation, One Grid" for power availability to states at affordable rates
  • 11:21 AM National Common Mobility 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
  • 11:21 AM  National transport card for universal travel which can used on various modes of transport (road, railways​​ etc)
  • 11:21 AM  Govt plans to create MRO (Manufacturing, Repair and Operate) industry.
  • 11:20 AM  The Udan scheme is providing air connectivity to the common man. All these programmes are also helping bridge rural and urban divide
  • 11:20 AM  Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure - Nirmala Sitharaman
  • 11:20 AM  Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity
  • 11:19 AM FM: Indian economy is now the sixth largest in the world. 5 years ago it was at the 11th position.
  • 11:19 AM  Govt has given a massive push to all forms of physical & other connectivity. Wish to propose many initiatives to kick-start growth
  • 11:19 AM  Connectivity is the lifeline of the economy. India Inc New india's job creators, wealth creators: FM
  • 11:18 AM  The common man was served even as major transformational reforms were brought about
  • 11:18 AM  Gone are the days of licence raj, says FM
  • 11:17 AM  Nirmala Sitharaman calls for reform, perform and transform
  • 11:17 AM  Between 2014 and 2019, we provided rejuvenated Centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for a New India, says FM
  • 11:16 AM  300 km of new metro routes approved, says FM
  • 11:14 AM  FM says have set the ball rolling for a new India. Time right for India to enter aircraft financing
  • 11:13 AM  Plans for 5 trillion dollar economy
  • 11:12 AM Budget 2019 speech: It took India 55 years to reach $1 trillion economy and after that in five years we added another $1 trillion
  • 11:09 AM Budget 2019 speech: Economy to reach $3 trillion this fiscal itself, says FM
  • 11:07 AM Food security spends doubled in 2018-19 over past 5 years: FM
  • 11:01 AM Finance Minister Nirmala Sitharaman's Budget 2019 speech begins