Budget 2019: Opposition shouldn't shed crocodile tears, says Arun Jaitley

Interim Budget 2019
Budget 2019 LIVE updates: Prime Minister Narendra Modi made a populist push in his final budget before elections, cutting taxes for middle-class voters and giving cash handouts to farmers.

The government will allocate  Rs 75,000 crore a year for the cash plan for about 120 million farmers and give taxpayer Rs 185 billion of relief in the year to March 2020, Finance Minister Piyush Goyal said in his budget speech on Friday.

These were among a slew of measures he announced, mainly to benefit the middle class, address the agrarian distress, and bolster industry. Other key measures announced by the FM were an annual benefit transfer of Rs 6,000 to each marginal farmer — with a landholding of less than 2 hectares. In another important announcement, the government announced a mega pension scheme, PM Shram Yogi Mandhan, for people in the unorganised sector. Under this scheme, the government to provide a pension of Rs 3,000 a month to people in the unorganised sector after they turn 60 years old.

Top 10 takeaways of Budget 2019

FY19 fiscal deficit target missed
fy19 fiscal deficit seen at 3.4%
CAD seen at 2.5% of GDP
Direct transfer scheme for small farmers
Govt to transfer Rs 6,000 per year to farmers' accounts
Income support scheme to cost Rs 75,000 crore per year
12 crore farmer families to benefit
Rs 20,000 crore for farmer support this year itself
Rs 60,000 crore allocated for MNREGA in FY20
Income tax exemption limit doubled to Rs 5 lakh


LIVE UPDATES

Arun jaitley In 2009 Interim Budget, Pranab Mukherjee not even in Interim Budget, but while replying to it announced stimulus package where he reduced excise duty 2% across the board. Same argument was available then. 
 
 

Arun jaitley: Both centre and states must cooperate

Arun Jaitley Both centre and states must cooperate. This is a huge amount that we are doing. We are now as against the one time loan waiver of Rs 52,000 crores . This is Rs 75,000 crores in the first year itself. I'm sure it will expand in future years.

What did the UPA do in their 10 years in power?asks Arun Jaitley

Union Minister Arun Jaitley: What did the UPA do in their 10 years in power? A one-time loan waiver of 70,000 crores. Only 52,000 crores were waived off & CAG report was that out of that Rs 52000 crore a significant part of money went to traders and businessmen & not to farmers.

Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation: Jaitley

Union Minister Arun Jaitley: Now look at what we've been doing. Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation, every willing home is having electricity, every man has switched over the cooking methods.

It's absurd to say that there are no jobs, said Arun Jaitley

“If 7.5% is real GDP growth and inflation is 3-4%, meaning that nominal growth is 11-12%, it would be absurdity to say that the there are no jobs”: Union Minister Arun Jaitley
India's middle class has been vastly strengthened over the past few years. Their ability to spend more is a boost for the economy: Jaitley
Former UP chief minister Akhilesh Yadav said, "The voodoo economics of this budget can never work because it targets votes rather than growth."
Punjab CM Captain Amarinder Singh: I want to know what have they 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.
Bihar CM Nitish Kumar: I welcome the decision to transfer Rs 6,000 directly to farmers' accounts every yr. It will strengthen economic conditions of rural areas. Also, I welcome decision of tax rebate for taxpayers with annual income up to Rs 5 lakh. It'll give relief to middle-class.

Jumlebazi cannot change the destiny of the country: BSP chief Mayawati

Bahujan Samaj Party (BSP) MP Mayawati dismissed the Interim Budget 2019 as 'jumlebazi' that did not address country's long-standing problems like unemployment and inflation. 
 
She claimed that the benefits of government schemes failed to reach the needy and only benefitted the capitalists. 

Budget proposals will never get implemented: Mamata Banerjee

Expressing confidence that BJP will fail to return to power in the upcoming polls, West Bengal Chief Minister Mamata Banerjee reportedly said "the Budget proposals will not be implemented".
 
She also mentioned that the Budget failed to provide extra funds for MGNREGA and that there has no increase in fund allocation for rural development programmes. She also said Swachh Bharat Mission received 25 per cent less allocation and the fund allotted for skill development scheme is less.
 
"This Budget is a farce and (election) manifesto of BJP to cheat people," Banerjee said.
How far does the budget go in addressing issues facing India's farm sector?

Watch this video to know more:


It would've benefitted farmers more if the quantum of assistance was equal or more than KALIA Scheme: Naveen Patnaik

Odisha CM Naveen Patnaik: I welcome tax benefits for middle and lower income groups. I welcome direct benefit transfer to both small and marginal farmers on lines of our KALIA Scheme. However, it would've benefitted farmers more if the quantum of assistance is equal or more than KALIA Scheme.

For the insurance industry, the schemes aimed at boosting farmers' income and reducing tax outgoes for the middle-class will encourage consumption, insurers said.

The insurance industry expects the budget proposals to increase disposable income through hike in tax rebates, pensions, health cover for the masses and digital connectivity, help the sector grow faster.
 
"The interim budget aims to uplift the poor, both in cities as well as in villages," ICICI Lombard General Insurance's Bhargav Dasgupta said.
 
For the insurance industry, the schemes aimed at boosting farmers' income and reducing tax outgoes for the middle-class will encourage consumption, while the plan to develop 1 lakh digital villages will boost digital infrastructure, he added. Read on...
On Monday, 4 February, Opposition leaders will go to the Election Commission over the issue of EVMs, says Congress President Rahul Gandhi.
Congress President Rahul Gandhi: On Monday at 5.30 pm, we(Opposition leaders) will go to the election commission over EVMs.
Piyush Goyal to ANI: It is a chain of work that has been done in the last 4 years. It is PM Modi's way of doing the work continuously to take development to every single person across fields. Work is not done in small parts, it is done on large scale successfully with honesty.
Piyush Goyal: An honest economy, a clean India, connected to digital world with financial inclusion and one which need not suffer lack of basic amenities...In 5 yrs, development reached all corners. PM worked for all sections of society. I'm confident people will identify his work.
Piyush Goyal to ANI on P Chidambaram remark 'It is not a vote on account but an account for votes': There was no election when we talked about Swachchata & built 9-10 cr toilets. Also, when we said we'll provide electricity to every house in all villages and we did it, there was no election...
Piyush Goyal to ANI on Mamata Banerjee's remark 'economic condition of the country is worse than times of emergency': I believe govt has succeeded on all levels. Inflation is down to 4.5% from 10%. If inflation had continued like times of Congress then your household budget would have been 35-40% higher.

GST was the first large scale change in the history of independent India, said Piyush Goyal

Piyush Goyal: GST was the first large scale change in the history of independent India. It's natural that if this is done there will be a few difficulties but I thank tax payers and those in business sector that they accepted this and are getting direct benefits today.
Law Ministry gets additional Rs 666.66 crore for conduct of Lok Sabha polls 
"Instead of being looked at as Rs 500 per month for farmers, it has been introduced as a supplement income...Sitting over here it's very difficult to imagine how important this Rs 6,000 is in the life of a small farmer": Piyush Goyal

Piyush Goyal: If the tax collection is so good, it shows that GST is a successful measure.

Piyush Goyal: GST has prepared the nation for rapid development. It is not a poor implementation, there is no country which dared to make such a large scale change.
Piyush Goyal: If the tax collection is so good, it shows that GST is a successful measure. It has prepared the nation for rapid development. It is not a poor implementation, there is no country which dared to make such a large scale change.

35 million people will be benefitted, says Goyal on new tax slab

"30-35 million people will be benefitted through the new tax slab. We'll get a final data when the final tax returns of the next year come. We have not disturbed the tax rates. We just made the change that those with an annual income less of than Rs 5 lakh will have to pay zero tax," says Piyush Goyal
Unfortunate that Opposition is linking Budget to polls, says Piyush Goyal
"Want to take irrigation through micro-irrigation route and through organic farming which takes much less water, this is going to be a priority for the government. In the next 10 years, will make sure everybody get benefit of good irrigation facilities," says Piyush Goyal
"Instead of being looked at as Rs 500 per month for farmers, it has been introduced as a supplemental income. They're our 'anndaata' & provide us food security...Sitting over here it's very difficult to imagine how important this Rs 6000 is in the life of a small farmer," says Piyush Goyal

Congress never bothered for the healthcare of farmers: Piyush Goyal

Piyush Goyal to ANI: "Why is it that they (Congress) never bothered for the healthcare of the farmers like we did? Why is it that they never bothered to ensure electricity to all as we did? Except making tall promises they did nothing"

Piyush Goyal gives an interview to ANI

Meanwhile, meeting of Opposition leaders is underway at the Constitution club. 


Principal Economic Advisor Sanjeev Sanyal: We have enormous space for reduction of interest rates.

Market at close: The S&P BSE Sensex ended at 36,469, up 213 points, or 0.59 per cent

The S&P BSE Sensex ended at 36,469, up 213 points, or 0.59 per cent, while the broader Nifty50 index settled at 10,894, up 63 points, or 0.58 per cent.
WB CM Mamata Banerjee: 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.

Karnataka CM Kumaraswamy: When I announced loan waiver scheme, PM mocked it as lollipop. In this budget, he has given cotton candy for farmers.

Karnataka CM: I want to ask if this budget was prepared by officials of finance department or RSS? In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget.

For farmers, there have been several schemes by different govts from time to time, but only 2-3 crore farmers were included under these schemes. But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land: PM Modi
PM Modi: It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this.

From reference to "josh" of Bollywood flick 'Uri', jeering by opposition members to chants of "Modi, Modi" from the BJP, there were varied reactions as FM Piyush Goyal gave his interim budget speech

From reference to "josh" of Bollywood flick 'Uri', jeering by opposition members to chants of "Modi, Modi" from the BJP, there were varied reactions in Lok Sabha as Finance Minister Piyush Goyal gave his interim budget speech.
 
Goyal announced various populist measures, including direct cash transfer to farmers and income tax exemptions, all of which were welcomed by thumping of desks by the ruling side.
 
Attired in a grey jacket and black kurta, Goyal also made it a point to explain some of the key announcements, including those related to income tax sops, in Hindi.
Traditionally, finance ministers stick to their written Budget speech.
 
Goyal paused for almost a minute as the ruling party members continued to cheer and chant "Modi, Modi" and thumped their desks after he announced doubling of income tax exemption limit to Rs 5 lakh from the next fiscal.
Prime Minister Narendra Modi: From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget.

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

Prime Minister Narendra Modi: This is an Interim Budget. Hence, it is just a trailer of the budget which, after elections, will take India on the path to development.
This Interim Budget will take India forward into the future
It is a never seen before development, including in the northeast region, which the government has delivered, along with fiscal prudence: FM

The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory: P Chidambaram

P Chidambaram, Congress on Budget 2019: 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.

Moody's says Budget credit negative as it has only give-aways

Terming the inability to meet fiscal deficit target for four consecutive years as a big "credit negative" for the sovereign, global rating agency Moody's Friday doubted if the country will meet even the 3.4 per cent fiscal gap target for FY20.
 
The agency said in the interim budget there is an absence of new policies to boost revenues but has many measures leading to higher expenditure which though will increase consumption will also increase the fiscal burden.

Centre allocates Rs 1,112 crore for Delhi in Interim Budget

The Centre allocated Rs 1,112 crore for Delhi in the Union Budget, while keeping its share in central taxes and duties unchanged.
 
The Delhi government was given Rs 472 crore as central assistance in the Interim Budget for 2019-20 presented by Finance Minister Piyush Goyal in Parliament.
In the previous Budget, the Centre had allotted a total of 790 crore. The central assistance to the city government was Rs 499.99 crore.
The government has initiated the world's largest behavioural change movement with the Swachh Bharat Mission. India has achieved 98% rural sanitation coverage and as many as 5.45 lakh villages have been declared ODF: Finance Minister
Budget 2019: The Centre put forth a proposal to launch a mega pension scheme, 'Pradhan Mantri ShramYogi Maandhan', for unorganised sector workers with a monthly income of up to Rs 15,000.

Piyush Goyal: Those sitting in AC rooms cannot understand the plight of the small farmers

Piyush Goyal: 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.
"The budget has met the expectations of farmers, labourers and middle class. By bearing a cost of Rs 75,000 crore, the government will implement the Pradhan Mantri Kisan Samman Nidhi scheme. This scheme will also benefit those farmers who do not take loans," BJP president Amit Shah said.

The government is concerned about the middle class, farmers and the poor: Piyush Goyal

The government is concerned about the middle class, farmers and the poor. The key takeaway of the Budget was the scheme for farmers and for the unorganised sectors: Piyush Goyal

PM Kisan scheme to cost Rs 75,000 crore

Small and marginal farmers owning less than 5 acres of land will receive the first instalment soon, finance minister Piyush Goyal said in his budget speech. According to Goyal, the scheme will run from 1 December 2018 and towards this the budget has allocated an additional Rs 20,000 crore in the revised estimates for 2018-19.
 
For 2019-20, the Prime Minister Kisan Samman Nidhi or PM-Kisan scheme received a budgetary allocation of Rs 75,000 crore.
 
Announcing the scheme, finance minister Goyal said the direct income support which farmers will receive in their bank accounts shortly will help them lead a life of dignity and respect.
Chief Minister Yogi Adityanath on Budget 2019: All sections of the society incl farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India'. 
My compliments to Piyush Goyal for delivering an excellent Budget. The Budget furthers the agenda of the government headed by Prime Minister Modi to comprehensively address the challenges of the economy: Jaitley

Interim Budget 2019: Cash dole for small farmers

Rs 6,000 to be transferred into accounts of small farmers who have less than 2 hectares land
 
Farmers to be provided Rs 6,000 per year in three installments, to be fully funded by the central government
 
This will benefit 12 crore farmers, at an estimated cost of Rs 75,000 crore
 
MSP hike by 1.5 times the production cost for all 22 crops
 
2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards
 
Farmers to get 5% subvention on timely loan repayment

Decoding tax bonanza in Interim Budget 2019: 'Acche Din' for the Common Man!

Individuals with income up to Rs 5 lakh will not have to pay any income tax
 
Individuals with income up to Rs 6.5 lakh will not need to pay any tax if they make investments in PFs, prescribed equities
 
Standard Deduction raised to Rs 50,000/yr from Rs 40,000/yr
 
No TDS on house rent up to Rs 2.4 lakh per year
 
No TDS on bank, post office interest up to Rs 40,000, up from Rs 10,000
 
Income Tax returns to be processed within 24 hours and returns will be paid immediately 
 
All assessment and verification of IT returns will be done electronically, without any intervention by officials
 
GoM to suggest ways to reduce GST for house buyers 
 
Direct tax collections increased from Rs 6.38 trillion in 2013-14 to almost Rs 12 trillion
 
Tax base up from Rs 3.79 crore to 6.85 crore
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 Rs 2 crore; can be exercised once in a lifetime: FM Piyush Goyal 
Around 3 crore middle class taxpayers will get tax exemption: Piyush Goyal
On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized: FM Piyush Goyal

Capex for railways increased to Rs 1.48 trn in Interim Budget 19

An allocation of Rs 1.59 trn for capital expenditure in railways, compared to the Rs 1.48 trn in Budget 2018-19

TDS limit hiked from Rs 10,000 to Rs 40,000 on post-office, bank savings

Finance Minister Piyush Goyal raises TDS limit on post-office and bank savings from Rs 10,000 to Rs 40,000 

Benefit for real estate

No TDS on house rent up to Rs 2.4 lakh per year, announced FM Piyush Goyal

Cheer for middle class: Standard deduction raised by Rs 10,000

Standard deduction for the salaried raised from Rs 40,000 to Rs 50,000 
Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation: Piyush Goyal
Individual tax payers with annual tax income up to Rs 5 lakh will get full tax rebate: Goyal
Your tax helps provide dignity to our sisters and mothers: Goyal

Today Job Seeker, has become Job Creator : FM Piyush Goyal

a. Under SkilI India more than 1 crore youth are being trained to earn livelyhood
b. Under Mudra Yojana 15.56 cr loans have been disbursed amounting to Rs 7 lakh 23 thousand
 
Today Job Seeker, has become Job Creator : FM Piyush Goyal

56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20

56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20: FM Piyush Goyal

State of India's infrastructure sector

Infrastructure Development
 
1. More than 100 operational airports
2. Domestic passenger traffic doubled in last 5 years
3. Today, India is the fastest highway developer in the world
 
We have gone beyond incremental growth,to attain trans-formative achievements, says Piyush Goyal

India to be $5-trn economy in 5 years: Goyal

India poised to be $5 trn economy in 5 years, $10 trn in 8 yrs: FM Piyush Goyal

FM Piyush Goyal on black money eliminiation

Piyush Goyal: Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about Rs 1.30 trillion to the fore; 3.38 lakh shell companies were deregistered.

Encouraging GST collections in January: Piyush Goyal

GST collections in January 2019 has crossed Rs 1 trillion: Piyush Goyal

GST now tuned to benefit the middle class: Goyal

Most items of daily use are now in the 0-5% slab making GST beneficial for the middle class.

Committed to eliminating black money, says Piyush Goyal

Our government is committed to eliminating black money from the country, says Piyush Goyal
GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket: Piyush Goyal
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: Piyush Goyal
Direct tax collections from Rs 6.38 trillion in 2013-14 to almost Rs 12 trillion; tax base up from 3.79 crore to 6.85 crore: Piyush Goyal 
Within almost two years, almost all assessment and verification of I-T returns will be done electronically by an anonymized tax system without any intervention by tax officials: Piyush Goyal

Achievements in the finance sector

340 million Jan Dhan Yojana accounts opened in last five years; Aadhaar almost universally implemented; ensuring poor and middle class receive government benefits directly: Piyush Goyal

Benefit for direct tax payers

Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: Piyush Goyal
Budget 2019: Urgent action needed to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented: Piyush Goyal

Ease of business for film industry

Single window clearance for shooting of films: Piyush Goyal

PM Shram Yogi Mandhan scheme beneficiaries

PM Shram Yogi Mandhan scheme for pension to people in the unorganised sector to benefit 100 million
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
Piyush Goyal's Budget 2019 speech:
 
1. India has achieved over 98% rural sanitation coverage
 
2. 5.45 lakh villages declared ODF 
 
3. Swachh Bharat now a national movement

India is the fastest highway developer in the whole world: Piyush Goyal

India is the fastest highway developer in the whole world. 27 km of highways are built each day, projects stuck for decades have been completed; Sagarmala will help faster handling of import and export cars, says FM Piyush Goyal
Gone beyond incremental growth in infra, to attain transformative achievements: FM Piyush Goyal

Rs 64,587 crore Rail outlay for FY20: FM Piyush Goyal

FM Piyush Goyal announces Rs 64,587-crore railway outlay for FY20

All unmanned crossings eliminated

Safest year in Railway history, all unmanned crossings on broad gauge eliminated: FM Piyush Goyal

OROP: We have implemented a scheme pending for 40 years, says Goyal

OROP, pending for last 40 years, has been implemented by us, says Goyal.

We've disbursed Rs 35,000 crore for our soldiers under OROP, says Goyal

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

Mega pension scheme for the unorganised sector: Piyush Goyal

a pension of Rs 3000 a month to people in the unorganised sector after the age of 60 years
9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon: Piyush Goyal

75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country: Piyush Goyal

75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country: Piyush Goyal

Farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: Piyush Goyal

Piyush Goyal: Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
 
 

Pradhan Mantri Kisan Samman Nidhi to be fully funded by govt

The Pradhan Mantri Kisan Samman Nidhi will be fully funded by the govt, announces Finance Minister Piyush Goyal
Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under Ministry of Social Justice & Empowerment for welfare of these hard-to-reach communities and for tailored strategic interventions : Piyush Goyal

Pradhan Mantri Kisan Samman Nidhi payments

Pradhan Mantri Kisan Samman Nidhi payments will be made in three equal instalments of Rs 2,000 each, says FM Piyush Goyal
50% of the GDP comes from sweat and toil of 42 crore workers in unorganized sector: FM Piyush Goyal 
 
 
 
 

Under Mega Pension Yojana, government assures to provide monthly pension of Rs 3,000 per month for workers in unorganized sector: Piyush Goyal

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

Pradhan Mantri Kisan Samman Nidhi effective from Dec 2018

Pradhan Mantri Kisan Samman Nidhi distribution to be with effect from December 2018

Pradhan Mantri Kisan Samman Nidhi to cost govt Rs 75,000 crore

Pradhan Mantri Kisan Samman Nidhi allowance to cost the govt Rs 75,000 crore oin total
Have increased allocation for Rashtriya Gokul Mission scheme to Rs 750 crore for protection of cows, says Piyush Goyal.

Gratuity limit increased from Rs 10 lakh to 30 lakh: Piyush Goyal

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

Piyush Goyal announces bonanza for marginal farmers

Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year will be transferred to each farmer, in three instalments. This transfer will be directly done to farmers' bank accounts. The benefit will be for farmers with less than 2 hectares of landholding
 

High growth and formalization of economy has resulted in increased EPFO membership: Piyush Goyal

High growth and formalization of economy has resulted in increased EPFO membership by 2 crore in last two years, says Finance Minister Piyush Goyal 
Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured: Piyush Goyal

Govt has decided to increase MSP by 1.5 times the production cost for all 22 crops: Goyal

For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops: FM Piyush Goyal

The 4R approach and a number of measures have been implemented to ensure clean banking: Goyal

The 4R approach and a number of measures have been implemented to ensure clean banking: FM Piyush Goyal
 
1.Recognition
2.Resolution
3.Recapitalization
4.Reforms
Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year for each farmer,  in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.
To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved: FM Piyush Goyal 

MNREGA allocation will be increased, says Piyush Goyal

Rs 60,000 crore for MNGREGA, says PiyushGoyal.

We have doubled farmers' income, says Piyush Goyal

Finance Minister 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

Rs 1.7 trn spent to bring food at affordable rates to poor: FM Piyush Goyal

Rs 1.7 trillion spent for bringing food at affordable rates to the poor, says Finance Minister Piyush Goyal

Rs 3 trn recovered from defaulters

Almost Rs 3 trillion has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government, says Piyush Goyal.
Piyush Goyal: As a tribute to Mahatma Gandhi, world's largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF.
Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education: FM Piyush Goyal
The total Gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year: Piyush Goyal

Banks recapitalisation to the tune of Rs 2.6 trillion has been done: FM

Finance Minister Piyush Goyal says banks recapitalisation amounting to Rs 2.6 lakh crore has been done so far

Open defecation eradicated

Finance Minister Piyush Goyal says the country has been made almost open defecation-free

We stopped activities that affected clean banking: Piyush Goyal

"We stopped activities that affected clean banking. We stopped malicious practices in loans being taken. Period of 2008 to 2014 was a period of aggressive credit growth," says Finance Minister Piyush Goyal.

Reduced family expenditure by 40-45 per cent: Goyal

"Fiscal deficit has been brought down to the three per cent level from a high of 6 per cent. We have reduced a family's expenditure by 40-45 per cent. 2018-19 revised fiscal deficit target at 3.4%. Due to a stable regulatory regime we have attracted foreign investments. This has also been an era of liberalisation, where we majorly relaxed FDI norms," says FM Piyush Goyal.

Fiscal deficit brought down to 3.4% of GDP in RE for 2018-19: Goyal

Finance Minister Piyush Goyal in Budget speech: Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% in the revised estimates for 2018-19.

$239 bn received in FDI during past five years: FM Piyush Goyal

Inddia has received $239 bn in foreign direct investments during the past five years, says FM Piyush Goyal

Inflation a hidden, unfair tax: Goyal

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

CAD likely to be only 2.5% of GDP this year: FM Piyush Goyal

Current account deficit is likely to be contained at 2.5% of GDP this financial year, says Finance Minister Piyush Goyal.

We (Modi-led govt) broke the spine of back-breaking inflation: FM Piyush Goyal

Under the leadership of PM Narendra Modi, our government has broken the back of back-breaking inflation, says FM Piyush Goyal.

Economy solidly back on track: Goyal

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

Food price responsible for high inflation: Goyal

We've not been as successful in controlling inflation because of high food prices, says Piyush Goyal

Reversed policy paralysis, India back on track: FM Piyush Goyal

Moving towards a New India by 2022, when everyone will have a house, and farm incomes will double: FM Piyush Goyal
We've built a country where we can be free from communalism, casteism, terrorism, says Piyush Goyal.
India is solidly back on track under Modi govt, says Piyush Goyal

I'm sure the House joins me in wishing Mr Jaitley good health and a long life: Piyush Goyal

I'm sure the House joins me in wishing Mr Jaitley good health and a long life: Piyush Goyal

Interim Budget 2019: Govt may increase farm credit target to Rs 12 trillion

The farm credit target is likely to be raised by about 10 per cent to a record Rs 12 trillion in the 2019-20 Budget to be presented on February 1, according to sources.
 
For the current fiscal, the government has set a credit target of Rs 11 trillion.
 
"The government has been increasing the credit target for the farm sector every year. This time too, the target is likely to be increased by around 10 per cent or Rs 1 trillion to Rs 12 trillion for the 2019-20 fiscal," the sources said. Read on...
Manish Tewari, Congress: Since morning, government 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.

TDP MPs dress in black to protest against the central government ahead of the presentation of the Interim Budget 2019

Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the Interim Budget 2019. They are protesting in Parliament premises demanding special category status for Andhra Pradesh.

Interim Budget 2019 to be decided by economic realities, says Arun Jaitley

Jaitley said that the interim Budget, to be presented on February 1, will be within the existing conventions. Its contents, however, will be dictated by economic compulsions and realities of the day, he added.
 
Amid concerns over his health, Jaitley was speaking live from New York and addressing an event in Mumbai organised by CNBC TV-18. Ahead of the next meeting of Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC), Jaitley also said that real interest rates in India cannot be higher than most major economies.

Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament.

Union Minister of Agriculture and Farmers' Welfare Minister Radha Mohan Singh: 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.

Sensex up by 151.44 points, currently at 36,408.13 ahead of Budget 2019 presentation.

Sensex up by 151.44 points, currently at 36,408.13 ahead of Budget 2019 presentation.
Finance Minister Piyush Goyal heads for Parliament to Present the Interim Budget 2019. BS photo by Dalip Kumar
Finance Minister Piyush Goyal leaves from North Block to Parliament to Present the Interim Budget 2019 in New Delhi. BS photo by Dalip Kumar
Business Standard compares, on six key parameters, the five Budgets presented during the tenure of Modi govt.

Investment in Railways will certainly be increased: Manoj Sinha, Minister of State for Railways

Budget 2019: Manoj Sinha, Minister of State for Railways said, "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.

Business Standard compares, on six key parameters, the six Budgets presented during the tenure of Modi govt

As Finance Minister Piyush Goyal presents the central government’s Interim Budget ahead of the Lok Sabha elections 2019, Business Standard compares, on six key parameters, the six Budgets presented during the tenue of the Narendra Modi-led National Democratic Alliance government.
Prime Minister Narendra Modi’s finance ministry earlier hinted that the government would not hesitate to announce a few major reforms in its interim budget. However, it would significantly derail its claim of being fiscally prudent, according to several sectoral experts.

Has Modi govt delivered on its promise of urban development? Here's a fact check

Promises of smart cities and managing growth to provide jobs and housing for the coming urban population jump from 377 million in 2011 to 600 million in 2031–with 20% of this growth expected to come from rural distress and migration–are, currently, displaying little progress.

We will do whatever we can for the people and present a good Budget, says Shiv Pratap Shukla

Shiv Pratap Shukla, MoS (Finance): Modi government is a popular govt, 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.
Finance Minister Piyush Goyal has arrived at the Parliament. He will present the Budget in 2.5 hours.
The printed copies of Budget 2019-20 being security checked in Parliament premises.

Interim Budgets or vote-on-account are presented ahead of general elections.

What is an Interim Budget?
 
Interim Budgets or vote-on-account are presented ahead of general elections. The government of the day seeks Parliament's approval to meet its expenditure for the first four months of the next financial year (April to July). An Interim Budget is followed up with a full Budget in July by the government that takes office after the elections.
Sensex opens at 36311.74; Nifty opens at 10851.35

A recap of Budget 2018: The transport sector received an “all-time high allocation” of Rs 1.35 trillion.

“Infrastructure is the growth driver of economy,” Jaitley had said in his Budget speech last year. “Our country needs massive investments estimated to be in excess of Rs 50 lakh crore in infrastructure to increase growth of GDP, connect and integrate the nation with a network of roads, airports, railways, ports and inland waterways and to provide good quality services to our people.”
 
The transport sector received an “all-time high allocation” of Rs 1.35 trillion (Rs 1.35 lakh crore) in last year's budget.
 
The government had maintained its allocation to the Pradhan Mantri Gram Sadak Yojana – Prime Minister’s Rural Roads Programme — at Rs 19,000 crore, the same as in 2016-17.

A recap of Budget 2018: An outlay of Rs 2.95 trillion was set aside for defence.

Out of the total allocation, the capital outlay for the three defence services for purchase of new weapons, aircraft, warships and other military hardware had been pegged at Rs 99,947 crore.
 
The outlay for defence budget amounted to 12.10 per cent of the total budget of Rs 24.42 trillion (Rs 24,42,213 crore) for 2018-19.

A recap of Budget 2018: Jaitley extended the reduced corporation tax rate for companies with a turnover of up to Rs 250 crore

Jaitley extended the reduced corporation tax rate for companies with a turnover of up to Rs 250 crore in his speech for Budget 2018-19 in the Lok Sabha. The then FM had claimed 99 per cent of the companies filing their tax returns belonged to the Rs 250-crore turnover bracket.
 
To boost domestic manufacturing, Jaitley had announced a customs duty hike on mobiles to 20 per cent from 15 per cent. Duty on TVs was hiked to 15 per cent.
 
The government had reduced the corporation tax to 25 per cent from 30 per cent in the Union Budget of 2017-18 for companies with a turnover of Rs 50 crore in the financial year 2015-16.

A recap of Budget 2018: Jaitley announced a lower rate of contribution of 8 per cent towards schemes under the EPFO for women workers.

In a bid to boost women’s participation in formal sector jobs, Jaitley announced in Union Budget 2018 a lower rate of contribution of 8 per cent towards schemes under the Employees’ Provident Fund Organisation (EPFO) for women workers.
 
So, at present, employers pay 8 per cent as the employee’s share and 9.49% as employer’s share from the former's monthly salary towards various schemes under the EPFO. Formal sector workers are entitled to insurance, pension, and provident fund benefits from the EPFO which cover all establishments hiring at least 20 workers. For male workers, employers contribute 12 per cent from their pockets.

A recap of Budget 2018: Jaitley announced the levy of a LTCG of 10% on gains exceeding Rs 100,000 from sale of equity shares

Arun Jaitley said LTCG from sale of equity shares and equity mutual fund schemes will now be taxed at 10%, if your total capital gains in a year cross Rs 1 lakh. Below Rs 1 lakh, gains won’t be taxed. Prior to that, there was no LTCG tax if you sell your shares or equity mutual fund units after holding them for a year.

Interim Budget 2019: A recap of Modi government's last full Budget, presented by then Finance Minister Arun Jaitley in 2018

Taxes
 
Middle-class hopes from a "poll-bound" Budget 2018 had been dashed with no change in the personal income tax structure. Jaitley announced a standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.

Interesting facts: In 2017, finance minister Arun Jaitley changed the date of budget presentation to February 1

In 2017, finance minister Arun Jaitley changed the date of budget presentation to February 1 to allow enough time for the budget changes to be implemented by the start of the next financial year, that is April 1.

Interesting facts: Yashwant Sinha changed the tradition of announcing the budget at 5 pm

Finance Minister Yashwant Sinha changed the tradition of announcing the budget at 5 pm on the last working day of February to 11 am in 1999.

Interesting facts: In 1997-98, when I K Gujral's govt was on its way out, the Budget was passed without debate.

The 1998-99 budget was passed without any debate as there was a constitutional crisis where the then IK Gujral government was on its way to be dissolved. A special session of the parliament was called to pass the budget.

Interesting facts: A customary halwa ceremony is performed 10-12 days ahead of the Budget every year

In line with the Indian tradition to start an important event with something sweet, ten days before the budget is presented, wherein the Ministry is sealed to perform the printing work in full secrecy, a halwa ceremony is performed. The entire finance ministry including those involved with the printing process is served with halwa.

Interesting facts: Morarji Desai holds the record of presenting the most Budgets

Morarji Desai holds the record of presenting the most number of financial budgets at 10, followed by P Chidambaram who presented it 9 times and former president Pranab Mukherjee who presented the budget 8 times.

Interesting facts: R K Shanmukham Chetty presented India's first Budget on November 26, 1947

R K Shanmukham Chetty presented India's first Budget on November 26, 1947.

Interesting facts: Indira Gandhi is the only woman to have published Union Budget in India.

Indira Gandhi is the only woman to have published Union Budget in India.

Budget terminology: Revenue Receipt

It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government.

Budget terminology: Primary Deficit

It is the difference between fiscal deficit and interest payments.

Budget terminology: Fiscal Deficit

It is the difference between the revenue receipts plus certain non-debt capital receipts and the total expenditure including loans (net of repayments). This indicates the total borrowing requirements of the government from all sources.

Budget terminology: Demands For Grants

It is a statement of estimates of expenditure from the Consolidated Fund and is required to be voted by the Lok Sabha. Generally, one Demand for Grant is presented in respect of each ministry or department.

Budget terminology: Non-Plan Expenditure

It includes both revenue and capital expenditure on interest payments, the entire defence expenditure (both revenue and capital expenditure), subsidies, postal deficit, police, pensions, economic services, loans to public enterprises and loans as well as grants to state governments, union territory governments and foreign governments.

Budget terminology: Non-Plan Expenditure

It includes both revenue and capital expenditure on interest payments, the entire defence expenditure (both revenue and capital expenditure), subsidies, postal deficit, police, pensions, economic services, loans to public enterprises and loans as well as grants to state governments, union territory governments and foreign governments.

Budget terminology: Plan Expenditure

It includes both revenue and capital expenditure of the government on the Central Plan, Central assistance to state and union territory plans. It forms a sizeable proportion of the total expenditure of the Central government.

Budget terminology: Primary Deficit

It is the difference between fiscal deficit and interest payments.

Budget terminology: Public Account

It is an account in which money received through transactions not relating to the Consolidated Fund is kept. Besides the normal receipts and expenditure of the government relating to the Consolidated Fund, certain other transactions enter government accounts in respect of which the government acts more as a banker, for example, transactions relating to provident funds, small savings collections, other deposits etc.

Budget terminology: Revenue Budget

It consists of the revenue receipts of the government (which is tax revenues plus other revenues) and the expenditure met from these revenues. It has two components: Revenue Receipt and Revenue Expenditure.

Budget terminology: Revenue Receipt

Before the Budget session begins in the Parliament, let us look into some jargons that will help you understand Interim Budget 2019:

Revenue Receipt: It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government.
Before the Budget session begins in Parliament, let us look at some jargons that will help you understand Interim Budget 2019:

Revenue Receipt: It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government.
Finance Minister Piyush Goyal will present Interim Budget 2019 at 11 am today.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel