Budget session LIVE updates: Congress protests against Anurag Thakur in LS

Budget 2020 LIVE updates and Budget highlights: Shares and bond yields fell on Monday as Finance Minister Nirmala Sitharaman's Budget 2020-2021 failed to cheer investors, who expected stimulus measures to revive growth in Asia's third-biggest economy. Today, the Parliament will meet to discuss it in the ongoing Budget session.

Sitharaman's Budget on Saturday raised spending on farms and expressways and offered cuts in personal taxes, but the measures failed to address concerns of lower consumer spending and investment.

Opposition parties including Congress, Trinamool Congress, the Left and Aam Aadmi Party criticized the budget as lacklustre, saying it did not do enough to address the pressing problems faced by the economy.

Budget 2020 comes at a time when India is staring at an estimated 5 per cent annual rate of expansion, the slowest pace since 2009.

Stay tuned for Budget 2020 live updates and Budget highlights.

LIVE UPDATES

Dear FM, don't be scared of my questions, youth want jobs: Rahul Gandhi

Rahul Gandhi said Union Finance Minister Nirmala Sitharaman should not be afraid of answering questions raised by him on behalf of the youth, to whom the government is answerable.
 
"Finance Minister, don't be scared of my questions. I am asking these questions on behalf of the youth of the country, to answer whom is your responsibility," Gandhi said in a tweet in Hindi.
 
"The youth of the country want employment and your government has failed miserably to provide them the same," he said.
 
The Congress leader used the hashtag "JawaabDoMantriJi" to put across his point.

Opposition stages walkout in Lok Sabha as BJP MP from Delhi Parvesh Verma speaks

Opposition stages walkout in Lok Sabha as BJP MP from Delhi Parvesh Verma speaks during a discussion on motion of thanks on the President's address.

TMC moves 6 amendments to president's speech; question silence on J&K, CAA, economic slowdown

The TMC has moved amendments to the president's address delivered on Friday at the beginning of the budget session, raising questions on his "silence" on issues relating to CAA protests, economic slowdown and Kashmir clampdown.
 
The move has opened the doors of discussion on the Citizenship (Amendment) Act (CAA) in Parliament, which has witnessed nationwide protests. President Ram Nath Kovind on Friday hailed the CAA as "historic" in his address to the joint sitting of both houses of Parliament, prompting protests by some opposition members.
 
Trinamool Congress MP Derek O' Brien and Rajya Sabha chief whip Sukhendu Sekhar Ray have moved amendments on behalf of the party in Rajya Sabha pertaining to the "silence" of the president on the ongoing protest against the CAA and demanding that the speech include the proposed nationwide National Register of Citizens (NRC), and the National Population Register (NPR).

NPAs of PSBs stands at Rs 7.27 trillion: Anurag Thakur in Lok Sabha

The government on Monday said the Non Performing Assets (NPAs) of Public Sector Banks (PSBs) stood at Rs 7.27 trillion as on September 30, 2019.
 
Union Minister of State for Finance Anurag Thakur also said in Lok Sabha that scheduled commercial banks and select financial institutions have reported frauds to the tune of Rs 1.13374 trillion in the first half of the current financial year.
 
Thakur said during Question Hour that as a result of transparent recognition of stressed assets as NPAs, gross NPAs of PSBs, as per RBI data on global operations, rose from Rs 2.79016 trillion as on March 31, 2015, to Rs 6.84732 trillion as on March 31, 2017 and Rs 8,95,601 crore as on March 31, 2018.
 
"As a result of Government's strategy of recognition, resolution, recapitalisation and reforms, have since declined by Rs 1.68305 trillion to Rs 7.27296 trillion as on September 30, 2019," he said.

Congress members protest against Union minister Anurag Thakur in Lok Sabha

The Congress on Monday raised slogans against Union minister Anurag Thakur in Lok Sabha over his controversial remarks during a recent election rally in the national capital.
 
While Opposition members, mainly from the Congress, were protesting against the amended citizenship law, they raised their pitch whenever Thakur started replying to questions.
 
Thakur, who is the Minister of State for Finance and Corporate Affairs, had made some controversial remarks during a recent poll rally in the national capital.
 
Belligerent Congress members, who were in the Well, shouted slogans against the minister and asked 'Aapka goli kaha hai? (where is your bullet?)', an apparent reference to the minister's controversial remarks. Some members also shouted 'Goli maarna band karo (Stop shooting)'.
 
Whenever Thakur was responding to supplementaries during the Question Hour, the members began sloganeering against him.
 
During the election rally, Thakur had egged on the crowd to raise an incendiary slogan, "shoot the traitors", after he lashed out at anti-CAA (Citizenship Amendment Act) protestors.

Common people of India are protesting to save the Constitution, but they are being fired at: Congress

Adhir Ranjan Chowdhury, Congress in Lok Sabha: Common people of India are protesting to save the Constitution, they are protesting while holding the constitution & singing the national anthem but they are being fired at. People of India are being killed mercilessly.

Opposition MPs in Lok Sabha raise slogans of "Save the Constitution"

Opposition MPs in Lok Sabha raise slogans of "Save the Constitution. Save our India. No to CAA" as Question Hour is underway

Opposition MPs raise 'Goli maarna band karo' slogans as MoS Finance Anurag Thakur speaks in Lok Sabha.


Uproar in Lok Sabha as few opposition MPs shout "goli maarna bandh karo; desh ko todna bandh karo".

Budget session LIVE: Congress MPs give Adjournment Motion Notice in Lok Sabha to reconsider CAA

Congress MPs Adhir Ranjan Chowdhury, Kodikunnil Suresh and Gaurav Gogoi have given Adjournment Motion Notice in Lok Sabha to "reconsider Citizenship Amendment Act after unrest in the country & to stop the process of National Register of Citizens & National Population Register".

Budget session: Congress leaders give suspension of business notice in Rajya Sabha over "prevailing situation in the country due to CAA, NRC, NPR

Congress leaders Ghulam Nabi Azad and Anand Sharma have given the suspension of business notice under rule 267 in Rajya Sabha over "prevailing situation in the country due to proposed NPR-NRC following the Citizenship Amendment Act".

Budget 2020: What it means for the social sector, explains Ashok Varma

The finance minister has attempted to maintain a delicate balance between remaining investment-friendly and yet driving consumption, within the overall constraints of maintaining the fiscal deficit target. This has led to unchanged or marginal increases in allocations to most schemes focusing on the social sector. Read on...

There's no roadmap for economic recovery in Budget: Anand Sharma

Congress leader Anand Sharma on Sunday hit out at the BJP government over the economy saying that there was no roadmap for economic recovery and job creation in the Union Budget that was presented by Finance Minister Nirmala Sitharaman in Parliament.
 
"BJP has nothing else to offer, they have miserably failed. After the national elections in the last eight months, the country's economy has taken a severe downturn and we are looking at a deepening economic crisis. In the national budget, there was no roadmap for the economic recovery and job creation," Sharma said.

Sensex, Nifty and bond yields fall as Budget disappoints

Shares and bond yields fell on Monday as the country's budget failed to cheer investors, who expected stimulus measures to revive growth in Asia's third-biggest economy.
 
The broader NSE Nifty 50 index fell 0.12% to 11,651.95 by 0347 GMT, while the benchmark S&P BSE Sensex declined 0.26% to 39,645.91.
 
Finance Minister Nirmala Sitharaman's union budget on Saturday raised spending on farms and expressways and offered cuts in personal taxes, but the measures failed to address concerns of lower consumer spending and investment.
 
Shares fell during a special trading session on that day to their lowest closing level in more than three months.

Pvt trains, solar power-driven network, transport of perishables form Budget blueprint for railways

Private trains, better connectivity to tourist sites, solar power to fuel the rail network and transportation of perishables -- Finance Minister Nirmala Sitharaman has proposed a blueprint for the railways in the Union Budget 2020-21 to be implemented with a budgetary support of Rs 70,000 crore.
 
In 2019-2020, the budgetary support was revised to Rs 69,967 crore.

Realtors disappointed with Budget, say no major announcements to address industry concerns

The real estate industry on Saturday expressed disappointment over the Budget, saying it failed to address huge liquidity concerns in the sector and did not provide any major incentives to boost sluggish housing sales.
 
"The direction of the budget is progressive, however, there are no sector-specific measures for the realty sector," CREDAI National Chairman Jaxay Shah said.

Union Budget to generate employment, tackle recession: Sushil Modi

Bihar Deputy Chief Minister Sushil Kumar Modi on Saturday said the Union Budget 2020-21 will not only help in generating employment opportunities and income but will also be able to tackle recession in a better way.
 
After incorporating the 15th Finance Commission's recommendations in this year's budget, Bihar's share in central taxes has increased by 0.396 per cent from 9.665 per cent in 2019-20 to 10.061 per cent in 2020-21, said Modi, who also holds finance and commercial taxes portfolios in Bihar's NDA government.

Push on infra, logistics to help in demand revival: Industry

Finance Minister Nirmala Sitharaman's major announcements on infrastructure as well as logistics sector will create rural demand and boost employment opportunities, Cement Manufacturers Association (CMA) said on Saturday.
 
Priorities given to household, roads, railways, economic corridors, solar power, accelerated development of highways should help boost development and wealth creation besides reviving cement demand, CMA said in a release.

Govt pegs net market borrowing at Rs 5.36 trn for FY21

The government will borrow Rs 5.36 trillion from the market in 2020-21, marginally higher than the Rs 4.99 trillion estimated for the current financial year ending March 2020.
 
According to the Revised Estimate, the net borrowing for the current financial year was raised to Rs 4.99 lakh crore as against the Budget Estimate of Rs 4.48 trillion.

BJP-ruled states praise 'pro-people' Budget

BJP-ruled states hailed the Union Budget as focussed on boosting development, creating jobs and taking every section of the society along, but those governed by the opposition parties expressed disappointment saying it lacked vision to revive the economy.
 
Uttar Pradesh Chief Minister Yogi Adityanath, Haryana CM Manohar Lal Khattar and their counterparts from Karnataka and Goa — B S Yediyurappa and Pramod Sawant — said the budget will help generate jobs, boost rural economy and create infrastructure for growth.

Corporate Affairs Ministry gets higher budgetary allocation of Rs 728 cr

The Corporate Affairs Ministry will be getting 24 per cent higher allocation at Rs 727.62 crore in the next fiscal, according to the Union Budget 2020-21.
 
The ministry was allocated Rs 586.34 crore for 2019-20 and the amount was later revised downwards to Rs 576 crore.

FM proposes solar power plants along rail tracks: Rlys says 51,000 hectares of unused land available

The railways on Saturday said about 51,000 hectares of its unused land was available for installing solar plants with a potential to generate 10 GW of clean energy, hours after Finance Minister Nirmala Sitharaman announced a proposal to set up such land-based plants alongside rail tracks in her budget speech.
 

Startups hail Budget for relaxing ESOPs norm

Startups on Saturday welcomed the Budget proposal of relaxing ESOPs taxation, but said linking it to Section 80-IAC will limit its impact to a small section of startups.
 
"The relaxation for ESOP taxation was welcome but linking it to Sec 80-IAC makes it meaningless as it impacts only a 100 odd startups. We had requested for this to apply to all DPIIT (Department for Promotion of Industry and Internal Trade) registered startups. I do hope they correct that urgently," Indian Angel Network Chairman Saurabh Srivastava said in a statement.

CTT on commodity indices and options in goods proposed

A commodity transaction tax (CTT) will be imposed on trading on commodity indices as well as options in goods with effect from April 1, 2020, according to Budget documents.
 
Recently, the NCDEX and the MCX launched commodity indices but trading has not yet been allowed by markets regulator Sebi. On January 16, Sebi had allowed stock exchanges to launch options in goods in the commodity derivative segment.

NBFC players say Budget offers some hope, finally

The non-banking finance sector, which has been down in the dumps since September 2018, has heaved a sigh of relief with the Union Budget offering a slew of measures to boost their liquidity and asset recovery.
 
The shadow banking sector, which also includes housing finance companies, has been struggling ever since the bankruptcy of IL&FS in September 2018 which created a crisis of confidence for the system and the resultant snapping of credit flow to them.
 

Textile industry expects Budget 2020 to spur exports

The textile industry on Saturday said the Budget proposal to offer a scheme for remission of duties and taxes on exports will improve their competitiveness in global markets.
 
"The budget proposal to launch a scheme for remission of duties and taxes on exported goods to refund the duties and taxes levied at the Central, state and local levels, like electricity duties and VAT on fuel used for transportation that are currently not getting exempted or refunded," Texprocil chairman KV Srinivasan said.
 

Budget 2020: Rs 2,487 cr allocated for RRTS projects

In a boost to connectivity in the National Capital Region (NCR), the Union government on Saturday allocated Rs 2,487 crore to RRTS projects for the next fiscal, nearly three-fold increase over the 2019-20 financial year.
 
In 2019-20, the Centre had allocated Rs 824 crore for the country's first Regional Rapid Transit System (RRTS).
 

Gas grid to be expanded to 27,000 km, pricing reforms in offing

Finance Minister Nirmala Sitharaman on Saturday laid down plans for expansion of national natural gas pipeline network to 27,000 km from the present 16,200 km and pricing reforms as the government looks at boosting use of environment friendly fuel.
 
The government has set a target of raising the share of natural gas in primary energy basket to 15 per cent by 2030 from current 6.2 per cent. Connecting gas sources to consumption hubs is a key to achieving this.
 

Union Budget: MoHUA allocated Rs 50,000 crore

The Ministry of Housing and Urban Affairs was on Saturday allocated around Rs 50,000 crore for the next fiscal, a hike of nearly 18 per cent from the current financial year.
 
The Swachh Bharat Mission-Urban, a flagship programme of the Modi government, has been given Rs 2,300 crore as against Rs 1,300 crore in the revised 2019-20 Union Budget, where the ministry was allocated a total of Rs 42,266.72 crore.
 

Welcome Budget, but more could have done to tackle 'rural distress': JD(U)

BJP ally Janata Dal (U) on Saturday welcomed the Union Budget for its measures on "economic and social fronts" but added that more could have been done to tackle the "rural distress".
 
"Comprehensive measures for 100 water-stressed districts, plans to expand solar pump scheme to help 20 lakh farmers are great initiatives but more could have been done to tackle the ongoing farmers' and rural distress.

Govt to provide uniform tax treatment for unlisted InvITs, REITs

The government has proposed changes in the Income Tax law to ensure uniform treatment for unlisted Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).
 
The proposal is part of the Finance Bill tabled in the Parliament on Saturday.
 

Goa CM hails Budget, Cong says FM silent on unemployment

Goa Chief Minister Pramod Sawant on Saturday welcomed the Union Budget 2020-21, terming it as "common man-centric", while the opposition Congress slammed it saying that Finance Minister Nirmala Sitharaman was completely silent on unemployment.
 
The Shiv Sena also criticised the budget saying it does not have anything specific for Goa.

Opposition dubs Budget 2020 insipid, slams govt for 'all talk'

Modi praised the Union budget for its "vision and action" and was joined by top BJP leaders in hailing it, but the Opposition slammed Finance Minister Nirmala Sitharaman's announcements as "insipid", saying they show that the government is "all talk".
 
Sitharaman's second budget left opposition parties unimpressed with Congress leader Rahul Gandhi saying that it offered no strategic idea or anything concrete, and left the issue of unemployment unaddressed.
 
Former finance minister and senior Congress leader P Chidambaram accused the government of being in "complete denial" about the economy facing a "grave macro economic challenge" and said it has given up on reviving the economy, accelerating growth or creating jobs.
 
However, the ruling NDA's leaders were euphoric in their praise for the budget.

Budget 2020: Election Commission gets Rs 269 crore

The Election Commission was allocated Rs 269 crore in the Union Budget under the 'Election' head as compared to Rs 255.46 crore last year when the Lok Sabha elections were held.
 
A senior Law Ministry officer and a former Election Commission functionary explained that the amount allocated to the poll panel would also be used for "book adjustments" for expenditures incurred in holding of LS polls and other elections.
 
In the previous budget, the Law Ministry was allocated an additional sum of over Rs 666 crore for conducting the Lok Sabha elections which were held in the summer of 2019.

Private trains, solar power-driven network form budget blueprint for railways

Private trains, better connectivity to tourist sites, solar power to fuel the rail network and transportation of perishables -- Finance Minister Nirmala Sitharaman has proposed a blueprint for the railways in the Union Budget 2020-21 to be implemented with a budgetary support of Rs 70,000 crore.
 
In 2019-2020, the budgetary support was revised to Rs 69,967 crore.

Union Budget is people's Budget: Anurag Thakur

Minister of State for Finance and Corporate Affairs, Anurag Thakur said here on Saturday that Union Budget 2020-21 is people's Budget.
 
"This budget is for new India, young India. This budget is people's budget in the true sense," said Thakur.
 
"The focus is on rural India, agriculture and on doubling the farmer's income," he said.

Govt not expecting substantial gain from AGR dues in 2020-21

It may have sought almost Rs 4 trillion from telecom and non-telecom companies in past dues but the government is not expecting any substantial windfall in the coming year.
 
Finance Minister Nirmala Sitharaman, who provisioned Rs 1.3 trillion in receipts from telecom licence fee and spectrum usage charge for the next financial year, said the government is looking to address dispute over what revenues should be taken for calculating dues in a more comprehensive manner.
 
In her post-Budget press conference, she said the issue is a complex one and the industry players are in dialogue with the government to resolve it.
 
"I don't think I am looking at it purely from what the government will collect. This particular development in the telecom sector is something which all of us has watched, going through the proceedings of the court... it would not be right for me to just comment and say we are looking at this number or that," Sitharaman said.

Medical colleges to be set up in district hospitals under PPP mode

The government proposed setting up of medical colleges in existing district hospitals under the Public Private Partnership (PPP) mode to address the shortage of qualified doctors.
 
Sitharaman said, "There is a shortage of qualified medical doctors, both general practitioners as well as specialists.
 
"In order to meet this requirement, it is proposed to attach a medical college to an existing district hospital in PPP mode. Those states that fully allow the facilities of the hospital to the medical college and wish to provide land at a concession, would be able to receive Viability Gap Funding. Details of the scheme would be worked out," she said.

Union budget will contribute towards doubling farmers' income: Amit Shah

Union Home Minister Amit Shah on Saturday said that the general budget will contribute significantly towards fulfilling the government's resolve to double the income of farmers.
 
"This general budget will contribute significantly in fulfilling the Modi government's resolve to double the income of the farmers by making available, better irrigation and grain storage facilities, as well as a fair price for their produce," Shah tweeted from his official handle.
 
He also outlined different schemes of the central government for the welfare of farmers and said, "Through Kisan Rail and Kisan Udaan Yojana, our Kisan brothers will join the national and international market and their products will be able to be sold at a better price at the right time. This scheme will especially benefit fruit and vegetable growers, especially tribals and farmers from the northeast".

CPI(M) terms Union Budget disappointing for people of Jammu and Kashmir

The Jammu and Kashmir unit of the CPI(M) on Saturday termed the Union Budget "disappointing" for the people of the Union territory, saying it lacks any concrete plan to revive various sectors, including tourism, which were hit hard after the revocation of the special status of the erstwhile state in August last year.
 
"There is no policy statement in the Budget. We need something specific in the Budget and unfortunately, it is the most disappointing Budget for the people of Jammu and Kashmir," senior CPI(M) leader and former legislator M Y Tarigami said in a statement.
 
The Centre has allocated Rs 30,757 crore for the newly created Union Territory of Jammu and Kashmir in the Budget 2020-21 presented by Union Finance Minister Nirmala Sitharaman on Saturday.
 
"They have been talking about development as if earlier there was no development. The allocation and the mention in the Budget itself does not say anything about that mission development which the BJP has promised to the people of Jammu and Kashmir," Tarigami said.