Finance Minister Nirmala Sitharaman presented the Union Budget 2019-20 in parliament today. Quick Aadhaar for Non-resident Indians on arrival in India, public-private partnership in railways, commercialisation of space ventures under ISRO are among the major announcements made by Ms Sitharaman in her budget speech. Ms Sitharaman has also proposed additional excise duty and infrastructure cess each by 1 rupee a litre on petrol and diesel.
This was the first full Budget of the National Democratic Alliance (NDA) in its second term, after coming to power with a massive win in the national election held in April and May. "It took India 55 years to reach a $1 trillion economy. When hearts are with hopes and aspirations, we added $1 trillion in just five years. The common man was served even when transformational reforms were laid out," Ms Sitharaman, India's first full-time woman finance minister said in her maiden speech.
Prime Minister Narendra Modi said the union budget is "one of hope" and "it is a budget that will boost India's development in the 21st Century". The budget, he said, will strengthen enterprises, increase participation of women in the country, simplify the tax system and modernise infrastructure.
Here are the highlights of Union Budget 2019:
- FDI actually dipped over the year. Last year's FDI was 44 billion dollars or so, which was one per cent less than the previous years. I don't know how they are going to bring FDI.
- It is one of the most opaque budget speech.
- We have come to that repeatedly that while we support digitisation, you can't force people not to use cash. People who want to use cash will not deposit money in banks.
- If Aadhaar and PAN were equally good, why was their song and dance over linking pan with Aadhaar.
Here's a full list of items that are likely to get cheaper and costlier after Budget 2019 announcements:
|Mountings for furniture||Costlier|
|Certain kinds of synthetic rubbers||Costlier|
|Optical fibre cable||Costlier|
|Digital and network video recorders||Costlier|
- This budget is presented with 10 year vision in mind.
- Emphasis on overall development of economy
- Budget aims at building a better India
- Special Emphasis on ease of living in this budget
#WATCH BJP MP from Mathura, Hema Malini on #UnionBudget2019: Felt great that a woman MP was presenting the Union Budget...'Nari is Narayani, agar ye humare desh mein log samajh len toh ye jo hinsa ho rahi hai mahilaon ke prati, that will stop.' pic.twitter.com/y9yDGuJUPe- ANI (@ANI) July 5, 2019
- This budget is the budget of asha, vishwas and akansha
- This is a budget to make the country prosperous, empower citizens. It will strengthen the poor, give a better future to the youth
- The budget will simplify tax system, modernise infrastructure, strengthen enterprises, further increase participation of women in the country
Propose to make PAN and Aadhaar interchangeable, says Nirmala Sitharaman
All companies with annual turnover of up to 4 billion rupees to have corporate tax of 25%, says Nirmala Sitharaman
The government has proposed an exclusive television channel to be set up for startups that will serve as a platform for discussing issues affecting their growth and match-making with venture capitalists.
Nirmala Sitharaman said that non-resident Indians (NRIs) may get Aadhaar cards on arrival, without the mandatory waiting period. NRIs currently need to have spent 180 days to be eligible for an Aadhaar card. The government plans to enable them to apply for an Aadhaar card using their Indian passport.
"I propose consider issuing Aadhaar for NRI with Indian passports after their arrival in India without 180 day waiting period," said Nirmala Sitharaman.
Sensex falls over 100 points, Nifty below 11,950 as Finance Minister Nirmala Sitharaman presents Budget.
Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled
- As world's third largest aviation market, time ripe to enter aircraft financing and leasing from Indian shores.
- 657 km of metro rail network has become operational across country
"It took India 55 years to reach a $1 trillion economy. When hearts are with hopes and aspirations, we added $1 trillion in just five years. The common man was served even when transformational reforms were laid out. We have to invest heavily in infrastructure. Citizens felt the difference in every nook and corner. Our focus has been mazboot desh ke liye mazboot nagrik (strong citizens for a strong nation)," Nirmala Sitharaman said.
Nirmala Sitharaman begins presenting the budget.
Finance Minister Nirmala Sitharaman's parents were seen at parliament. It will be her first budget after taking charge as Finance Minister in May following a landslide win in the national election for Prime Minister Narendra Modi. Ms Sitharaman, 59, is India's first full time woman finance minister. Former prime minister Indira Gandhi held the portfolio too, but as additional charge. Her promotion as Finance Minister in PM Modi's new government puts her in charge of perhaps the most challenging assignment for this government.
Copies of Budget 2019 papers have been brought to parliament. Finance Minister Nirmala Sitharaman will begin her budget presentation in 30 minutes. The Finance Minister, say economists, needs to announce measures that spur growth without straining expenditure. In its economic survey yesterday, the government predicted that the economy will rebound and grow at 7 per cent this year, while outlining plans on how to double its economy by 2025 to $5 trillion.
Equity benchmark indices ruled strong during this morning ahead of the highly-anticipated Union Budget for 2019-20. Sensex and Nifty came off intraday highs and were trading flat ahead of Budget speech which is due to begin at 11:00 am. Gains in HDFC, Larsen & Toubro, HDFC Bank, Kotak Mahindra Bank, Reliance Industries and State Bank of India were offset by losses in ONGC, ITC, Yes Bank, NTPC and Vedanta.
Nirmala Sitharaman and Anurag Thakur have left Rashtrapati Bhavan after briefing the President.
"I hope many of the ideas from the economic survey will find place in the budget. This is not my first budget. I have already been part of the interim budget. I anticipate the budget to be a good one," Chief Economic Adviser KV Subramanian said.
As per tradition, Finance Minister Nirmala Sitharaman meets President Ramnath Kovind before presenting the Union Budget.
The middle-class tax payers may have a lot to cheer about in the Budget proposals to be presented by Finance Minister Nirmala Sitharaman today. News agency IANS quoted sources as saying that the Budget will take the sops announced in the interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs. 3 lakh from Rs. 2.50 lakh at present to cover for the inflationary impact over the years.
Finance Minister Nirmala Sitharaman did not pose with the iconic briefcase, like her predecessors. In a departure from tradition, she was seen holding a red folder enclosed with a string and emblazoned with the Ashoka symbol, which was described by officials as the "bahi khata".
- Nirmala Sitharaman, Anurag Thakur and Finance Ministry officials posed for the cameras outside the Finance Ministry office.
- Nirmala Sitharaman briefs President Ram Nath Kovind.
- Cabinet meet in Parliament House.
- Nirmala Sitharaman presents the Budget in parliament.
- Nirmala Sitharaman will address a post-Budget press conference along with Anurag. Thakur, Secretaries of the Finance Ministry and Chief Economic Adviser KV Subramanian.
- The budget is widely expected to boost spending at the cost of short-term slippage in fiscal deficit targets
- Personal income tax threshold for certain categories may be raised
- Spending on agriculture, healthcare and social sectors are likely to be increased