Budget 2019 Updates: "Budget Presented With 10 Year Vision In Mind," Says Nirmala Sitharaman

Union Budget 2019 Updates: Finance Minister Nirmala Sitharaman, announcing the Union Budget for 2019-20 in Parliament on Friday, said India will become a $3 trillion economy this year.

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Budget 2019 Updates: 'Budget Presented With 10 Year Vision In Mind,' Says Nirmala Sitharaman

Budget 2019 India: Nirmala Sitharaman is India's first full-time woman finance minister.

New Delhi: 

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:


Jul 05, 2019
17:50 (IST)
What’s in store for startups

Jul 05, 2019
17:27 (IST)
Here's A List Of Winners And Losers From The Announcements Today


Winners

State-Run Banks

A plan to infuse capital worth Rs. 70,000 crore ($10 billion) and provide a partial one-time guarantee on loan defaults on borrowings by shadow banks may help state-run banks. And shielding lenders by strengthening the Reserve Bank of India's regulatory hold on default-prone non-banking finance companies could help the beleaguered State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank, among others. The S&P BSE Bankex of lenders gained for a third day to near a record set in May.

Rural India

From raised spending on road building to connect villages, to more rural homes built with power and fuel connections and support for small businesses producing cattle feed, the government's continued push could benefit companies with exposure to rural India. That includes Godrej Agrovet Ltd., ITC Ltd., Hindustan Unilever Ltd. and Mahindra & Mahindra Ltd., all of whom have interests across the Indian heartland. A gauge of fast-moving consumer products companies rose for a sixth day, the longest streak of gains since March.

Aviation

Ms Sitharaman said the government will consider further opening up foreign direct investment in aviation. Apart from announcing another plan to sell state-owned Air India Ltd., the government also announced a plan enter aircraft financing and leasing. This would benefit Air India Ltd., SpiceJet Ltd., InterGlobe Aviation Ltd. and TATA SIA Airlines Ltd.

Water

The plan to provide piped water across Indian households by 2024 and the focus on managing the nation's resources by consolidating the country's scattered water administration under the Water Power ministry underlines the seriousness of India's rising shortages. Shakti Pumps India Ltd., Jain Irrigation Systems Ltd., KSB Ltd., Kirloskar Brothers Ltd., VA Tech Wabag Ltd., JK Agri Genetics Ltd., PI Industries Ltd. could benefit.

Renters

Ms Sitharaman's promise of a model tenancy law for lessors will be a welcome move for millions across growing cities where 87.7 million citizens are expected to live by 2050. Especially the financial capital Mumbai -- a city where high property prices force many to stay in leased or rented apartments.

Real Estate & Construction

Ms Sitharaman's promised to build 19.5 million rural homes by 2022. That's in addition to the continued focus on building roads under the national highways and rural roads programs. This would directly benefit Larsen & Toubro Ltd., Dilip Buildcon Ltd., IRB Infrastructure Ltd. GMR Infrastructure Ltd. Oberoi Realty Ltd., Prestige Estates Projects Ltd. and DLF Ltd.

Losers

Jewellers, Gold Importers

Jewelry stocks tanked as an increase in import tax boosted domestic prices to a record. That would make jewelry even costlier for buyers in the world's second-biggest market ahead of the festival and wedding season starting from August. Ms Sitharaman raised import tax on gold to 12.5 per cent from 10 per cent. Jewelers had sought a reduction in the taxes with the World Gold Council saying there was a strong case to cut the tax now due to a thriving grey market. Losers include Titan Co., PC Jeweller Ltd., Vaibhav Global Ltd. and Tribhovandas Bhimji Zaveri Ltd.

Defense

The Indian defense spending for financial year 2019-20 was pegged at Rs. 3.05 lakh crore ($45 billion), with no change in the allocation made in February's interim budget. Although this is higher than the revised estimates from the previous fiscal of Rs. 2.85 lakh crore, it's only going to keep pace with inflation and does not represent a real increase. The exemption in Customs Duty for imported military equipment was the only solace the armed forces received from Sitharaman, who was the Defense Minister in PM Modi's first term. 

High and Middle-Income Earners

Wealthy and middle-class tax payers have a reason to groan. Ms Sitharaman proposed to raise tax on income earners above Rs. 2 crore. Not just that, India sought to discourage cash payments by levying 2 per cent tax on withdrawal of over Rs. 1 crore in a year. In addition, tax payers will have to spend an extra Rs. 2 on every liter of gasoline and diesel they buy. That's going to have a cascading effect on inflation as travel and food costs rise.

Auto Parts

India's plans to shift its long-term focus on electric vehicles could hurt the growth of auto part makers. Not only did the government announce plans to make India a global manufacturing hub for electric vehicles and lowered GST on EVs to 5 per cent from 12 per cent, the government also raised basic customs duty on auto parts. This could affect Motherson Sumi Systems Ltd., Bharat Forge Ltd., Minda Industries Ltd, Shriram Pistons & Rings Ltd and Greaves Cotton Ltd GRV IN.

Rivers & environment

The finance minister spoke about plans to use more of the country's rivers to move goods within India. Supporters say it will unleash vibrancy in internal trade and complement the roll out of the goods and services tax that will create a single market. Critics say this plan will worsen environmental concerns, destroying vital ecosystems.
Jul 05, 2019
17:22 (IST)
Jul 05, 2019
17:19 (IST)

"We've strongly welcomed it. Not only because some of our ideas and suggestions have been incorporated by Finance Minister, but also because it's a budget that focuses on sharpening growth, promoting pvt investments in the country," said Niti Aayog Vice-Chairman Rajiv Kumar
Jul 05, 2019
16:53 (IST)
Jul 05, 2019
16:52 (IST)


  • 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.
Jul 05, 2019
16:49 (IST)
Former Finance Minister P Chidambaram addresses media on Union Budget 2019-20
Jul 05, 2019
16:45 (IST)
Jul 05, 2019
16:39 (IST)
Budget 2019: Announcements By Nirmala Sitharaman, Highlights, Best Quotes Of The Day

Finance Minister Nirmala Sitharaman, presenting the annual budget statement to parliament, said the government planned structural reforms to kickstart foreign and domestic investment."
Jul 05, 2019
16:31 (IST)

Here's a full list of items that are likely to get cheaper and costlier after Budget 2019 announcements:

ItemsCheaper/Costlier
PetrolCostlier
DieselCostlier
GoldCostlier
Imported booksCostlier
Cashew kernelsCostlier
PVCCostlier
Vinyl flooringCostlier
TilesCostlier
Metal fittingsCostlier
Mountings for furnitureCostlier
Auto partsCostlier
Certain kinds of synthetic rubbersCostlier
Marble slabsCostlier
Optical fibre cableCostlier
CCTV cameraCostlier
IP cameraCostlier
Digital and network video recordersCostlier
CigaretteCostlier
Electronic appliancesCheaper
Electric vehiclesCheaper

Jul 05, 2019
16:29 (IST)
Jul 05, 2019
16:06 (IST)
For Income Tax Returns, Either Aadhaar Or PAN Will Do: Nirmala Sitharaman

Finance minister Nirmala Sitharaman said Aadhaar and PAN or Permanent Account Number will be interchangeable when it comes to filing Income Tax returns. The new rule is expected to benefit entry-level tax payers who have Aadhaar but not PAN. 

"More than 120 crore Indians now have Aadhaar card, therefore for ease of tax-payers, I propose to make PAN card and Aadhaar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhaar number. They would be able to use that wherever one is required to use PAN," the minister said today while presenting the Union budget in parliament. 

PAN or Permanent Account Number has so far been mandatory for filing Income Tax Returns.  After Aadhaar was introduced, it became mandatory to link PAN and Aadhaar for this purpose.
Jul 05, 2019
14:56 (IST)
All Targets Are Reasonably, Realistically Placed: Nirmala Sitharaman

"This budget is setting a vision, target, laying out plans to achieve the target, not only in one sector, but all the sectors of the economy", Nirmala Sitharaman said while briefing the media after presenting her maiden budget.
Jul 05, 2019
14:50 (IST)
Jul 05, 2019
14:44 (IST)


  • 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
Jul 05, 2019
14:41 (IST)
Finance Minister Nirmala Sitharaman addresses media after presenting Union Budget earlier today. 

Ms Sitharaman, 59, is only the second women in the history of independent India to present the Union Budget. Former Prime Minister Indira Gandhi was the first and only women till now to have presented the Union Budget.
Jul 05, 2019
14:39 (IST)
"Budget Is Manifestation Of PM's Dream To Make India A $5 trillion Economy," Says Devendra Fadnavis

Maharashtra Chief Minister Devendra Fadnavis lauded the Union Budget 2019-20 thaich was presented by Finance Minster Nirmala Sitharaman earlier today. " It is a visionary budget, at the macroeconomic level, one can say that, it is a manifestation of PM's dream to make India a $5 trillion economy. The budget aims at transforming 'gaon, gareeb and kisan," he said.
Jul 05, 2019
14:33 (IST)
Felt Great That A Woman MP Was Presenting The Budget: Hema Malini


"Felt great that a woman parliamentarian was presenting the Budget," said BJP lawmaker Hema Malini. 

The actor-turned-politician is representing Mathura in the Lok Sabha.
Jul 05, 2019
14:01 (IST)
Jul 05, 2019
14:00 (IST)
Union Budget 2019: "Wings to farmers...", tweets Amit Shah

Home Minister Amit Shah tweets on Budget 2019. "Finance Minister Nirmala Sitharaman presents a #BudgetForNewIndia which lays the foundation of an inclusive and progressive nation, whose rise is powered by the hardwork of 130 crore Indians. The budget gives wings to India's farmers, youngsters, women and poor to fulfil their dreams," he tweeted.
Jul 05, 2019
13:48 (IST)

  • 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
Jul 05, 2019
13:44 (IST)
Prime Minister Narendra Modi is speaking after Finance Minister Nirmala Sitharaman presented the Union Budget 2019.
Jul 05, 2019
13:41 (IST)
Jul 05, 2019
13:41 (IST)
Jul 05, 2019
13:11 (IST)
Budget Live: New Tax On Petrol And Diesel, Says Nirmala Sitharaman In Budget

Finance Minister Nirmala Sitharaman has proposed additional excise duty on petrol and diesel by 1 rupee per litre. "I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel," she said.
Jul 05, 2019
13:07 (IST)
Budget Live: Propose 2% TDS On Cash Withdrawal Over 1 Crore In 1 Year, Says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has proposed to levy TDS of 2% on cash withdrawal exceeding 1 crore from a bank in one year. She said the move was aimed to discourage practice of making business payments in cash.
Jul 05, 2019
12:53 (IST)
Budget LIVE: Propose To Make PAN-Aadhaar Interchangeable, Says Nirmala Sitharaman
Propose to make PAN and Aadhaar interchangeable, says Nirmala Sitharaman
Jul 05, 2019
12:51 (IST)
Budget LIVE: Corporate Tax Rate Expanded
Finance Minister Nirmala Sitharaman
- Corporate tax rate of 25% extended to all companies having annual turnover up to Rs. 400 crore
- Manufacturing of electric vehicles and goods and services tax (GST) rate proposed to be reduced from 12 per cent to 5 per cent.
- Additional income tax deduction of Rs. 1.5 lakh on interest paid for manufacturing of electric vehicles.
Jul 05, 2019
12:47 (IST)
Union Budget 2019 LIVE
All companies with annual turnover of up to 4 billion rupees to have corporate tax of 25%, says Nirmala Sitharaman
Jul 05, 2019
12:40 (IST)
Budget LIVE: Nirmala Sitharaman Proposes Starting Exclusive Channel For Startups
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.


Jul 05, 2019
12:27 (IST)
Union Budget 2019 LIVE: Nirmala Sitharaman On Aadhaar For NRIs
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.
Jul 05, 2019
12:15 (IST)
Union Budget LIVE: Proposal For Aadhaar For NRIs
"I propose consider issuing Aadhaar for NRI with Indian passports after their arrival in India without 180 day waiting period," said Nirmala Sitharaman.
Jul 05, 2019
12:13 (IST)
Budget LIVE: Nirmala Sitharaman Presents Budget 2019
Nirmala Sitharaman
This government wishes to encourage and facilitate role of women
Propose to form committee with govt and pvt stakeholders to form strategy to move forward

Jul 05, 2019
11:46 (IST)
Union Budget 2019 LIVE
Sensex falls over 100 points, Nifty below 11,950 as Finance Minister Nirmala Sitharaman presents Budget.
Jul 05, 2019
11:35 (IST)
Union Budget 2019 Live: The Big Headlines
Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled
100% FDI permitted for insurance intermediaries
Government is considering increasing the FDI limit in media, aviation after consulting with local stakeholders

Jul 05, 2019
11:33 (IST)
Union Budget 2019 LIVE: Nirmala Sitharaman In Parliament
  • 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
Jul 05, 2019
11:28 (IST)
Budget 2019: PM Modi In Parliament
PPM Modi listens to Nirmala Sitharaman presenting the budget.

Jul 05, 2019
11:17 (IST)
Budget 2019 LIVE
"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.
Jul 05, 2019
11:12 (IST)
Nirmala Sitharaman:
The recent elections were charged with hope for a stable new India
Like never before, India celebrated its democracy by coming out in large numbers

Jul 05, 2019
11:02 (IST)
Union Budget: Nirmala Sitharaman Presents Budget 2019
Nirmala Sitharaman begins presenting the budget.

Jul 05, 2019
10:41 (IST)
Union Budget 2019: PM Modi Reaches Parliament
PM Modi has reached parliament
Jul 05, 2019
10:39 (IST)
Union Budget 2019: Nirmala Sitharaman's Parents Reach Parliament
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.
Jul 05, 2019
10:33 (IST)
Budget 2019 Copies Reach Parliament
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.

Jul 05, 2019
10:25 (IST)
Budget 2019: Sensex Reclaims 40,000 Ahead Of Nirmala Sitharaman's First Budget
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.
Jul 05, 2019
10:21 (IST)
Jul 05, 2019
10:05 (IST)
Budget 2019: Nirmala Sitharaman Leaves Rashtrapati Bhavan
Nirmala Sitharaman and Anurag Thakur have left Rashtrapati Bhavan after briefing the President.
Jul 05, 2019
09:54 (IST)
Chief Economic Adviser On Budget 2019
"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.
Jul 05, 2019
09:51 (IST)
Industrialist Anand Mahindra wishes Nirmala Sitharaman before she presents the Budget. "Good luck @nsitharaman ji. You are an inspiration for all our @NanhiKali girls around the country. Hoping to see you hit many boundaries in the parliament 'stadium' this morning!" Mr Mahindra tweeted.
Jul 05, 2019
09:45 (IST)
Nirmala Sitharaman Briefs President
As per tradition, Finance Minister Nirmala Sitharaman meets President Ramnath Kovind before presenting the Union Budget.
Jul 05, 2019
09:44 (IST)
Budget 2019: Basic Tax Exemption Limit To Be Raised To Rs 3 Lakh, Says Report
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.
Jul 05, 2019
09:41 (IST)
Nirmala Sitharaman Poses With "Bahi khata", Not A Briefcase
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".


Jul 05, 2019
09:35 (IST)
What Happens Before The Budget Is Presented
  • 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.


Jul 05, 2019
09:19 (IST)
Budget 2019: Nirmala Sitharaman At Finance Ministry
Finance Minister Nirmala Sitharaman and Union Minister of State for Finance Anurag Thakur with budget papers before she meets President Ram Nath Kovind to brief him on the budget. 

Jul 05, 2019
09:09 (IST)
Jul 05, 2019
09:07 (IST)
Union Budget 2019 Expectations
  • 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


Jul 05, 2019
08:55 (IST)
Union Budget 2019
Finance Minister Nirmala Sitharaman has reached the Finance Ministry. 




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