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BUDGET 2019 LIVE Updates: Expectations, Provisions and Narratives

The Indian Finance Minister Mrs. Nirmala Sitharaman is all set to present the Union Budget 2019-20 on Friday, July 5 in the Lok Sabha.

Though 6th in the leadership of Prime Minister Mr. Narendra Modi, this is the first budget of his second tenure popularly referred as Modi 2.0. The stakes are also very high for the Finance Minister who, in contrast to her predecessor Mr. Arun Jaitley's legal perspective, has the Economics background as she holds M.Phil. in Economics from prestigious Jawaharlal Nehru University (JNU), New Delhi.

Will she go for populist spending or reforms? What she has for various stakeholders of Indian economy? The questions are scattered all around. Here we present a LIVE DISCOURSE on the Budget 2019-20 to which you can express your expectations, views and concerns in the form of comments, pictures and videos etc. This is purely an interactive platform to give impetus to your voice so that it could reach in the corridors of power.


India | Devdiscourse
Updated: 06-07-2019 09:36 IST Created: 03-07-2019 19:30 IST
BUDGET 2019 LIVE Updates: Expectations, Provisions and Narratives

Finance Minister Nirmala Sitharaman delivers budget speech in Lok Sabha. Image Credit: (@ANI)

Key Updates


09:36 AMCommenting on Budget 2019, famous Chartered Accountant Nrupesh Shah, the founder of Nrups Consultants LLP who is also the Executive Director: Symphony Ltd and Kalorex Group have said that the budget has missed golden opportunities. Also Read: Budget 2019 missed Golden Opportunity to boost job creation: CA Nrupesh Shah

8:46 PMDharmik Patel, the founder of Startup SatvaRas has said that the Budget will boost Start-Ups in India. "As a health food start-up, SatvaRas welcomes steps taken by the government in this budget. It will help a current or upcoming start-up to grow rapidly because ease of investment proposed in this budget. Also Read: Budget 2019 will boost Startups In India: Dharmik Patel, A Startup Founder

8:20 PMKamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd has welcomed the Union Budget 2019 for the Tile Industry.Also Read: Hiking Customs Duty on Tiles & Ceramics in Budget 2019 is welcome: Kamlesh Patel

8:05 PMManan Choksi Executive Director of Udgam School for Children has said that the budget is very innovative and out-of-the-box for the Education sector.Also Read: Budget is very innovative and out of the box: Manan Choksi, ED, Udgam School

5:38 PMThe Union Budget presented by the Finance Minister today in the Parliament is a revolutionary document listing much-needed priority to the business community and SME sector. The announcements made in the budget if put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy-said the Confederation of All India Traders (CAIT) which represents 7 crore traders in the Country. The budget will promote more exports which will gain more share in global market space and consolidate Country's position at global level-added CAIT. Also Read: Traders Upbeat over Union Budget 2019

5:35 PM"The Union Budget 2019 is good and takes forward the plan that was laid out by the government during the Interim budget", said FICCI President Mr. Sandip Somany, while reacting to Modi government's annual Budget on Friday.

5:19 PMCommenting on the Budget 2019, Amol Naikawadi, JMD, Indus Health Plus has welcomed the budget for Healthcare Industry.

5:18 PMPost-budget presentation, Nobel Peace Laureate Kailash Satyarthi tweeted, "Glad to note that total budget allocated for children has gone up by 16 percent. Allocation for child protection services has been doubled that will better address the vulnerabilities of the most marginalized children. I congratulate the Narendra Modi Government for Budget 2019.Glad to note that total budget allocated for children has gone up by 16%. Allocation for child protection services has been doubled that will better address the vulnerabilities of the most marginalized children. I congratulate the @narendramodi Government for #Budget2019 — Kailash Satyarthi (@k_satyarthi) July 5, 2019

5:05 PMSatyen Kothari, Founder & CEO, Cube Wealth, India's first '1 app, 1-minute" wealth creation service, has appreciated the provisions of Angle Tax and Cube Wealth in the Budget 2019. Also Read: Satyen Kothari welcomes Angel Tax and Infrastructure Projects in Budget 2019

5:03 PMSpeaking about the budget, Gurcharan Singh, Co-Founder & Director, LogixGRID said, ''This budget was for the new India. The reforms and schemes will especially benefit the new age entrepreneurs and start-ups. Initiatives like Stand-up India scheme and an especially dedicated program for Start-ups on DD will provide the much-needed thrust to the start-up sector. The start-up program will solve a lot of issues related to the sector like funding, research, and development. Also, the Stand-up India scheme has successfully produced 300 entrepreneurs in the last 3 years and moving forward we are expecting the rate to go much higher". Also Read: Industry Leaders welcome the budget

4:34 PMVinod Subramaniam, CEO, Logo Infosoft, a leader in the GST compliance and e-invoicing space has appreciated the provisions of the Budget 2019 for SMEs sector.

2:37 PM"An utterly lackluster, nondescript, uninspiring & directionless Budget. Zero on Economic Revival. Zero on Rural Growth. Zero on Job Creation. Zero on Urban Rejuvenation. Can mundane jugglery of ‘acronyms’ pass off for vision for a ‘New India’?", said Senior Congress leader Randeep Singh Surjewala.#Budget2019‘गाँव,ग़रीब व किसान’ हाशिये पर।क्या थोथे शब्दों से कृषि संकट हल होगा?न किसान की आय दुगनी करने का रास्ता,न न्यूनतम समर्थन मूल्य(MSP) का वादा,न अकाल-सूखे से लड़ने का कोई उपाय,न ग्रामीण अर्थव्यवस्था में संकट का सुधार।केवल डीज़ल पर ₹2 का अतिरिक्त भार।#NewIndiapic.twitter.com/UGLcZ8dANi — Randeep Singh Surjewala (@rssurjewala) July 5, 2019

2:02 PMReacting to the Modi 2.0 government's first post-election budget, Congress leader Jyotiraditya Scindia said, "Aren't we missing something here? No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse & droughts I can see intent, but where is the content? This budget session was reduced to only a table-thumping gathering."Aren't we missing something here?No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse & droughtsI can see intent, but where is the content? This budget session was reduced to only a table thumping gathering. #Budget2019 — Jyotiraditya Scindia (@JM_Scindia) July 5, 2019

1:58 PMFormer External Affairs Minister Sushma Swaraj tweeted Friday, "Heartiest Congratulations to Prime Minister and Finance Minister. This Budget will substantially contribute towards an unprecedented development of India particularly the empowerment of women and self-employment of our youth."Heartiest Congratulations to Prime Minister and Finance Minister. This Budget will substantially contribute towards an unprecedented development of India particularly the empowerment of women and self employment of our youth.#Budget2019 — Sushma Swaraj (@SushmaSwaraj) July 5, 2019

1:55 PMThe reference to National Education Policy in the budget speech omits the two most critical recommendations of the Darft NEP:* Right to Education to be expanded to include all children from age 3 to 18* Education budget to be doubled over five years — Yogendra Yadav (@_YogendraYadav) July 5, 2019

1:49 PMBusiness establishments with an annual turnover of more than Rs. 50 crore shall offer low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants

1:48 PMसरकार ने गरीब-किसान-दलित-पीड़ित-शोषित-वंचित को सशक्त करने के लिए, Empower करने के लिए चौतरफा कदम उठाए। अब अगले 5 वर्षों में यही Empowerment उन्हें देश के विकास का Powerhouse बनाएगा। 5 ट्रिलियन डॉलर इकोनॉमी के सपने को पूरा करने की ऊर्जा, देश को इसी Powerhouse से मिलेगी: PM — PMO India (@PMOIndia) July 5, 2019My thoughts on the #BudgetForNewIndia. Watch. https://t.co/cJYfirRHfa — Narendra Modi (@narendramodi) July 5, 2019

1:44 PMSwaraj India National President Yogendra Yadav has said that the budget has nothing for the farmers. "The budget 2019 lacks all the ambitions for farmers. It's zero budget for farmers. There is no mention of drought, no scheme to double the income of farmers, no extension for Kisan Samman Nidhi, nothing on MSP, no strategy to handle stray animals," said Yadav. कम से कम किसान के लिए तो यह "ज़ीरो बजट स्पीच" थी:* न सूखे का जिक्र* न आय दोगुना करने की योजना* न किसान सम्मान निधि का विस्तार* न MSP रेट किसान को दिलवाने की पुख्ता योजना* न आवारा पशु से निपटने की कोई तरकीब — Yogendra Yadav (@_YogendraYadav) July 5, 2019Isn't it the first time ever that the Finance Minister's budget speech makes no reference to budget heads and allocations.Data on claimsData on targetsBut no data on budgetary allocations.Or am I missing something? — Yogendra Yadav (@_YogendraYadav) July 5, 2019

1:42 PMIn line with its Pradhan Mantri Gramin Digital Saksharta Abhiyan, the government has announced a Universal Obligation Fund under a PPP arrangement to be utilized for speeding up Bharat-Net.

1:38 PMFully automated GST Refund module shall be implemented, multiple tax ledgers should be replaced by a single ledger and invoice details to be captured in a central system, says Sitharaman.

1:38 PMUP CM Yogi Adityanath on #UnionBudget2019: It is for the first time since independence that a full-time woman finance minister has presented the Union Budget. I want to congratulate her. The budget fulfills the expectations of the people of the country. pic.twitter.com/pnBmRLZrhg — ANI UP (@ANINewsUP) July 5, 2019

1:36 PMPublic sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well: FM

1:32 PMScheme to be launched to invite global companies to transparent competitive bidding, to set up mega manufacturing plants in sunrise and advanced tech areas such as solar electric charging infra and computer servers, says FM

1:29 PMFaceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment: FM

1:28 PMFinance Minister Nirmala Sitharaman has proposed to impose additional excise duty on petrol and diesel by Re 1 per liter.

1:25 PMSitharaman has said, "it is also proposed to increase customs duty on gold and other precious metals from 10 percent to 12.5 percent."

1:25 PMA new series of coins of denominations 1 rupee 2 rupee 5 rupee 10 rupee and 20 rupee will be made available for public shortly

1:23 PMThe finance minister stated that the National Education Policy 2019 has been made with a view to completely overhaul of the education system. “There wasn’t a single Indian institution ranked in World Institution Ranking 5 years back. We have now 3 intuitions in top 200 institution bracket, including 2 IITs” Finance minister asserted.She also pressed that India has the potential to become a hub of higher education, therefore the government would promote Higher Study in India and encourage the entry of foreign students in India, which would in-turn benefit the Indian economy. She said “we want to upgrade quality of teaching in the country”. To become a true hub for higher education innovation and research, Budget 2019 proposes to allocate 400 crores to the world-class institutions initiative. This would, in turn, help the top educational institutes including the IITs and other universities to focus on effective research.

1:18 PMFinance Minister Nirmala Sitharaman announced that the government will be investing 100 lakh crore rupees in the infrastructure over the next five years.The govt has announced its intention to invest 100 lakh crores for infrastructure over the next five years. To this end, it is proposed to setup an expert committee to study and recommend: FM @nsitharaman#BudgetForNewIndiapic.twitter.com/upzFTW8zXF — BJP (@BJP4India) July 5, 2019

1:17 PMThere are no changes ​in personal income tax rates but surcharge for those earning Rs 2-5 crores and more than Rs 5 crores is proposed to be increased by 3 percent and 7 percent respectively.

1:14 PMSitharaman has proposed that customers should not be charged for digital payments.

1:13 PMImport of defense equipment, not manufactured in India, is being exempted from basic customs duty: FM.

1:13 PMTo discourage the practice of making business payments in cash, Sitharaman has proposed to levy TDS of 2 percent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

1:11 PMAdditional Rs 1.5 lakh deduction in income tax on home loans​​ under affordable housing has been announced by Sitharaman.

1:09 PMFinance Minister Nirmala Sitharaman Friday said the government will build 17 iconic sites to encourage the arrival of tourists in India. In the first Budget of the Modi government in its second term, Sitharaman said in March 2018, the government had approved opening diplomatic missions in Africa and five already opened and four more will be opened this fiscal.She said the financial gains from cleaning of the banking system are clearly visible and that NPA reduced by over Rs 1 lakh crore last year. There was record recovery of Rs 4 lakh crore due to the Insolvency and Bankruptcy Code (IBC), even as she added that PSU banks will get Rs 70,000 crore capital to boost credit flows.Smooth consolidation of banks was carried out and six public sector banks brought out of prompt corrective action (PCA) framework. Sitharaman said the government will bring out a remedy against cash being deposited without knowledge of bank account holders.She asserted that financially sound NBFCs should continue to get funds from banks and mutual funds. The requirement of Debenture Reservation Reserve will be done away with for NBFCs. The finance minister also said the RBI will get regulation authority of housing finance sector.

1:06 PMThe startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.

1:05 PMPAN card not mandatory for filing Income Tax Returns (ITRs), now Aadhar card can be used to serve the purpose.

1:03 PMInterest subvention for up to Rs 2.5 lakh on buying electric vehicle proposed by Sitharaman. Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs were also announced.Government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12 percent to 5 percent.

1:03 PMOne time 6-month partial credit guarantee to be given to PSU banks for purchase of high-rated pooled assets of financially sound NBFCs amounting to Rs 1 lakh cr in 2019-20: Finance Minister Nirmala Sitharaman.

1:02 PM"Interchangeability of PAN and Aadhaar card to be allowed for ease and convenience to taxpayers. ITR can be filed without PAN by quoting Aadhaar," said FM.

1:00 PMTo discourage business payment in cash, the government announces 2 percent tax on cash withdrawal over 1 crore per annum.

0:56 PMSelf Help Group SHG member having Jan Dhan Account will be able to have Rs. 5000/- overdraft facility. Under MUDRA scheme one woman from SHG can avail the advantage of 1 lakh rupees loan.Every verified woman SHG member having a Jan Dhan account, an overdraft of 5000 rupees will be allowed. One woman in every SHG shall be made eligible for a loan of 1 lakh rupees under MUDRA scheme: FM @nsitharaman#BudgetForNewIndiapic.twitter.com/eRwaLQ58ra — BJP (@BJP4India) July 5, 2019

0:55 PMSitharaman has announced that Companies with an annual turnover of up to Rs 400 crore will be subjected to corporate tax of 25 percent. Companies with a turnover of up to Rs 250 crore were eligible for this slab earlier.

0:52 PMImmediate Aadhar card for NRI without waiting for the period of 180 days for the people with an Indian passport. I propose to consider issuing Aadhaar card for NRIs with Indian passports after their arrival in India, without waiting for the mandatory 180 days: FM @nsitharaman#BudgetForNewIndiapic.twitter.com/fXeFtNsf1L — BJP (@BJP4India) July 5, 2019

0:49 PMSitharaman has announced that direct tax revenue has been increased from Rs 6.38 lakh crore to Rs 11.37 lakh crore from 2013-14 to 2018-19.

0:48 PMPopularize and encouraging sports developments for all levels under the scheme of khelo IndiaTo popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India: FM @nsitharaman#BudgetForNewIndiapic.twitter.com/TRCmaUHyYh — BJP (@BJP4India) July 5, 2019Encourag

0:47 PMThose earning up to Rs 5 lakh per annum will not be required to pay any income tax said FM.

0:45 PMThe budget 2019 proposes to establish a National Research Foundation to fund, to coordinate and to promote research in the country

0:40 PMFinance Minister Nirmala Sitharaman on Friday said that every single rural family will have electricity and a clean cooking facility by 2022. "By 2022, the 75th year of independence, I assure that every single rural family except those who are unwilling to take the connection will have electricity and a clean cooking facility," she said while presenting the Budget for 2019-20 in Lok Sabha."At the center of everything, we keep the village, poor and farmer. Prime Minister's two mega initiatives Pradhan Mantri Ujjwala Yojana and Saubhagya Yojna (Pradhan Mantri Sahaj Bijli Har Ghar Yojana ) has transformed the life of every rural family dramatically improving their ease of living." Sitharaman said that the government keeps 'Antodaya' (development of all) at the center of all its programs.

0:34 PMNew Space India Limited (NSIL) has been incorporated to tap benefits of the Indian Space Research Organisation (ISRO), says FM Nirmala Sitharaman.

0:33 PMFinance Minister Nirmala Sitharaman on Friday said the government aims to develop 75,000 skilled entrepreneurs in agro-rural industries. Sitharaman, while presenting the Union Budget 2019-20 in the Parliament, said 80 livelihood business incubators and 20 technology business incubators will be set up in 2019-20 under ASPIRE - A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship - towards achieving the employment target.The Finance Minister also asserted that 'Ease of Doing Business' and 'Ease of Life' should be applicable for farmers too. ASPIRE was launched by the Narendra Modi government in its the first tenure to set up a network of technology centers and incubation centers to accelerate entrepreneurship and also to promote startups for innovation in agro-industry.

0:32 PMBudget 2019 live updates: Electricity, cooking gas for every rural household by 2022, says FM Nirmala Sitharaman. "We have decided to open Indian embassies and high commissions where India does not have diplomatic missions yet. We have approved 18 new diplomatic missions in Africa," said FM. She further added, "Propose to consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without the mandatory wait of 180 days,".

0:27 PMSitharaman has announced that Annual Global Investors' Meet will be organized in India, using National Investment and Infrastructure Fund (NIIF) as the anchor to get key sets of global players to come and invest in India.

0:26 PMModi government 2.0, in its first annual Budget post-LS elections, announces digital repository to preserve tribal heritage.

0:23 PMThe government will provide overdraft of Rs 5,000 to each woman account holder of Jan Dhan account and Rs 1 lakh loan as well said the Finance Minister.

0:22 PMFM Sitharaman announces 18 new diplomatic missions in Africa, with 4 new embassies aimed by next year.

0:17 PMSitharaman has said that Rs 80,250 crore will be dedicated to building 1,25,000 km of roads in the next 5 years.

0:12 PM1,25,000 KM of roads will be upgraded under Pradhan Gram Sadak Yojana under Phase III at an estimated cost of Rs 80,250crore: FM

0:11 PM100 new clusters will be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain: FM

0:09 PMSitharaman has said, "I have asked SEBI to consider raising the current threshold of 25 percent to 35 percent."

0:09 PMWe will invest widely in agriculture infrastructure; support private entrepreneurship in value addition in agriculture: FM

0:08 PMFM praises farmers for making India self-sufficient in pulses. Hopes success in oilseeds as well. FM

0:07 PMBudget 201995 percent of Urban India is Open Defecation Free (ODF) while the whole country will be ODF by October 2, 2019, says Finance Minister Nirmala Sitharaman.

0:06 PMWe will work for high-quality meaningful research and teaching said FM.Not even a single institute and University of India was in top 200 of the world but due to government’s policies in the last five years, two IITs and ISc Bangalore are in the top 200. The budget for education to be increased by three times will be increased about three times. She also announced that the draft legislation on the Higher Education Commission of India will be presented.

0:04 PMSitharaman said that "earlier we spoke about one nation, one card. Now, we propose one nation, one grid as to ensure power availability to all the states at affordable rates."

0:02 PMGovt proposes Pradhan Mantri Matsya Sampada Yojana to address the critical infrastructure gap in the fisheries sector.

0:00 PMGovt proposes setting up 1.95 crore houses under Pradhan Mantri Awas Yojna (Rural): FM.

11:59 AMSitharaman has said that the government will examine opening up of FDI in aviation, media, animation, AVGC, and insurance in consultation with stakeholders.

11:58 AMGovt proposes setting up 1.95 crore houses under Pradhan Mantri Awas Yojna (Rural): FM.

11:58 AMTwo crore rural Indians digitally literate says Finance Minister Nirmala Sitharaman and calls for bridging the rural-urban digital divide.

11:57 AMSitharaman has proposed to merge NRI portfolio scheme route with foreign portfolio investment route to boost NRI investments in capital markets.

11:57 AMThe time taken to complete construction of houses under PMAY cut to 114 days from 314 days in 2015-16 due to use of DBT platform, technology: FM.

11:56 AMIndian Union Finance Minister Nirmala Sitharaman, who is the first full-time woman Finance Minister of India, claimed to demolish one more British colonial tradition of budget presentation in India. This is being seen in the continuance of decolonizing the British traditions in Budget presentation by former Indian Prime Minister Atal Bihari Vajpayee.Also Read: Budget 2019: Decolonising British Traditions - Atal’s time to Modi’s Bag

11:55 AMWhile discussing rural India and agriculture during her first presentation of Union BudgetNirmala Sitharaman says the government keeps villages, poor and farmers at center stage in every program.

11:54 AMTo deepen the corporate tri-party repo market in corporate debt securities, the government will work with RBI and SEBI to enable stock exchanges to allow AA rated bonds as collateral.

11:50 AMLocal sourcing norms will be relaxed ​​​for FDI in single-brand retailing, Sitharaman has said.

11:50 AMWhile presenting the Union Budget, Nirmala Sitharaman assures clean cooking facility and electricity connection to each rural family by the year 2022.By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility : FM @nsitharamanhttps://t.co/iK5EWIia1b#BudgetForNewIndia#Budget2019 — PIB India (@PIB_India) July 5, 2019

11:50 AMNew KYC has been proposed for foreign investors.

11:45 AMModi 2.0 government's first post-election budget gives a big boost to the Indian space industry, focuses on the commercialization of space products.

11:44 AMNirmala Sitharaman has announced that 100 percent FDI will be permitted for insurance intermediary.

11:43 AMSitharaman has proposed Social Stock Exchange under SEBI.

11:41 AMSitharaman has said that, "it is important to ensure a hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly."

11:38 AMSitharaman has said that heavy investment in infrastructure, digital economy and job creation will be the focus of government to achieve USD 5 trillion economy.

11:36 AMCredit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place: FM

11:33 AMSitharaman has said, upfront incentive will be offered on purchase of Electric Vehicles.

11:31 AMSitharaman has said that the government will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself.

11:29 AMPension benefits will be offered to 3 crore shopowners with an annual turnover of less than Rs 1.5 crore under a new scheme called Pradhan Mantri Man Dhan Scheme.

11:28 AMA comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, this will also decongest roads and railways, says Sitharaman.Finance Minister Nirmala Sitharaman: Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity.Government envisions using rivers for cargo transport,it will also decongest roads and railways. pic.twitter.com/I3G0bCm9IX — ANI (@ANI) July 5, 2019

11:28 AMFinance Minister Nirmala Sitharaman Friday said the NDAgovernment had set the ball rolling for a 'New India' in its first term and programs will be accelerated and red tape reduced going forward. The recent elections were charged with brimming hope for a bright and stable India, she said while presenting the first Budget of the Modi government in its second term.Earlier in the day, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. The Modi government in its first term stood out as a performing government, Sitharaman said, adding "voters stamped their approval on a performing government in general elections".

11:26 AMA modern tenancy law will be finalized and given to the states, says Sitharaman.

11:24 AMWhile presenting the Union Budget for FY 2019-20, the financial minister Nirmala Sitharaman discusses the vision for the decade. She says the Indian economy has reached 2.7 trillion US dollars from 1.85 trillion dollars in five years. Therefore we can reach 5 trillion dollars in the next few years.Vision for the decade : From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars in five years; it is well within our capacity to reach 5 trillion dollars in the next few years: Union Finance Minister @nsitharaman#Budget2019#BudgetForNewIndiapic.twitter.com/CsHb17g4cf — PIB India (@PIB_India) July 5, 2019

11:24 AMSitharaman emphasizes on the role of schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure.Finance Minister Nirmala Sitharaman: Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure #Budget2019pic.twitter.com/1UE1kkulZC — ANI (@ANI) July 5, 2019

11:22 AMSitharaman has announced that the Indian government is planning to create Manufacturing, Repair and Operate industry.

11:20 AMWe need to invest in infra, digital economy and jobcreation in small and medium enterprises: FM

11:20 AMSitharaman has emphasized on capabilities of industries in creating new jobs and wealth in economy.

11:18 AMFinance Minister Nirmala Sitharaman presenting financial year budget. #BudgetWithNews18 -- The Indian economy will be a 3 trillion dollar economy in the current financial year. When hearts were full of hope, trust, inspiration. We added 1 trillion dollars in the last 5 years: Finance Minister #NirmalaSitharaman@nsitharaman#Budget2019pic.twitter.com/FSvUok0GaR — News18 (@CNNnews18) July 5, 2019

11:18 AMThe finance minister Nirmala Sitharaman presents the Union Budget 2019 where she assures that India will reach the mark of 3 trillion dollar economy this year.The Indian economy will grow to become a 3 trillion dollar economy this year itself: FM @nsitharaman https://t.co/iK5EWIia1b #BudgetForNewIndia #Budget2019 — PIB India (@PIB_India) July 5, 2019

11:17 AMSitharaman has said that Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity.

11:14 AMNeeti Aayog a rolling ball for new India. We have set the ball rolling for a new India, planned and assisted by the Neeti Aayog, a broad based think tank: Smt. @nsitharaman#BudgetForNewIndiapic.twitter.com/cfpzeXHI0o — BJP (@BJP4India) July 5, 2019

11:14 AMThe Indian rupee Friday fell 19 paise to trade at 68.70 against the US dollar, ahead of Budget 2019.

11:12 AMFinance Minister Nirmala Sitharaman has said that India's growth is in tune with the growth of industries and government policies will ensure that.

11:10 AMFinance Minister Nirmala Sitharaman Friday became only the second woman in the history of independent India to present the Union Budget. Sitharaman, 59, presented the Modi 2.0 government's maiden budget in the Lok Sabha.Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. She handed over a copy of the Union Budget to President Ram Nath Kovind before her maiden budget speech.Breaking away from the brown Budget briefcase, Sitharaman held a red parcel like a bag with a keyhole on the emblem. Former Prime MinisterIndira Gandhi was the first and only women till now to have presented the Union Budget.

11:08 AMThe Union Cabinet on Friday approved the first UnionBudget of the Narendra Modi government, which will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha. It will also be the maiden budget for Sitharaman, who becomes the second woman finance minister after Indira Gandhi to do so in the history of independent India.Sitharaman will present the full-year budget for the year ending March 2020. This will be the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.

11:03 AMFinance Minister Nirmala Sitharaman Presenting Budget 2019-20 Finance Minister Smt. @nsitharaman is presenting the Union Budget 2019-20 in Lok Sabha. #BudgetForNewIndiahttps://t.co/Aqn9Ud1jY3 — BJP (@BJP4India) July 5, 2019

10:59 AMPM Narendra Modi-led Union cabinet approves Budget 2019 and will be shortly presented by Finance Minister Nirmala Sitharaman in the Lok Sabha.

10:58 AMDevin Narang, Member of Ficci India, expects a reduction in corporate tax rate and measures to boost rural areas in Budget 2019.Reduction in corporate taxe rate & boost in rural areas can be a part of #UnionBudget2019: Mr @devinnarang, Member, @ficci_india National Executive Committee. #Budget2019#budgetwithficci#UnionBudget2019#UnionBudgetpic.twitter.com/dS065Dz3dC — FICCI (@ficci_india) July 5, 2019

10:57 AMFinance Minister Nirmala Sitharaman will present budget 2019-20.Finance Minister Smt @nsitharaman will present the Union Budget 2019-20 in Lok Sabha at 11 am today. #BudgetForNewIndiaWatch LIVE at • https://t.co/vpP0MI6iTuhttps://t.co/KrGm5hWgwnhttps://t.co/jtwD1yPhm4pic.twitter.com/pk9qfaHZzG — BJP (@BJP4India) July 5, 2019

10:46 AMIndian Union Finance Minister on Friday claimed to demolish one more British Colonial tradition in India.Also Read: Nirmala Sitharaman claims Decolonising British traditions, drops the briefcase

10:38 AMFinance Minister Nirmala Sitharaman keeping budget in four-fold red cloth instead of a briefcase; symbolizes Indian traditionChief Economic Advisor Krishnamurthy Subramanian on FM Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase: It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger) pic.twitter.com/ZhXdmnfbvl — ANI (@ANI) July 5, 2019

10:34 AMUnion Finance Minister Nirmala Sitharaman and junior Finance Minister Anurag Thakur reached the Parliament for the presentation of the Budget 2019. The copies of the budget have also reached the Parliament. #WATCH Delhi: Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament. #Budget2019pic.twitter.com/vry6cs1caO — ANI (@ANI) July 5, 2019

10:24 AMMehul Mohanka, VC, West Bengal State Council & MD, Tega Industries, has said that he would like to see more measures around Make in India campaign in Budget 2019.I would like to see more to be done around #MakeinIndia campaign, esp at the grassroots level, giving impetus to mfg in the country ~ Mehul Mohanka, VC, West Bengal State Council & MD, Tega Industries Ltd highlights interest areas in #Budget2019#CIIatBudget2019@FinMinIndiapic.twitter.com/wnv5x283NQ — Confederation of Indian Industry (@FollowCII) July 5, 2019

10:16 AMAhead of Budget 2019 announcement, Rajasthan Chief Minister Ashok Gehlot said on Friday that as the NDA government presents its first Budget in its second term, hope that there would be concrete measures to deal with looming job crisis, farm distress and ways to boost investment.As NDA government presents its first #Budget in its second term, hope that there would be concrete measures to deal with looming job crisis, farm distress and ways to boost investment. #Budget2019 — Ashok Gehlot (@ashokgehlot51) July 5, 2019"People employed in unorganized sectors, who suffered during demonetization are looking towards measures to ease their suffering. Our hope is, the Budget should be people friendly, with concrete measures to provide relief to the common men and to boost the growth of the economy, " he further added.People employed in unorganised sectors, who suffered during demonitisation are looking towards measures to ease their suffering.Our hope is, #Budget should be people friendly, with concrete measures to provide relief to the common men and to boost growth of economy.#Budget2019 — Ashok Gehlot (@ashokgehlot51) July 5, 2019

10:15 AMThe Sensex registered a rise of 119 points. The Sensex has also registered a steep rise on the day the results were declared for Lok Sabha 2019.

10:03 AMThe Finance Minister Nirmala Sitharaman handed over a copy of the Budget to the President of India Ram Nath Kovind. Rashtrapati Bhavan: As per tradition, Finance Minister Nirmala Sitharaman calls on President Ramnath Kovind before presenting the Union Budget pic.twitter.com/5vOMn9qj2H — ANI (@ANI) July 5, 2019

10:02 AMAccording to the economic survey 2019, service sector witnessed a growth rate of 7.5 percent in 2018-2019. The dominating area of the country economy, service sector faced a shrinkage in the month of June at (49.6) compared to May value was (50.2) due to weak sales and unfavorable high taxation. The latest data from the economic survey indicated growth measures but there are several points, which came down in the service sector economy. Eyes are on finance Minister Nirmala Sithraman now to announce steps in the budget to recover growth.

10:01 AMThough India’s social spending sector has always been low compared to other countries. This time it is likely to occupy a major part of Finance Minister Nirmala Sitharaman first budget. In the recent election, the Bharatiya Janata Party had promised to provide basic needs to people such as toilets, housing, cooking gas and electricity. The party thinks that these are the stepping-stones to better health of people, thus, better India. There is also talk about bringing in a national fund and a self-employment scheme for elderly people, adequate budgetary allocation for gender justice and increased allocation for pregnant women or infants. The last year social spending sector budget, including health and other skill development, had a ratio of 6.6 percent of Gross Domestic Product (GDP).

10:50 PMThe agriculture sector plays a very crucial role in India's economy but has not been given enough attention. The sector, in a way, makes the backbone of India as it employs nearly 50% of the country's workforce and also accounts for 16% of India's Gross Domestic Product.The Budget Estimate for agriculture for FY 2019-20 announced in Feb was Rs 1,40,764 crores, an increase of 144% from the interim budget for 2018-19 which stood at Rs 57,600 crores. The highlight of the interim budget was the scheme of giving Rs 6,000 to farmers with less than 2 hectares of land. There were some complaints too that the amount of Rs 500 a month is too small.The hike of 144% set a challenge for the upcoming party into power. Now that the same party is in power all eyes are set on agriculture budget so as to if the government can walk the talk.

10:03 PMBesides the usual demand for single-window clearance and industry status for real estate projects, what should ideally be included in the budget are further tax sops to homebuyers as well as investors. Real Estate's top 6 Expectations from Modi 2.0's First Budgethttps://www.devdiscourse.com/article/business/586369-real-estates-top-6-expectations-from-modi-20s-first-budget

9:40 PMThere are hopes that Finance Minister Nirmala Sitharaman will be more responsive regarding the defense budget for this fiscal year as she herself was heading the defense ministry in the previous Modi government. Therefore she must be well aware of the needs and challenges of the defense forces.The interim defense budget for the fiscal year 2019-20 announced in Feb 2019 was Rs 3, 18,931.22 crores (excluding pensions), an increase of 7.93% from the Budget Estimates for FY 2018-19. But when the depreciation of rupee is factored in it was actually a decrease but was sold as a hike anyway.The researches show that the defense expenditure of 2.5% to 3% of the GDP has a positive impact on the growth rate of the country if the emphasis is on indigenous production. Parliament’s Standing Committee on Defence has also stressed that the defense expenditure should be progressively increased to 3% of the GDP. Whereas this allocation of around 3.19 lakh crores was less than 1.5 % of India’s projected GDP for the year- lowest since the 1962 war with China.

7:42 PMAccording to R Chandrashekhar, former President of the industry body NASSCOM (National Association of Software and Services Companies), the ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future.https://www.devdiscourse.com/article/national/586152-budget-2019-expectations-for-the-tech-sector

8:07 PMIn his budget expectations send to Devdiscourse, Kamlesh Patel, Chairperson and Managing Director (CMD) of one of the major tile manufacturing firms in India - Asian Granito India, has demanded the government to lower down GST rate on tiles from existing 18 per cent to 12 per cent.Also Read: Tile industry leader appeal the Govt to reduce GST on tiles in budget

7:50 PMSandeep Sabbarwal, Group CEO, Sohan Lal Commodity Management Pvt. Ltd has demanded the Finance Minister to rationalise GST on Agri warehousing industry. He contends that due to lack of GST on output services the 18% GST actually becomes a cost on balance sheet.Also Read: Budget expectations of Agri warehousing, Agri logistics, and Agri NBFCs sectors

06-07-2019 09:36:40 AM

Budget 2019 missed Golden Opportunity to boost job creation: CA Nrupesh Shah

Budget 2019 missed Golden Opportunity to boost job creation: CA Nrupesh Shah

Commenting on Budget 2019, famous Chartered Accountant Nrupesh Shah, the founder of Nrups Consultants LLP who is also the Executive Director: Symphony Ltd and Kalorex Group have said that the budget has missed golden opportunities. 

Also Read: Budget 2019 missed Golden Opportunity to boost job creation: CA Nrupesh Shah

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05-07-2019 08:46:07 PM

Budget 2019 will boost Startups In India: Dharmik Patel, A Startup Founder

Budget 2019 will boost Startups In India: Dharmik Patel, A Startup Founder

Dharmik Patel, the founder of Startup SatvaRas has said that the Budget will boost Start-Ups in India. "As a health food start-up, SatvaRas welcomes steps taken by the government in this budget. It will help a current or upcoming start-up to grow rapidly because ease of investment proposed in this budget. 

Also Read: Budget 2019 will boost Startups In India: Dharmik Patel, A Startup Founder

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05-07-2019 08:20:42 PM

Hiking Customs Duty on Tiles & Ceramics in Budget 2019 is welcome: Kamlesh Patel

Hiking Customs Duty on Tiles & Ceramics in Budget 2019 is welcome: Kamlesh Patel

Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd has welcomed the Union Budget 2019 for the Tile Industry.

Also Read: Hiking Customs Duty on Tiles & Ceramics in Budget 2019 is welcome: Kamlesh Patel

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05-07-2019 08:05:13 PM

Budget is very innovative and out of the box: Manan Choksi, ED, Udgam School

Budget is very innovative and out of the box: Manan Choksi, ED, Udgam School

Manan Choksi Executive Director of Udgam School for Children has said that the budget is very innovative and out-of-the-box for the Education sector.

Also Read: Budget is very innovative and out of the box: Manan Choksi, ED, Udgam School

 

 

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05-07-2019 05:38:50 PM

Traders Upbeat over Union Budget 2019

Traders Upbeat over Union Budget 2019

The Union Budget presented by the Finance Minister today in the Parliament is a revolutionary document listing much-needed priority to the business community and SME sector. The announcements made in the budget if put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy-said the Confederation of All India Traders (CAIT) which represents 7 crore traders in the Country. The budget will promote more exports which will gain more share in global market space and consolidate Country's position at global level-added CAIT. 

Also Read: Traders Upbeat over Union Budget 2019

READ MORE ON : CAIT
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05-07-2019 05:35:29 PM

Budget 2019 takes forward plan laid out during Interim budget: FICCI Prez

Budget 2019 takes forward plan laid out during Interim budget: FICCI Prez

"The Union Budget 2019 is good and takes forward the plan that was laid out by the government during the Interim budget", said FICCI President Mr. Sandip Somany, while reacting to Modi government's annual Budget on Friday.

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05-07-2019 05:19:28 PM

Budget is comprehensive on Healthcare: Amol Naikawadi, JMD, Indus Health Plus

Budget is comprehensive on Healthcare: Amol Naikawadi, JMD, Indus Health Plus

Commenting on the Budget 2019, Amol Naikawadi, JMD, Indus Health Plus has welcomed the budget for Healthcare Industry. 

 

 

READ MORE ON : Healthcare
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05-07-2019 05:18:29 PM

Nobel laureate Kailash Satyarthi hails Modi 2.0 govt's Budget

Nobel laureate Kailash Satyarthi hails Modi 2.0 govt's Budget

Post-budget presentation, Nobel Peace Laureate Kailash Satyarthi tweeted, "Glad to note that total budget allocated for children has gone up by 16 percent. Allocation for child protection services has been doubled that will better address the vulnerabilities of the most marginalized children. I congratulate the Narendra Modi Government for Budget 2019.

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05-07-2019 05:05:02 PM

Satyen Kothari welcomes Angel Tax and Infrastructure Projects in Budget 2019

Satyen Kothari welcomes Angel Tax and Infrastructure Projects in Budget 2019

Satyen Kothari, Founder & CEO, Cube Wealth, India's first '1 app, 1-minute" wealth creation service, has appreciated the provisions of Angle Tax and Cube Wealth in the Budget 2019. 

Also Read: Satyen Kothari welcomes Angel Tax and Infrastructure Projects in Budget 2019

READ MORE ON : Angel Tax
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05-07-2019 05:03:26 PM

Industry Leaders welcome the budget

Industry Leaders welcome the budget

Speaking about the budget, Gurcharan Singh, Co-Founder & Director, LogixGRID said, ''This budget was for the new India. The reforms and schemes will especially benefit the new age entrepreneurs and start-ups. Initiatives like Stand-up India scheme and an especially dedicated program for Start-ups on DD will provide the much-needed thrust to the start-up sector. The start-up program will solve a lot of issues related to the sector like funding, research, and development. Also, the Stand-up India scheme has successfully produced 300 entrepreneurs in the last 3 years and moving forward we are expecting the rate to go much higher". 

Also Read: Industry Leaders welcome the budget

READ MORE ON : IndustryBudget 2019
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