Watch this space for live updates and exhaustive coverage of the Union Budget, 2019.
With elections around the corner, the highly anticipated budget is all set to cover everything from farmer relief to Universal Basic Income scheme.
12:52 PM: Nifty and Sensex up by almost 1%.
12:45 PM: End of Speech.
12:41 PM: Income tax relief on notional rent from unsold houses extended to two years.
12:41 PM: Benefits of Sec80(i)BA extended for one more year for housing projects approved till the end of 2019-2020.
12:38 PM: For a taxpayer having capital gains of up to Rs. 2 crore, the benefit of roll-over capital tax gains to be increased from investment in one residential house to that in two residential houses. This option can be availed only once in a lifetime.
12:38 PM: TDS threshold on rental income raised from Rs. 1,80,000 to Rs 2,40,000.
12:35 PM: Standard deduction has been increased from Rs. 40,000 to Rs. 50,000.
12:34 PM: For individuals earning up to 6.5 lakh/annum, no tax if they invest in provident funds and prescribed equities.
12:32 PM: FULL TAX REBATE FOR INDIVIDUALS WITH ANNUAL INCOME OF UP TO RS. 5,00,000.
12:28 PM: Budget estimate for SC/ST welfare in 2018-2019 was Rs. 56,619 crore, revised estimate for 2018-2019 was Rs. 62,474 crore. The budget estimate for SC/ST welfare increased to Rs. 76,800 crore.
12:25 PM: Capital expenditure at Rs 3.36,292 lakh crore.
12: 24 PM: The 10 dimensions of future India – Modern infrastructure, digital India, clean and green India, rural Industrialisation, clean rivers and safe drinking water, oceans and coastlines, Indian astronauts in space, improved agricultural productivity, comprehensive wellness scheme, minimum government – maximum governance.
12:21 PM: Nifty and Sensex rally – Nifty above 10880, Sensex above 36,450.
12:18 PM: Ten dimensions of growth – Next gen infrastructure, $10 trillion economy, space programs, improved connectivity, modern agricultural practices, improved food processing, nationwide healthcare, women empowerment and others.
12:13 PM: Vision for the future – India is poised to become a $5 trillion economy in the next five years.
12:11 PM: Due to demonetisation, 1 crore new people have filed tax returns.
12:11 PM: Anti-black money measures have brought Rs. 1,30,000 crore back into circulation.
12:05 PM: Under GST, average monthly income tax collection is around Rs. 97,000 crore.
12:05 PM: GST council to take steps to reduce the tax burden on home buyers.
12:05 PM: Most daily items come under the 0-5% tax slab.
12:02 PM: I-T department to process returns faster.
12:00 PM: More than 99% of all I-T returns were accepted without scrutiny.
12:00 PM: Tax collections have increased significantly, including the number of returns filed.
11:58 AM: Reduced tax rates for the middle-class.
11:52 AM: Setting up of International Solar Alliance has increased solar capacity by 10 times in the last five years. Lakhs of new jobs have been created through the sector.
11:50 AM: Vande Bharat Express to provide speed, safety and service to citizens, while also promoting Make in India scheme.
11:50 AM: Safest year for railways – no unmanned level crossing in India anymore.
11:50 AM: With 27 kms of highways being built every day, India is the fastest highway developer in the world.
11:50 AM: Substantial hike in military service pay.
11:45 AM: Defence budget enhanced by Rs. 3,00,000 crore, the first time in the history of the country.
11:45 AM: Goyal: This government implemented One Rank, One Pension (OROP) scheme, which was pending for almost 40 years.
11:45 AM: PM Mudra Yojana, Pradhan Mantri Matritva Yojana have empowered women.
11:45 AM: India has become the second largest hub for startups through initiatives like ‘Startup India’.
11:40 AM: 6 crore free LPG cylinders delivered under the Ujjawala scheme.
Eight crore more households to benefit from the scheme this year.
11:40 AM: Welfare development board to be set up for nomadic and semi-nomadic communities.
11:40 AM: This scheme, called the Pradhan Mantri Shram Yogi Mandan, will provide the senior citizens of the unorganised sector a monthly pension of Rs. 3000/month with a contribution of Rs 100/month.
Eight crores more households to benefit from the scheme this year.
11:35 AM: Goyal: Tax-free gratuity increased from Rs 10,00,000 to Rs. 20,00,000.
Formalisation of the economy has resulted in increased EPFO membership by 2 crores in the last two years.
Mega Pension Yojna to provide assured benefits of Rs. 3000/month for the beneficiaries.
11:30 AM: 2% interest subvention for farmers involved in animal husbandry and fisheries.
In case of natural calamities, farmers to get 2% interest subvention and 3% subvention upon prompt repayment.
11: 30 AM: Separate department for Fisheries to be created.
Increased allocation of Rs. 750 crore for the Rashtriya Gokul Mission.
11:26 AM: Will provide Rs 6000/annum for farmers holding up to 2 hectares of land.
Around 12 crore farmers will benefit from this move.
An estimated cost of Rs. 75,000 crore allocated for the initiative.
11:25 AM: 21 AIIMS now operating in the country, out of which 14 were announced since 2014.
NDA announced increased MSP with the aim of doubling farmers’ income.
11:20 AM: Pace of constructing roads in rural areas has tripled under this government.
Through the Saubaghya Scheme, free electricity was provided to almost every house.
Ayushman Bharat, world’s largest healthcare scheme, provided medical treatments for almost 50 crore Indians.
11:15 AM: 98% rural sanitation coverage achieved.
Efforts were taken to increase representation for economically backward classes through reservation in jobs and education.
11:11 AM: India has attracted $239 Billion in FDI in the last five years.
Three lakh crores recovered in favour of banks and creditors. Defaulters not spared by this government.
Reforms in the banking sector will help other banks recover too.
11:10 AM: Goyal: Pathbreaking structural reforms like GST have set the stage for decades of economic growth.
11:08 AM: Goyal: Fiscal deficit brought down to 3.6% in 2018-2019.
11:05 AM: Goyal: The Government has reversed policy paralysis in the last 4 and a half years. Inflation brought down to 4.6%. We are the fastest growing economy with a GDP growth rate higher than any government since economic reforms kicked in.
10:52 AM: Cabinet approves the interim Budget.
10:30 AM: Prime Minister Narendra Modi arrives in Parliament. Union Ministers Sushma Swaraj, Rajnath Singh and Ravi Shankar Prasad also reach the Parliament. Cabinet meets to approve the interim Budget.
10:28 AM: Ahead of the interim Budget, Nifty and Sensex are up by 0.4-0.45%.
10:06 AM: FM Piyush Goyal meets the President ahead of the Budget.
9:13 AM: Copies of Union Budget, 2019 brought to the Parliament.
9:12 AM: Finance Minister Piyush Goyal leaves North Block for the Parliament.