Budget 2019 LIVE UPDATES

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Here are the Budget 2019 LIVE updates: 

Defence Minister Rajnath Singh: By bringing in socio-economic transformation, it is a futuristic budget. It will be successful in taking India to a $5 trillion economy. It has taken care of all the sections of society, be it poor, backward or rich people.

Congress has countered the NDA II budget as old wine in a new bottle. Adhir Ranjan Chowdhury, Leader of Congress in Lok Sabha said that there is nothing new but a repetition of old promises. He added that while the government was talking about new India, the budget is old wine in a new bottle. Nothing new, no plan for employment generation, no new initiatives, he said.

Prime Minister Narendra Modi said that Union Budget 2019 is a roadmap to transform the agriculture sector of the country. He said the budget will help the middle class to progress and development work will expedite even more. The prime minister said that under the new budget, the infrastructure will be modernized.

— To provide further impetus to affordable housing, an additional deduction of 1.5 lakh rupees on interest paid on loans borrowed up to March 31, 2020, for purchase of house up to Rs 45 lakhs. It is also proposed to increase custom duty on gold and other precious metals from 10% to 12.5%.

Petrol prices to go up: Sitharaman proposed to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel.

— In a bid to discourage the practice of making business payments in cash, the government proposed to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

— Sitharaman said that more than 120 crore Indians now have Aadhaar card. She added that PAN card and Aadhar card will be interchangeable for the ease if taxpayers. Those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN, she added.

— Sitharaman has announced tax deduction for e-vehicle. PAN card is not mandatory for Income tax returns from now on. Aadhaar and PAN will be interchangeable from now. 

— Ahead of the taxation announcements, Nirmala Sitharaman thanked the taxpayers of the country. Sitharaman revealed that direct tax revenue has been raised by 78 per cent in the past five years. She added that there will be no tax for those earning up to Rs 5 lakh. 

— 100 lakh crore to infrastructure in next five years. Big regulation change in the housing finance sector. RBI to regulate housing sector loans. 

— Recoveries of 4 lakh crore have been made from private banks via IBC. 70,00 will be given to public sector banks by the government. 6 public sector banks out of the critical stage. 

— Nirmala Sitharaman announced that the government will now issue Aadhaar to every NRIs on their arrival to India. She added that the NRIS are not required to wait for 180 days anymore to get their Aadhaar cards. 

Nari to Nara: More women voters in 2019 polls, more MPs in the parliament. Several women entrepreneurs benefitted by several government schemes. The women will be eligible to take a loan up to 1 lakh under Mudra scheme.  

— 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries: FM

— In last five years, 1.5 crore houses completed under PMAY-G, in 2019-20 and 2020-21, 1.95 crore houses are proposed. In the second phase of PMAY-Gramin, the government will ensure that 1.95 crore houses are provided to eligible beneficiaries from 2019 to 2022.

— New education policy to transform India’s education system has been announced. She further asserted that 2 crore rural Indians have been made digitally literate,” said finance minister Nirmala Sitharaman.

— The FM noted that over 9.6 crore toilets have been built across the country while 5.6 lakh villages are now open defecation free since October 2014. Prime mInister’s aim to make India open defecation free will be achieved on October 2, 2019. 

—  Nirmala Sitharaman announced Jal Shakti Ministry with an objective of Har Ghar Jal in the budget 2019. She said that ministry in cooperation with central and state governments will work on the mission to provide sustainable water supply management across the country. 

— The Finance Minister announced that by 2022, every single rural family except those unwilling to take connection will have electricity and clean cooking facility. 

— To make commercial gains from ISRO expertise, the FM said that PSU named new space India limited incorporated as the new commercial arm of dept of space. 

— FM said that needs Rs 20 lakh crore investment per year. She said that India has recorded 6 per cent growth in FDI in 2018-19.  She said that India will consider opening up FDI in aviation, media, insurance. 100 pc will be allowed in insurance intermediaries. Local sourcing norms will be eased for single-brand retail.

— Nirmala Sithraman has announced that the Bond market will be reformed. She said the SEBI has been asked to raise public investment cap from 25% to 30%. She announced that the KYC reforms will now be more investor-friendly. 

— Sitharaman said that the archaic rental laws will be reformed in India, She said that the government will focus on affordable housing. She further announced a pension scheme for 3 crore shopkeepers with less than Rs 1.5 crore turnover. From now on, only Aadhaar and bank account required, rest will be self-declared, including turnover.

— Further talking about the achievements of Modi government, Sitharam said that 300 km rail projects were approved in 2018-2019.  She further added that battery and electric vehicles will get incentives. from now on, there will be one common card to travel across India. 

—  Sitharaman announced Sagar Mala and Bharat Mala to enhance Port connectivity. She said that connectivity is the lifeline of the economy. She further announced UDAAN scheme to improve Air travel, adding India is all set to enter the aircraft financing. 

— Finance Minister Nirmala Sitharaman said that the Narendra Modi government believes in minimum government, maximum governance. She said that India has become the 3rd largest economy after China and the US under Prime minister Narendra Modi. 

— Finance Minister Nirmala Sitharaman pitches for minimum government, maximum governance mantra. She said that the government’s mantra of reform, perform, transform of India will lead the country towards progress and prosperity.

— Addressing the Parliament, Sitharaman said that the vision of the decade is to make India $5-trillion economies in coming five years.  She added that India will turn a $3-trillion economy this year. India will invest in more structural reforms. 

— The Finance Minister said all private sector industries played a role in growing the economy’ of the country. She said that these institutions helping the government in creating jobs to millions of people. She said that hearts are filled with hope, trust, aspiration.

— Union Minister Nirmala Sitharaman has started reading the budget speech in the Parliament. The Union Budget 2019 is currently presented at the Parliament. She began her speech saying people have restored their faith in the PM Narendra Modi-led NDA government. 

— The budget has been approved by Union Cabinet. It will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha shortly. The newly-appointed Finance Minister will commence the speech at 11 am.  

—  Ahead of the 2019 Union Budget, Union Cabinet meeting has begun in the Parliament. Parents of Finance Minister Nirmala Sitharaman – Savitri and Narayanan Sitharaman – arrive at the Parliament. She will present her maiden Budget at 11 AM in Lok Sabha.

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