Saturday, February 1, 2020

India's Union Budget 2020-21 - Minute by Minute Update

Finance Minister Nirmala Sitharaman says the government has estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10 per cent. Sitharaman, while presenting Budget in Parliament, also announced to sell a part of its holding in LIC by initial public offer. She said the Centre has decided to increase deposit insurance coverage to Rs 5 lakh per depositor from the current Rs 1 lakh. She also said tax harassment can't be tolerated, and tax payer charter will be part of statute, says Nirmala Sitharaman. She also announced allocation of Rs 99,300 crore for the education sector, while proposed to spend Rs 3,000 crore for skill development in FY21. The FM says the govt will spend Rs 3.6 lakh crore on piped-water supply to households. Besides, the allocation for Swachh Bharat for 2020-21 stands at Rs 12,300 crore.

FULL COVERAGE: Union Budget 2020

Follow all the latest updates on Modi government's Union Budget 2020 on BusinessToday. In live blog

3:48 PM: You will see successful disinvestment in next few months, said FM Sitharaman.

3:42 PM: "Other than us going around the country telling tax administrators to ensure that face-to-face engagement with the taxpayer necessarily need not be there, to ensure that they are dealing with them more like wealth creators, and to make sure that they approach them only to gather information. In spite all this you hear some complaint. Our commitment to make sure that taxpayers are respected had to be given an expression of sorts. And therefore we came up with the Tax Charter," said the FM.

3:38 PM: The disinvestment target will specifically come from listing of LIC and IDBI, says Finance Secretary Rajeev Kumar.

3:38 PM: We had announced some things for real estate sector earlier, says the FM.

3:33 PM: Exemptions including retirement benefit, comutation of pension, leave encashment on retirement, amount up to Rs 5 lakh under VRS, employer contribution on EPFO, payment received on NPS, payments of awards instituted will be retained, says Revenue Secretary Ajay Bhushan Pandey

3:32 PM: There are exemptions that are indispensable: said the FM.

3:30 PM: "Those who want the exemptions could go with older rates. Those who simplified, reduced rates could adopt the new," said the Fiannce Minister.

3:28 PM: The intention is to reduce rates as much as to simplify the structure. We wanted to be sure that money is in the hands of the people by not paying a tax they do not need to pay in the sense where the rate can be brought down: FM Sitharaman

3:27 PM: FM Nirmala Sitharaman begins her post-Budget press conference.

1.54 PM: Dividend Distribution Tax shifted to individuals instead of companies, says FM

1.53 PM: Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

1.30 PM: Finance Minister Sitharaman has announced new income tax rates. Those earning Rs 5-7.5 lakh will now pay just 15 per cent, while those earning up to Rs 5 lakh in a year will pay no tax. Income tax rates will be significantly reduced for those who forego reliefs, exemptions, Sitharaman said.

1.04 PM: Recent announcements by FM

  • Fiscal deficit pegged at 3.8 pc in current fiscal and 3.5 pc in next
  • Receipts for 2020-21 pegged at Rs 22.46 lakh cr, expenditure Rs 30.42 lakh cr
  • Nominal GDP growth for 2020-21 estimated at 10 per cent
  • RE expenditure for FY20 at Rs 26.99 lakh cr, receipts at Rs 19.32 lakh cr

12.54 PM: Govt to sell a part of its holdings in LIC, says Nirmala Sitharaman.

12.44 PM: Recent major highlights on FM's speech

  • Govt proposes Rs 30,757 cr for Jammu and Kashmir, and Rs 5,958 for Ladakh for fiscal 2020-21
  • Rs 100 crore allocated for hosting G-20 Summit: FM
  • Data must have credibility, National Policy on statistics to be brought in, says FM
  • Govt proposes amendments in Companies Act to decriminalise civil offences, says FM

12.44 PM: FM on financial sector

  • Robust mechanism in place to monitor health of all commercial banks: FM
  • Clean, reliable, robust financial sector required to achieve USD 5 trillion economy, says FM

12.17 PM: Govt to spend big on transport and railways infrastructure

  • Rs 1.7 lakh cr provided for transport infrastructure in 2020-21: FM
  • 1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of private sector, says FM
  • More Tejas type trains will connect tourist destinations, says FM
  • 550 Wi-Fi facilities have been commissioned at railway stations, says FM

12.11 PM: FM Sitharaman on manufacturing, infrastructure development

  • Govt proposes scheme for manufacturing of cell phones, semi conductors and other electronic devices
  • FM proposes National Technical Textile mission with an outlay of Rs 1,480 crore over 4 years to cut down imports
  • Rs 27,300 crore provided for development and promotion of industry and commerce
  • Rs 103 lakh crore infra project pipeline launched in December end
  • Digital refund of duties and taxes of Centre, states and local bodies to exporters from this year
  • Govt to set up project preparation facilities for infrastructure sector, national logistic policy soon

11.58 AM: Major announcements so far

  • Rs 99,300 crore allocated for the education sector, Rs 3,000 crore for skill development in FY21, says FM
  • Steps to be taken to attract external commercial borrowing, FDI in education sector, says FM
  • Govt proposes Rs 3.6 lakh crore towards piped water supply to households
    Allocation for Swachh Bharat for 2020-21 stands at Rs 12,300 crore: FM

11.54 AM: Govt proposes Rs 3.6 lakh crore towards piped water supply to households: FM

11.53 AM: Centre to announce new education policy soon; govt received over 2 lakh suggestions on it: FM

11.52 AM: Top 100 ranked institutions in India to offer online courses, says the FM.

11.49 AM: Allocation for Swachh Bharat for 2020-21 stands at Rs 12,300 crore, says the FM.

11.47 AM: FM on viability gap funding

  • Viability gap funding will be provided to set up warehouses for agri products, says FM
  • Viability gap funding for setting up hospitals in those districts with no empanelled hospitals under Ayushman Bharat: FM

11.45 AM: Comprehensive measures for 100 water-stressed districts being proposed in this budget; agricultural credit target has been set at Rs 15 lakh crore, says the FM.

11.44 AM: FM on budget for horticulture, NABARD

  • Horticulture with 311 MT exceeds production of food grains
  • NABARD refinance scheme will be expanded
  • One horticulture crop in one district on cluster basis will be promoted

11.38 AM: Budget 2020 comprises three prominent things -- aspirational India to boost standard of living, economic development for all, and building a humane and compassionate society: Finance Minister

11.35 AM: FM Nirmala Sitharaman: "To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes."

11.31 AM: Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps.

11.28 AM: Everything that we do, speak through budget, everything that govt does is for country, says FM

11.27 AM: We have insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna: FM

11.25 AM: FM Nirmala Sitharaman recites a verse in Kashmiri

FM Nirmala Sitharaman recites a verse in Kashmiri and translates it in Hindi, 'Humara watan khilte hue Shalimar bagh jaise, humara watan Dal lake mein khilte hue kamal jaisa, nau jawanon ke garam khoon jaisa, mera watan tera watan, humara watan, duniya ka sabse pyara watan'.

11.23 AM: Under aspirational India plan, the government to focus on

  • Welfare schemes with direct benefit transfer
  • Sanitation care through Ayushman Bharat
  • Clean Energy through Ujjwala and solar power
  • Financial inclusion, credit support, insurance and pension schemes for vulnerable sections of people
  • Digital penetration with broadband and UPI
  • Affordable housing through PMAY

11.18 AM: Sitharaman on GST: "During the maturing of GST, it faced some challneges. GST Council has been proactive in resolving issues during the transition. Over 40 crore returns have been filed, 800 crore invoices uploaded, 105 crore e-way bills generated, simplifies new return being introduced from April 2020."

11.16 AM: Finance Minister Nirmala Sitharaman says Budget 2020 aims to give wings to all, including weak, old and vulnerable citizens.

11.13 AM: FM remembers Arun Jaitley

"I pay homage to the visionary leader later Arun Jaitley. At the time of the rollout of GST, he had said: India will be an India where the centre and states will work harmoniously...will rise out of narrow politics for the country's sake"

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