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Updates of Budget 2019: All eyes are on the Modi Government 2.0 Minister of Finance Nirmala Sitharaman.

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Finance minister Nirmala Sitharaman will present the first Union Budget of the re-elected Modi government today.
Stay with Curiouskeeda for live updates, highlights and analysis of the Union Budget 2019

9:47 am, July 05

As per tradition, finance minister Nirmala Sitharaman calls on President Ramnath Kovind before presenting the Union Budget. She keeps budget documents in four-fold red cloth instead of a briefcase.

10:22 am, July 05

Finance minister Nirmala Sitharaman and MoS finance Anurag Thakur arrive at the Parliament

10:40 am, July 05

The Indian rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar ahead of Budget presentation

10:36 am, July 05

Prime Minister Narendra Modi arrives at Parliament

10:36 am, July 05

Copies of Budget 2019 brought to Parliament

10:40 am, July 05

Finance Minister Sitharaman’s parents arrived at the Parliament

10:48 am, July 05

BJP National Secretary Satya Kumar Garu speaks about the budget on Finance Minister’s Bahi Khata: A sort of reconnection with the Indian ethos.

10:53 am , July 05

Cabinet approves Union Budget

11:00 am, July 05

Nirmala Sitharaman starts her Budget 2019 speech to deliver her plan to convert the India Economy into a $5 Trillion Economy for the Modi Government’s second term.

11:06 am, July 05

Sitharaman says it has set the ball rolling for new India. “Mazboot desh ke liye mazboot nagrik’ is govt’s objective. People of India validate 2 goals –national security, economic growth.”

11:08 am, July 05

The recent election was charged with brimming home and desire for a bright and stable ‘New India’. Voter turnout was highest; every section came to stamp their approval for performing government. It is well within our capacity to reach the $5 trillion economies in the next few years.

11:09 am, July 05

She says we will simplify procedures, reduce red tape, make the best use of tech. Building social infra, Digital India, Pollution-free India, Make in India are govt’s vision. India is set to become $3 trillion economy this year.

11:15 am, July 05

Finance Minister Nirmala Sitharaman says India to enter into aircraft financing and leasing activities. Indian stock markets are subdued as Finance Minister Nirmal Sitharaman has started to present her maiden budget speech. At 11:10, the Sensex is 39,964.12, up 56.06 points or 0.14% while the Nifty is at 11,951.80 up 5.05 points or 0.04%.

11:22 am, July 05

She said, our economy was $1.85 trillion when we assumed power (in 2014) and it reached $2.7 trillion (in five years since). She said while outlining her government’s commitment to make India a $5 trillion economy by 2024. The Indian economy grew at 6.8%, a five-year low, in 2018-19 and fourth quarter growth slumped to 5.8% which was a 17-quarter low. Prime Minister Narendra Modi, who returned to a second term in office in May, has urged states to work together to tackle socio-economic problems and make India a $5-trillion economy by 2024, which he said was a “challenging, but achievable” goal.

11:21 am, July 05

Railways infrastructure needs ₹50 trillion till 2030.
She said, “We don’t look down upon legitimate profit earning. Gone are the days of policy paralysis & license quota control regime. India Inc are India’s job creators, nation’s wealth creators. Together with mutual trust we can gain, catalyses past & attain sustained growth.”

11:27 am, July 05

Railway infrastructure will have an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services

11:28 am, July 05

She suggests a comprehensive restructuring of National Highways Programme 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.

11:33 am, July 05 

Finance Minister Nirmala Sitharaman proposes to create an electronic fundraising platform for listing social enterprises.

11:34 am, July 05 

Finance ministry to examine further opening up of aviation, media and insurance sectors. Govt wants an annual global investors’ meet in India with top industrialists, top digital tech, top venture funds.
India has emerged as a major space power. Time has come to harness this ability commercially. New Space India Limited, a public sector enterprise, has been incorporated to tap the benefits of R&D carried out by Isro. The company will spearhead commercialization of various space products: FM

11:36 am, July 05

Finance Minister Nirmala Sitharaman says 100% FDI will be permitted for insurance intermediaries and suggest to merge non-resident portfolio schemes with foreign portfolio investment route.

11:39 am, July 05 

Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover of fewer than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme

11:39 am, July 05 

Finance Minister Nirmala Sitharama, in the budget, suggest user-friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number. The budget proposes to allow FPIs to subscribe to listed debt papers of Reits and also allow FPIs, FIIs to invest in debt papers of NBFCs.
Finance Minister Nirmala Sitharaman: The FAME II scheme aims to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure.

11:43 am, July 05
Finance Minister Nirmala Sitharaman on Friday praised India Inc, saying that the country’s job creators are the nation’s wealth creators while presenting the Union Budget for 2019-20.

11:54 am, July 05

“We’ll invest widely in agricultural infrastructure. We’ll support pvt entrepreneurship in driving value addition to farmers produce & those from allied activities too, like bamboo, timber & also for generating renewable energy. Ann daata ko kyun oorja daata bana nahi sakte?,” Sitharaman in her budget speech.

11:56 am, July 05

The shares of SpiceJet Ltd rose 1.3% while GMR Infra gains 4% after Finance Minister Sitharaman says it is right time for India to enter aircraft financing and leasing activities, during the presentation of the federal budget for the fiscal year 2020.
Shares of the roadmakers gained after the government plans to carry out a comprehensive restructuring of highways programme. IRB Infra rose 3% to ₹98.70, Dilip Buildcon gained 2.9% to ₹498.95.
95% Indian cities have become open defecation free

11:58 am, July 05

9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free. We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village: Budget speech.

12:01 pm, July 05

Govt proposes Pradhan Mantri Matsya Sampada Yojana to address the critical infrastructure gap in the fisheries sector.
Local sourcing norms for FDI to be eased for the single-brand retailing sector: FM in Budget.
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
Going forward listed companies may need to maintain 35% of minimum public shareholding (MPS), according to the statement by the finance minister in her maiden union budget.

12:04 pm, July 05

To expand Khelo India programme: Budget

Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives: FM

Finance Minister Nirmala Sitharaman says to start a TV channel exclusively for start-ups

12:09 pm, July 05 

Finance Minister Nirmala Sitharaman: Ensuring India’s water security & providing access to safe drinking water to all Indians is a priority. A major step in this direction has been the constitution of Jal Shakti Ministry.

Budget proposes to revise labour codes to minimise disputes. It also proposes tax measures for start-ups.

12:12 pm, July 05

To launch massive Railways modernization programme this year

12:12 pm, July 05

Finance Minister Nirmala Sitharaman said she is happy to report that India will be made Open Defecation Free (ODF) on October 2nd, 2019, as per the dream of PM Modi.

The government plans to restructure the national highways programme to create a network of highways grid of a desirable capacity for better connectivity, finance minister Nirmala Sitharaman said today.

Finance Minister Nirmala Sitharaman said she is happy to report that India will be made Open Defecation Free (ODF) on October 2nd, 2019, as per the dream of PM Modi.

12:14 pm, July 05

The government plans to restructure the national highways programme to create a network of highways grid of a desirable capacity for better connectivity, finance minister Nirmala Sitharaman said today.

NRIs with Indian passports will get Aadhaar cards after arrival without the mandatory wait of 180 days.

12:18 am, July 05 

As part of the National Democratic Alliance government’s focus on bringing micro, small and medium enterprises (MSMEs) under the formal economy’s fold, a payment platform for the MSMEs will be set up, finance minister Nirmala Sitharaman announced in her maiden budget speech on Friday.

12:19 am, July 05

12:20 pm, July 05

Finance Minister Nirmala Sitharaman says approved opening of 18 new embassies in Africa; to open four new embassies in 2019.

Finance Minister Nirmala Sitharaman: To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.

12:22pm, July 05

Financial gains from cleaning up of the banking sector are now visible. The provision coverage ratio is at its highest in seven years: FM

Finance Minister Nirmala Sitharaman says bank NPAs have reduced by ₹1 lakh crore.

PSU banks to be provided ₹70,000 crore to boost capital.

12:24 pm, July 05

NBFCs that are fundamentally sound should continue to funding from banks and mutual funds.

The budget proposes to provide PSU banks one-time 6-month credit guarantee of Rs1 lakh crore to buy high-rated pooled assets of NBFCs.

12:28 pm, July 05

12:31 pm, July 05

Govt mulling cutting stake below 51% in non-finance PSUs on case to case basis.

Strategic divestment of PSUs a priority for govt

12:34 pm, July 05

To undertake strategic divest of Air India, other PSUs this FY. To consolidate non-finance central PSUs via mergers. To raise foreign shareholding till maximum limit in PSUs: Budget

12:36 pm, July 05

12:37 pm, July 05

Public sector banks on Friday surged after finance minister Nirmala Sitharaman said that the government will provide PSU Banks banks ₹70,000 crore boost for credit improvement.

PSU Bank Index rose 1%. Central Bank of India 2.2%, Bank of Baroda 1.8%, Oriental Bank of Commerce 1.4%, Canara Bank 1.3%, State Bank of India 1%, Bank of India 1%, Allahabad Bank 0.8%, Indian Bank 0.7%, Syndicate Bank 0.6%.

12:39 pm, July 05

The budget proposes to borrow abroad in foreign currency to fund govt borrowing.

Budget to hike foreign shareholding cap in PSUs to sectoral limit.

12:40 pm, July 05

12:42 pm, July 05

For purchase of high-rated pooled assets of financially sound Non-Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs: FM

Corporate tax on companies with turnover up to₹400 crore reduced to 25%: Budget.

12:44 pm, July 05

The government will bring a new national education policy and ₹400 crore has been provided for world-class institutions.

12:45 pm, July 05

Additional income tax exemption of ₹1.5 lakh to buyers of electric vehicles

12:48 pm, July 05

Finance Minister Nirmala Sitharaman: A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly.

12:49 pm, July 05

12:50 pm, July 05

Finance Minister Nirmala Sitharaman says propose to allow an additional tax deduction of 150,000 rupees on interest paid on housing loans for self-occupied house owners.

Start-ups won’t be subject to scrutiny on angel tax.

Additional ₹1.5 lakh income tax deduction on home loan interest paid for buyers of affordable homes till March 2020.

12:52 pm, July 05

Finance Minister Nirmala Sitharama: Strategic disinvestment of select Central Public Sector Enterprises will continue to be a priority; strategic disinvestment of Air India will re-initiate; Rs 1 lakh 5 thousand is disinvestment target for 2019-20.

12:54 pm, July 05

Taxpayers to get online pre-filled documents after govt secures data from banks, MFs, insurance companies.

Investment option in Exchange Traded Funds on the lines of equity-linked trading Scheme to be offered to encourage long-term investment in CPSEs: FM

12:56 pm, July 05

To discourage cash payments, the finance minister has proposed a TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from a bank account.

12:57 am, July 05

Finance Minister Nirmala Sitharaman says to introduce faceless scrutiny of tax assessment.

More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers, I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN: Sitharaman.

12:58 pm, July 05

More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN

1:00pm, July 05

Further simplifying GST process

Banks, RBI to absorb charges on digital transaction: Budget speech

Sitharaman to discourage the practice of making business payments in cash I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account

1:02 pm, July 05

FM Sitharaman: As I stated earlier, we have taken a slew of measures to ease the burden on small and medium earners. Those having an annual income up to Rs 5 lakhs are not required to pay any income tax. We are thankful to taxpayers who play an important role in nation building.

Finance Minister Nirmala Sitharaman: To resolve the so-called Angel Tax issue, the startups & their investors who file requisite declarations&provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums.

Finance Minister Nirmala Sitharaman: At present startups are not required to justify the fair market value of their shares issued to certain investors including category 1 alternative investment funds. I propose to extend this benefit to category 2 alternative investment funds also

1:05 pm, July 05

Finance Minister Nirmala Sitharaman: All companies having annual turnover of 400 crores, will now be under the bracket of 25%. This will cover 99.3% of all the companies

1:08 pm, July 05

FM Nirmala Sitharaman: I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel

1:10 pm, July 5

Finance Minister Nirmala Sitharaman: The fiscal deficit this year is 3.3%, brought down from 3.4%

1:10 pm, July 5

Finance Minister Nirmala Sitharaman’s budget speech ends!

(Source: TOI, ANI and Mint)



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