Sensex rallies over 500 pts; Nifty nears 11,000 mark: The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.
Former finance minister P Chidambaram Friday raised doubts over the GDP figures, wondering how the economy is growing at 7 percent when the unemployment rate was the highest in 45 years.
It was not a Vote on Account. It was an Account for Votes.— P. Chidambaram (@PChidambaram_IN) February 1, 2019
Union Minister Arun Jaitley Friday complimented Piyush Goyal for delivering an excellent pro-farmer, a pro-poor budget which will also strengthen the purchasing power of the middle class.
The Budget is unquestionably Pro-Growth, Fiscally prudent, Pro-Farmer, Pro-Poor and strengthens the purchasing power of the Indian Middle Class.— Arun Jaitley (@arunjaitley) February 1, 2019
For first time ever in my living memory tax-paying middle classes have been recognised by Govt through word and deed. The huge income tax exemption is a big relief. That apart, the words of elaborate appreciation of contribution made by middle classes mean a lot. #Budget2019— Kanchan Gupta (@KanchanGupta) February 1, 2019
Whether u term it populist or 'account of votes', the #Budget2019 caters to the whole Indian populace irrespective of their class or occupation. Direct Income Subsidy is a big gain. However, containing Fiscal Deficit is a challenge now. Let's see how it translates on the ground— Ø§ÙØ´ ÚÙÛØ¯Ø±Û Ansh Chowdhari (@ChowdhariAnsh) February 1, 2019
Here's how Twitterati and netizens have reacted to the 2019 Union Budget:
I was bracing for a populist,profligate budget driven by ‘election panic.’ I’m just grateful that the reliefs to the key middle class & farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise...— anand mahindra (@anandmahindra) February 1, 2019
From small and marginal farmers to nomadic communities, and from unorganized laborers to the middle class, #Budget2019 has shown the commitment of PM @narendramodi ji's govt to the welfare of every section of the society!#BudgetForNewIndia— Rajyavardhan Rathore (@Ra_THORe) February 1, 2019
Are you happy with the Union Budget 2019? Cast your vote here:
Minister of Commerce and Industry, Civil Aviation, Government of India, Suresh Prabhu took to Twitter to share his views on the Union Budget 2019. He said, "The budget focuses on three main components of our glorious nation: people, progress & prosperity."
Here's what Suresh Prabhu tweeted:
Indeed a budget for the people, of the people!— Suresh Prabhu (@sureshpprabhu) February 1, 2019
Focusing on the 3 main components of our glorious nation - people, progress & prosperity. This budget will move us towards #NewIndia by 2022.
We shall celebrate 75 yrs of our Independence with our heads held high!#BudgetForNewIndia
Here are some of the key highlights from the Budget 2019: No income tax up to Rs 6.5 lakh income!
Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020, says Piyush Goyal.
Expanding rural industrialisation using modern industrial technologies and Make In India approach, says FM Piyush Goyal while outlining Vision 2030.
Key highlights of income tax proposals in Union Budget 2018-2019:
TDS threshold on interest from the bank, post office deposits raised from Rs 10,000 to Rs 40,000.
All sections of the society including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India', says Uttar Pradesh Chief Minister Yogi Adityanath to ANI.
It's a major boost to the small middle-class taxpayers as government increase the exemption limit for income tax paid by individuals from the current Rs 2.5 lakh to Rs 5 lakh.
Piyush Goyal: Country now has 100 operational airports; passenger traffic has doubled in last five years.
Exclusive visuals from Lok Sabha during Finance Minister Piyush Goyal's speech (All Pics/ANI):
Piyush Goyal: Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
Breaking News: Individual taxpayers having annual income up to 5 lakhs will get full tax rebate, says Piyush Goyal.
Piyush Goyal: India has achieved over 98 percent rural sanitation coverage. 5.45 lakh villages declared open defecation free (ODF). Swachh Bharat now a national movement!
Breaking News: Rs 1 crore loan can be obtained under 59 minutes, says Finance Minister Piyush Goyal.
Government increases contribution in the pension scheme to 14 percent, in the new pension scheme employee's contribution will be 10 percent, the government's contribution will be raised from 10 percent to 14 percent.
Piyush Goyal: Rs 750 crore have been allocated in the interim Budget under Rashtriya Gokul Yojana for protection of cows. The government will create a separate department for fisheries.
Piyush Goyal: We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years.
Breaking News: More than 1 crore people filed IT returns for the first time, after demonetization, says Piyush Goyal.
Piyush Goyal: The govt is ommitted to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered.
Ashoke Pandit on Twitter: I applaud the Narendra Modi govt. for the single window clearance for shootings & it’s commitment to fight piracy which is the biggest menace for the film industry. He tweeted:
@sachin_rt of #IndianPolitics @narendramodi hitting 6 on every ball outside the stadium. His excitement and happiness of his Govt’s achievements are evident on his body language. #AbkiBaarphirModiSarkaar. #BudgetSession2019 pic.twitter.com/SmWCjQta2s— Ashoke Pandit (@ashokepandit) February 1, 2019
Piyush Goyal: The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax (GST).
Piyush Goyal: GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0%-5% tax bracket.
Piyush Goyal: Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.
Piyush Goyal: GST is the biggest tax reform India has seen since Independence. India became one common market after GST. Inter-state movements became faster through e-way bills, improving Ease of Doing Business.
Piyush Goyal: IT returns and refunds within 24 hours.
Piyush Goyal: Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials.
Piyush Goyal: A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy.
Piyush Goyal: Allocation for the northeastern region has been proposed to be increased to Rs 58,166 crore in this year, it will be a 21% rise over the previous year.
Piyush Goyal: Direct tax collection up to Rs 12 lakh crores.
Breaking News: Sensex up 140 points with 21 components in the green; Nifty gains 0.39 percent amidst the Interim Budget 2019 presentation in the parliament.
Piyush Goyal: Monthly consumption of mobile data up by 50 percent in the last 5 years.
Breaking News: Today there is not a single unmanned railway crossing on the broad gauge in India, says Piyush Goyal.
Piyush Goyal: 75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country.
Piyush Goyal: Our soldiers are our pride and honour; 'One Rank One Pension', which was pending for the last 40 years, has been implemented by us. We have already disbursed Rs 35,000 crore for our soldiers under 'One Rank One Pension', a substantial hike in military service pay has been announced.
Piyush Gyal: Cheaper drugs being provided through Jan Aushadi stores.
Piyush Goyal: 21 AIIMs established or operating in the country, of which 14 sanctioned since 2014. Another to be set up in Haryana.
Piyush Goyal: 143 crores LED bulbs were made available for lower and middle-class families. Use of LED bulbs saved power bill of about Rs 50,000 crore.
Piyush Goyal: Due to current govt, NRIs feel secure.
Piyush Goyal: Aim to strengthen defence and national security. Govt allocated 35, 000 crores for our forces.
Piyush Goyal: 2.5 crore families were without electricity in 2014; we have provided power to almost all families.
Piyush Goyal: 3,000 per month pension for workers after retirement.
8 crores free LPG connection under Ujjwala. 6 crores out of 8 crores new LPG new connections already delivered. The target of 2 crores of more free LPG connection to be met next year.
Piyush Goyal: We plan to provide urban facilities in rural areas while preserving 'soul of village'!
Piyush Goyal: Govt spent Rs 1.7 lakh crore to supply food grains at a cheaper price to poor in 2018-19 as against Rs 92,000 crore in 2013-14.
Piyush Goyal: Poor have the first right over nation's resources. We have worked to bridge the urban-rural divide.
Piyush Goyal: Our govt had the guts to ask RBI to look at bad loans and present correct picture to the nation. Rs 3 lakh crore recovered from big corporate loan defaulters. BoI, , BC and Bank of Maharashtra have been removed from the PCA framework of RBI-Piyush Goyal.
Piyush Goyal: Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
Piyush Goyal: Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.
Piyush Goyal: Efforts have been initiated to bring full representation for economically weak backward classes, by giving them reservation in jobs and education.
For the welfare of farmers and for doubling their income, a historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops, says Piyush Goyal.
Piyush Goyal: India attracted USD 239 billion in FDI in the last five years.
Insolvency and Bankruptcy Code helping in the recovery of non-performing loans. Even big businessmen are now worried about loans. We have run a corruption-free government, says Piyush Goyal.
We have stopped the culture of phone banking, says Piyush Goyal referring to allegations of rampant loans over the phone during the UPA regime.
Piyush Goyal: Mahatma Gandhi National Rural Employment Guarantee scheme will get Rs 60,000 crore as against Rs 55,000 crore rupees promised in the last Budget.
Piyush Goyal: India attracted USD 239 bn in FDI in last five years. Current Account Deficit is likely to be 2.5 pc of GDP this year. Fiscal deficit will be 3.4 percent of GDP; Current Account Deficit to be 2.5 percent of GDP.
Piyush Goyal: 10 lakh people treated under Ayushman Bharat so far.
Piyush Goyal: If we had not controlled inflation our families would have been spending 35-40 percent more on daily use items.
Piyush Goyal: Electricity for all will be a reality by March 2019.
Piyush Goyal: NDA govt contained double-digit inflation; Govt has broken the back of high inflation.
Piyush Goyal: India is the fastest growing major economy in the world; GDP growth in last 5 years higher than under any previous govt.
Piyush Goyal: Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.
Piyush Goyal: More than 5000 villages open defecation free in India.
Piyush Goyal: Average inflation during UPA was more than 10 percent. Inflation brought down from 10.1 percent to 2.12 percent under NDA government.
FM Piyush Goyal begins an interim budget speech, wishes Union Minister Arun Jaitley speedy recovery and good health. Piyush Goyal: We are the fastest growing economy in the world.
Piyush Goyal: We have broken the back of back-breaking inflation.
Piyush Goyal says, Prime Minister Narendra Modi has transformed India's image. He has given India a clean government. We are moving towards realising a new India by 2022.
Piyush Goyal begins the proceedings of the Union Budget 2019-20.
Union Cabinet approves the interim Budget 2019-20.
Rupee slips to 71 against the dollar in early trade:
The rupee on Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.
Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit. The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.
At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing.
Prime Minister Narendra Modi arrives at the parliament for the cabinet meeting before the Interim Budget starts. Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament ahead of the presentation of the interim Budget 2019-20 at 11 am.
Sensex up by 151.44 points, currently at 36,408.13, ahead of the presentation of the Union Budget 2019 before the parliament at 11 am, reports ANI.
In the meanwhile, The Finance Ministry has said that the total Gross GST Revenue collected in the month of January 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over the collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year.
Finance Minister Piyush Goyal arrives at the Parliament with the Union Budget 2019 briefcase. Following the Cabinet meeting, he will present the interim Budget 2019-20 at 11 am in the parliament.
Finance Minister Piyush Goyal meets President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget 2019.
Here's the first look of the team that will be presenting the Union Budget 2019 under the leadership of Piyush Goyal, Minister of Railways and Coal.
Meet the budget team of CBDT with Union Minister of Finance,Corporate Affairs,Railways & Coal, Sh @PiyushGoyal,alongwith both MoS Finance,Sh @BJPShivPShukla & Sh @PonnaarrBJP with Revenue Secretary Dr Ajay Bhushan Pandey &Chairman CBDT Sh Sushil Chandra on the eve of #Budget2019. pic.twitter.com/9RvUqseYrM— Income Tax India (@IncomeTaxIndia) January 31, 2019
With the Lok Sabha elections only a few months away, acting Finance Minister Piyush Goyal will present NDA government's Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society right from the common people to industries.
The politically-crucial interest subsidy for short term credit to farmers is likely to be a modest one in the vote-on-account which is to be presented by acting Finance Minister Piyush Goyal on Friday. As compared to two years ago in 2017-18, when this subsidy was Rs 20,339 crore, the subsidy is likely to be around Rs 18,000 crore, a fall of 11 per cent, informed sources said.
The anticipation of announcements from the interim budget as well as expectations of healthy quarterly results led the equity market to rally more than 1.65 per cent as a massive build-up of short positions was witnessed on Thursday. The market rise came on the day of F&O expiry and ahead of the interim budget which will be presented on February 1.