Nirmala Sitharaman concludes the Budget 2019 session
Finance Minister Nirmala Sitharaman: The fiscal deficit this year is 3.3%, brought down from 3.4% pic.twitter.com/hrN6Q4bXRc— ANI (@ANI) July 5, 2019
Import duty on gold and precious metals up by 2.5 per cent: Nirmala Sitharaman
Rs 1 per litre CESS on petrol and diesel: Nirmala Sitharaman
7 per cent more tax for those earning above Rs 5 crore: Nirmala Sitharaman
7 per cent CESS on income above Rs 5 crore, 3 per cent CESS on income above Rs 2 crore: Nirmala Sitharaman
No income tax for income less than Rs 5 lakh per year: Nirmala Sitharaman
3 per cent surcharge on incomes over Rs 2 crore: Nirmala Sitharaman
2 per cent TDS on cash withdrawals greater than 1 crore in a year: Nirmala Sitharaman
If no PAN card, citizens can file taxes using Aadhar card: Nirmala Sitharaman
Rs 1.5 Lakh reduction on loans to purchase e-vehicles: Nirmala Sitharaman
25 per cent tax for corporate firms with an annual turnover of up to Rs 400 crore: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman: India's sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies. pic.twitter.com/NyQZac9h35— ANI (@ANI) July 5, 2019
Taxpaying citizens contributed to India's growth. Nirmala Sitharaman
Finance Minister Nirmala Sitharaman also went on to thank taxpayers
Debt to GDP less than 5 per cent: Nirmala Sitharaman
Rs 1.05 lakh crore disinvestment target. Re-initiate Air India disinvestment: Nirmala Sitharaman
Rs 100 lakh crore for infrastructure in next 5 years: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman: Non-performing asset(NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year pic.twitter.com/hSdNWVrJ8U— ANI (@ANI) July 5, 2019
Rs 70,000 cr capital infusion for public sector banks: Nirmala Sitharaman
Rs 4 lakh recovered through IBC: Nirmala Sitharaman
NPAs have reduced by Rs 1 lakh crore: Nirmala Sitharaman
Sensex currently at 39,788.65, down by 118.99 points. pic.twitter.com/TZMGRbSY3M— ANI (@ANI) July 5, 2019
NRIs won't have to wait for 80 days for Aadhar cards: Nirmala Sitharaman
18 new diplomatic missions opened: Nirmala Sitharaman
Loan upto Rs 1 lakh for Mudra scheme for women: Nirmal Sitharaman
Annual savings of 18,341 crore due to usage of LED bulbs: Nirmala Sitharaman
Rs 3000 per month for the unorganised sector: Nirmala Sitharaman
35 crore LED bulbs distributed under Ujala Yojna
National sports education board to come soon: Nirmala Sitharaman
Start-ups to benefit from 'Stand Up India': Nirmala Sitharaman
Allocate Rs 400 crore for world-class higher education institutes: Nirmala Sitharaman
3 institutions among top 200 globally. We can become a hub of higher education: Nirmala Sitharaman
Rashtriya Swacchatha Kendra to be inaugurated on October 2, 2019: Nirmala Sitharaman
Proposed to set up a national research foundation: Nirmala Sitharaman
95 per cent cities are open defecation-free: Nirmala Sitharaman
Over 2 crore Indian made digitally literate: Nirmala Sitharaman
9.6 crore toilets built in the last 5 years: Nirmala Sitharaman
Piped water for every household by 2024. Access to drinking water is the prime focus: Nirmala Sitharaman on Mission Paani
Finance Minister Nirmala Sitharaman: With the changing economic scenario it's important to upgrade roads connecting villages to rural markets. For this Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years. #Budget2019 pic.twitter.com/vgzFdebwWo— ANI (@ANI) July 5, 2019
'Har ghar jal' by 2024: Nirmala Sitharaman
Farmers can become rural entrepreneurs: Nirmala Sitharaman
1.25 lakh roads to be upgraded in next 5 years: Nirmala Sitharaman
100 clusters to be added this year alone. Cluster-based development to increase productivity: Nirmala Sitharaman
Investment norms eased for single brand retail: Nirmala Sitharaman
Electricity and cooking gas for all rural farmers: Nirmala Sitharaman
Gaon, garib and kisan is our big focus: Nirmala Sitharaman
Model tenancy laws to be shared: Nirmala Sitharaman
ISRO will spearhead commercialisation of space products: Nirmala Sitharaman
100 per cent FDI in insurance intermediaries: Nirmala Sitharaman
Steps to increase FDI inflow into the country: FM
FM: Launched UDAY in'15 for financial&op turnaround of DISCOMs. We're examining performance&it'll be improved.We'll work with state govts to remove barriers, cross subsidy,surcharges,undesirable duties on open access sales,or captive generation for industrial&bulk power consumers pic.twitter.com/DmMVibFppJ— ANI (@ANI) July 5, 2019
FM Nirmala Sitharaman: Rs 350 cr allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. Pension for shopkeepers & retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme #Budget2019 pic.twitter.com/hbjHvHB984— ANI (@ANI) July 5, 2019
Will examine opening up FDI in aviation and media: FM
To rationalise KYC norms for FPIs: Sitharaman
To set up stock exchange for social enterprises: FM
FIIs can invest in debt security issued by NBFCs: FM
Extension of pension benefit for traders: FM
Rs 300 crore GST interest subvention for MSMEs: FM
Affordable housing to be taken up in 2019: Sitharaman
Pension benefit for retail traders: FM
Model tenancy law to be finalised: FM
Reform of rental laws in cards: N Sitharaman
Rs 50 lakh crore investment in Railways until 2030: N Sitharaman
Cargo transport in river Ganga to increase 4 times: N Sitharaman
E-vehicles to be incentivised: N Sitharaman
Finance Minister Nirmala Sitharaman Friday became only the second women in the history of independent India to present the Union Budget. Sitharaman, 59, presented the Modi 2.0 government's maiden budget in the Lok Sabha. Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20.
657 km of metro rail network operational now: Sitharaman
New metro rail projects for 300 km approved: Sitharaman
India will enter into aircraft financing: Sitharaman
Udaan scheme to improve air travel: Sitharaman
Connectivity is lifeblood of our economy: N Sitharaman
3rd largest economy next to china in purchasing power parity; economy will grow to USD 3 trillion economy this year: Sitharaman
5 trillion economy in the next 5 years, says Sitharaman
Focus on digital India reaching every sector: Sitharaman
Objective is Mazboot Nagrik for Mazboot Desh: Sitharaman
Voters gave their approval to a performing government. They've reaffirmed putting the nation first: Nirmala Sitharaman
People of India have validated the goals of national security and economic growth: Nirmala Sitharaman
The rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar in opening trade Friday, ahead of the presentation of the Union Budget. Forex traders said rupee slipped marginally against the US dollar as market participants awaited cues from the Union Budget to be presented in the Parliament Friday. The rupee opened weak at 68.55 at the interbank forex market and then fell further to 68.70, down 20 paise over its last close.
The Union Cabinet has given the approval for the Budget 2019. Finance Minister Nirmala Sitharaman is now set to present her maiden Budget.
Oil prices projected to decline in 2019-20
Sitharaman will give a glimpse of the five-year roadmap of Prime Minister Narendra Modi's government which was voted back to power with a huge majority in Lok Sabha elections 2019. She is likely to fulfil many of the promises which have been made by the Prime Minister during his toiling poll campaign culminating in the historic mandate. here are some important points to focus on
Domestic equity benchmark BSE Sensex Friday reclaimed the 40,000 mark and the NSE Nifty inched closer to 12,000 level ahead of the Union Budget presentation. The 30-share index was trading 114.67 points, or 0.29 per cent, higher at 40,022.73 at 0930 hours. Similarly, the broader Nifty was quoting 31.85 points, or 0.27 per cent, up at 11,978.60.
For Sitharaman, the biggest constraining factor is lower-than-expected growth in tax revenues, particularly those of the goods and services tax (GST), something she may look to bridge through aggressive stake sale in PSUs, higher dividend from the RBI, rollover of some FY20 expenditure to FY21, cut back in plan expenditure and increase in off-balance sheet expenditure with portion of subsidies being transferred to state-owned enterprise balance sheet.
The sluggishness in the economy has led to expectations of the budget containing further stimulus measures to boost the growth through new policy initiatives and continued reforms to achieve accelerated growth and increase in employment.
India needs to sustain a Gross Domestic Product (GDP) growth rate of 8 per cent to become a five trillion dollar economy by 2025, stated the Economic Survey on Thursday. Such growth can only be sustained by various cycle of investment, savings and exports, it said. Tabling the survey document in the Rajya Sabha, Nirmala Sitharaman, Finance Minister stated global crude oil prices are expected to decline in the current financial year 2019-20.
It will be Sitharaman's first post-Budget meeting with the RBI's central board of directors. She took over as India's first full-time woman finance minister on May 31 after the BJP-led National Democratic Alliance won the second term in general elections.
Also, there is expected to be a big push for infrastructure spending including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019 -- well below China's 6.4 per cent. The slowdown is also reflected in high-frequency numbers such as IIP and automobile sales numbers.
Some believe she may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.
The Budget to be presented on Friday is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as she lays down the Modi 2.0 government's road map for the economy and the nation in the next five years.