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PM Modi addresses the nation; says Budget 2019 was only a trailer of the 'new India' to come

Union Budget 2019: Goyal says that the people of country, who gave a strong mandate to the BJP in 2014, has taken several structural reforms, and reversed the image of policy paralysis to restore the nation's image.

twitter-logo BusinessToday.In   New Delhi     Last Updated: February 1, 2019  | 15:59 IST
PM Modi addresses the nation; says Budget 2019 was only a trailer of the 'new India' to come
Union Budget 2019 Live updates

Union Budget 2019 Live: The Modi-led government announced multiple measures to benefit the middle class taxpayers as well as farmers in the Union Budget 2019. However, once the session wrapped up, there was a war of words on social media with BJP ministers lauding FM Piyush Goyal's budget while Opposition, led by Congress criticised it. Prime Minister took the stage after a while and said that the Budget 2019 was only a trailer of the 'new India' to come. He also congratulated Goyal on his Budget. The Prime Minister also said that there have been several schemes by different governments from time to time but only 2-3 crore farmers were included under these schemes. "But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land," he said. Meanwhile, former Finance Minister P Chidambaram criticised the Budget 2019 and said that his one line comment would be that Budget 2019 was "not a Vote on Account but an Account for Votes". He further added that the government's "last-gasp announcements" will effectively end in ninety days. "The question that naturally springs to one's mind is 'if these were important and necessary interventions, what was the government doing for five years?'" P Chidambaram said.

Follow BusinessToday.In LIVE blog  updates for everything related to the Interim Budget 2019.

3.48 pm: For farmers, there have been several schemes by different govts from time to time, but only 2-3 crore farmers were included under these schemes. But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land: PM Modi.

3.37 pm: It's the generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this.

3.33 pm: From middle class to labourers, from farmers' growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget: PM Modi.

3.32 pm: Prime Minister Narendra Modi says, "This is an Interim Budget. This is just a trailer of the budget which, after elections, will take India on the path to development."

3.31 pm: Our government is announcing one significant measure after another for farmers: PM Modi

1.21pm: Key highlights of Budget 2019.

1.18pm: Congress Shashi Tharoor says the whole exercise has turned out to be a damn squib.

1.16pm: Sensex up 120 points, Nifty hovers around 10,850 levels; defence stocks up 2 per cent.

1.12pm: 10 Dimensions of Government's vision 2030 for India.

1) Physical & Social Infra

2) Digital India

3) Clean and Green India

4) Rural Industrialisation

5) Clean Rivers

6) Oceans and Coastline

7) Space

8) Self-sufficiency in Food Production

9) Health

10)Minimum government and max governance

1.08pm: The government has hiked TDS limit to Rs 40,000 from Rs 10,000 on post office, bank savings.

12.54pm: Abudget for the people, says Union Commerce Minister Suresh Prabhu.

12.52pm: The government has increased capex for the Railways to Rs 1.59-lakh crore from the earlier Rs 1.48-lakh crore.

12.50pm: The new tax exemption rule will be applicable from the next financial year.

12.46pm: The income tax exemption limit increased to Rs 5 lakh from the current Rs 2.5 lakh.

12.39pm: Individuals with gross income up to Rs 6.5 lakh will not need to pay any income tax if they make investments in provident funds and prescribed equities, says FM Piyush Goyal.

12.33pm: Big tax benefit! Individual taxpayers with annual income up to Rs 5 lakh to get full tax rebate.

12.29pm: Piyush Goyal thanks tax payers, and vouch for the benefits to the middle class people, including small tax payers and salaried class.

12.29pm: "Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation," says Piyush Goyal.

12.26pm: Under SkilI India, more than 1 crore youth are being trained to earn livelyhood, says Goyal. Under the Mudra Yojana, as many as 15.56 crore loans have been disbursed amounting to 7 lak 23 thousand rupees, he said.

12.25pm: "Within almost two years, almost all assessment and verification of the I-T returns will be done electronically by an anonymised tax system without any intervention by tax official," says Goyal.

12.24pm: Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268, says Piyush Goyal.

12.22pm: The GST registered MSMEs to get 2% interest subvention on 1 crore loan.

12.14pm: We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years: FM Piyush Goyal.

12.10am: "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," says Goyal.

12.00pm: Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: FM Shri Piyush Goyal.

11.59am: The government increases defence budget to Rs 3 lakh crore.

11.58am: 2% interest subvention to farmers for animal husbandry, says FM Piyush Goyal.

11.52am: The government's Sagar Mala Project will help faster handling of import and export cars, says Goyal.

11.51am: All farmers affected by severe natural disasters to will continue to get 2 per cent interest subvention and additional 3 per cent on timely loan repayment, says the FM.

11.49am: Goyal says 75 per cent of beneficiaries under Pradhan Mantri Mudra Yojana are women. He added that 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana are empowering women in the country, says the FM.

11.47am: The government to now give 8 crore LPG connections to rural households under the Pradhan mantri Ujjwala Yojana.

11.45am: Under the Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, the government will provide assured monthly pension of Rs 3,000 per month, with contribution of Rs 100 per month for the workers in unorganised sector after 60 years of age, says Goyal.

11.42am: High growth and formalisation of economy has resulted in increased EPFO members by 2 crore in the last two years, says Goyal.

11.37am: "This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore, this will enable farmers to earn a respectable living," says Goyal.

11.31am: To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved, says Goyal. Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year will be given for each farmer in three installments. This money will be transferred directly to the farmers' bank accounts. The scheme is applicable for farmers with less than 2 hectares land holding, says Piyush Goyal.

11.28am: During the 2014-18, 1.53 crore houses have been constructed under the PM Awas Yojana.

11.28am: 21 AIIMSs are operating or being established, 14 of these have been announced since 2014, says FM Shri Piyush Goyal.

11.26am: The government allocates Rs 60,000 crore for MNREGA in FY20.

11.11am: "Inflation is a hidden and unfair tax; from 10.1 per cent during 2009-14, we have broken the back of back-breaking inflation," says the FM.

11.10am: "We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realising the dream of New India by 2022," says the FM.

11.10am: "The people of India gave a strong mandate to the Government, under leadership of PM Narendra Modi, structural reforms undertaken, reversed policy paralysis and restored the nation's image," says Goyal. 

10.55am: Govt sources have been sending budget pointers to media houses, now if these pointers are there in FM's speech then it tantamounts to a leak. It would be a serious issue of breach of secrecy, says Congress leader Manish Tewari.

10.46am: You can enjoy live streaming of Budget 2019 at BusinessToday.In.

10.45am: The Sensex is up by 137.62 points, currently at 36,394.31 ahead of Union Budget 2019.

10.34 am: Meet the CBDT team behind the Union Budget 2019.

10.32 am: They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven't really benefitted general public. Only 'Jumlas' will come out today. They've only 4 months when will they implement the schemes?: Mallikarjun Kharge.

10.30 am: Ministers arrive at the Parliament ahead of the session.

10.25 am: PM Modi reaches the Parliament to attend the Budget 2019 session.

10.23 am: The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, it will empower them: Welfare Minister Radha Mohan Singh.

10.21 am: Budget is not only all business, it has its share of fun too! Here's a list of interesting quotes and poems that Finance Ministers have used during the Budget presentation.

10.11 am: The way the government has increased the investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased: Manoj Sinha, Minister of State for Railways.

10.09 am: Read why Modi govt's financial goodies to bag votes will hamper economic prosperity of the country in the short and medium term

10.06 am: FM Goyal reaches the Parliament.

10.01 am: Former Union minister and Congress leader Manish Tewari has accused the Modi government of leaking the budget to the media.

9.53 am: Finance Minister Piyush Goyal calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Budget 2019. 

9.48 am: As Modi govt is set to anounce its last budget before the general elections, here's a comparison between PM Modi and former PM Manmohan Singh on who managed Indian economy better.

9.42 am: Cabinet to meet at 10:00 am in Parliament to approve the Interim Budget 2019: Doordarshan.

9.39 am: Market live:  Firm opening for the benchmark indices ahead of Budget 2019 announcement with Nifty holding above 10,850 level.

The Sensex is up 83.63 points or 0.25% at 36348.32, and the Nifty up 29.30 points or 0.22% at 10854.55.

9.37 am: Timeline of Indian agricultural sector accounts for 17 per cent of India's GDP and engages almost 50 per cent of India's workforce.

Take a look at some key policy measures announced for the agri sector in past decade.

9.34 am: Further checks conducted before the Budget 2019 session starts at 11:00 am.

9.27 am: Sniffer dog checks the printed copies of Budget 2019.

9.13am: The Union Cabinet to meet ahead of the Budget 2019 in Parliament.

9.06am: The copies of Union Budget 2019 brought to the Parliament complex.

9.01am: Union Finance Minister Piyush Goyal arrives at the Ministry of Finance. The Budget will be presented at 11am. Read more: Check date, time; all you need to know.

9am: What kind of Budget will be presented today? Does that mean there will be no big bang announcements or huge giveaways for the poor and the under employed even while the government is preparing for elections a few months down the line? Read more: Is the Union Budget 2019 presentation going to be pedestrian?

8.33am: A big rural development allocation on the way! In its interim budget today, the government is set to earmark about Rs 1.3 lakh crore ($18.25 billion) for the Ministry of Rural Development, up from Rs 1.12 lakh crore in the current fiscal year, reports Reuters. Read more: Budget 2019 prediction.

8.24am: Will the Interim Budget 2019 will be populist one? Fitch Ratings warned of a fiscal slippage if Modi government resorts to populist spending to win over lost vote base. Fitch's base-case scenario is that government debt will remain close to 70 per cent of GDP in the next few years and will constrain India's sovereign rating (BBB-/Stable). Read more: Fitch Ratings' warning.

8.16am: Budget 2019: Who managed Indian economy better - Modi or Manmohan?

India's GDP growth rate in 2010-11, which falls during his second term as the Prime Minister, is the highest recorded, even after the recalibrated GDP data. Recalculated data shows Indian economy growing faster under the Modi government, though. Read more: Modi or Manmohan.

Edited by Manoj Sharma

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