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Union Budget 2017: I have rewarded honesty in Budget 2017, says Arun Jaitley

BT Online     February 1, 2017

After the immense confusion over the delay of the Union Budget on Wednesdsay, Union Finance Minister Arun Jaitley presented the Budget as scheduled.

In a big relief to the middle class, Arun Jaitley in his Budget speech reduced the Income Tax rate for people coming under the bracket of annual income of Rs 2.5-5 lakh.

Jaitley said the demonetisation move will not impact the Indian economy. He also increased the allocation for welfare of women and children under various to Rs 1,84,632 crore.

This was for the first time that the Railway Budget was merged with the General Budget. In his fourth Budget Speech, Arun Jaitly announced that the focus of the Railways will be on passenger safety, capital works and cleanliness.

Here are live updates on the Union Budget 2017

  • 4:25 PM: Govt's motive was to continue fight against black money hence we are taking steps to make people tax compliant, says FM
  • 4:12 PM: Defence was a big sector where spending was increased: Arun Jaitley
  • 4:11 PM: Many steps in the budget are towards boosting employment: FM 
  • 4:09 PM: We have taken strict actions against black money hoarders: FM
  • 4:08 PM: Rural and Agri sectors are our priority, says FM
  • 4:03 PM: The present status quo has failed, electoral bonds a new system for cleaner political funding: FM
  • 4:03 PM: Mass donations is a more desirable method, than single large donations:FM
  • 4:02 PM: We are committed to double the income of farmers in next five years: FM
  • 4:00 PM: Govt's motive was to continue fight against Black Money hence we are taking steps to make people tax compliant: FM
  • 4:00 PM: Budget 2017 will bring the corrupt under govt's radar
  • 3:54 PM: Key provisions to further digital India, formalisation of economy & bringing more transparency & accountability in the system: PM Modi
  • 3:47 PM: A controversial Budget; which is clueless, useless, baseless, missionless and actionless, tweets Bengal CM Mamata Banerjee

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  • 3:37 PM: Startups can now claim Income tax exemption for any 3 yrs out of a period of 7 yrs from date of incorporation

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  • 3:37 PM: Government will be setting up an innovation fund for secondary education
  • 3:34 PM: Fiscal deficit and revenue deficit figures show our commitment to prudent fiscal management, tweets Ravi Shankar Prasad
  • 3:27 PM: India's politics is yet to mature: FM

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  • 3:22 PM: The poorest must have some income in his hand and it's the responsibility of the state: FM
  • 3:19 PM: It's a very well rounded budget which seeks to address requirements of various segments in economy: Chanda Kochhar, CEO, ICICI
  • 3:13 PM: Hats off to Nandan Nilekani for the Aaadhar card UIDAI system: FM
  • 3:09 PM: Any step to clean political funding will be supported by us, tweets Rahul Gandhi

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  • 3:07 PM: Higher Budgetary allocation to strengthen rural economy, healthcare, Railways & infrastructure will have a multiplier effect on our economy, tweets Rajnath Singh
  • 3:03 PM: We are sticking to a flexible strategy in case of divestment. Our strength lies in public investment: FM
  • 3:03 PM: I have rewarded honesty in Budget 2017: FM
  • 2:54 PM: Venkaiah Naidu reacts on Union Budget, says I thank FM for according infrastructure status to affordable housing; helping poor meet aspirations of owning a house.

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  • 2:51 PM: Decided against changing railway passenger fares for next Financial Year: Arun Jaitley
  • 2:51 PM: First few months of GST will be experimental: FM
  • 2:51 PM: Former US Pres Obama took donations from people, $50 from one $100 from another, no hassle it came online; we must follow the same example: FM
  • 2:50 PM: We are sticking to a flexible strategy in case of divestment. Our strength lies in public investment: FM
  • 2:45 PM: Every state has benefited from the UDAY Scheme, says Piyush Goyal
  • 2:35 PM: Rolling stock to be customized for transporting agricultural goods. Will Immensely benefit farmers: Suresh Prabhu

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  • 1:49 PM: I congratulate the Finance Minister to present a development oriented Budget, says PM
  • 1:48 PM: This Union Budget is yet again devoted to the well-being of the villages, farmers and the poor: PM

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  • 1:47 PM: This Budget will help small businesses to become competitive in the global market: PM
  • 1:46 PM: The commitment to eliminate corruption and black money is reflected in the Budget: PM

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  • 1:43 PM: Special emphasis has been given on women empowerment in the Budget: PM
  • 1:44 PM: The Housing sector stands to gain immensely from the Budget: PM
  • 1:44 PM: From education to business, textile manufacturing to tax redemption, steps to fulfill everyone's dreams has been taken in the Budget

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  • 1:42 PM: The merger of the Railway Budget with the general budget will give an impetus to the transport sector's growth: PM
  • 1:41 PM: The aim of the Government is to double the income of farmers: PM
  • 1:41 PM: This Budget is yet again devoted to the well-being of the villages, farmers and the poor: PM
  • 1:41 PM: This budget has taken steps for the interest of all sectors. The finance minster and his entire team needs appreciation:PM
  • 1:39 PM: PM Modi appreciated the Union Budget 2017
  • 1:00 PM:   Lok Sabha adjourned after FM Jaitley concludes his Union Budget 2017 speech
  • 12:57 PM: Arun Jaitley concludes his speech with a quote; When my aim is right, when my goal is in sight, my winds favour me and I fly
  • 12:54 PM: 50% saving in income tax if 1 person is earning up to Rs 5 lakh
  • 12:54 PM: Rs 12,500 benefit to everybody with income above Rs 5 lakh due to lower tax rate for the slab between Rs 2.5-5 lakh
  • 12:53 PM: Surcharge of 10% for taxpayers with income between Rs 50 lakh to Rs 1 cr
  • 12:53 PM: Surcharge of 15% for taxpayers with income more than Rs 1 cr
  • 12:49 PM: Existing rate of tax for individuals between Rs 2.5-Rs 5 lakh reduced to 5% from 10%
  • 12:46 PM: Electoral bonds to be introduced that can be bought by donors
  • 12:45 PM: Maximum cash donation any political party can receive will be Rs 2,000 from one source
  • 12:45 PM: SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this: FM Jaitley
  • 12:44 PM: Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now
  • 12:44 PM: I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18: FM Arun Jaitley
  • 12:40 PM: Income Tax Act to be amended - No transaction above Rs 3 lakh to be permitted in cash

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  • 12:38 PM: I propose to reduce income tax for smaller companies with an annual turnover of 50 crore by 5%
  • 12:38 PM: Revenue forgone due to MSME tax rate reduction would be Rs 7,000 crore: FM
  • 12:36 PM: After demonetisation on November 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30
  • 12:36 PM: Affordable Housing Scheme - Project completion can be over a period of 5 years instead of 3 years
  • 12:34 PM: Surplus liquidity in banking system will lower borrower coat and boost economy with multiplyer effects
  • 12:34 PM: Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana
  • 12:34 PM: More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed

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  • 12:32 PM: New ETF with diverse stocks will be launched in 2017-18
  • 12:32 PM: We will end the year with a higher growth rate of 17% for second year in a row
  • 12:32 PM: 25.4% increase in capital expenditure over last year says FM
  • 12:32 PM: Due to demonitisation advance tax on personal Income tax increased by 34.8%
  • 12:30 PM: We are committed to make our taxation rate reasonable,our tax admn more fair & expand the tax base of the country
  • 12:30 PM: Predominance of cash in the economy makes it possible to evade taxes
  • 12:27 PM: Burden of taxes fall on those who are honest as too many people do not pay tax: FM
  • 12:27 PM: Out of 76 lakh individual assessee who declare over Rs 5 lakh income, 56 lakh are salaried
  • 12:26 PM: Only 1.7 lakh people say they earn more then Rs 50 lakhs
  • 12:26 PM: We are largely a tax non compliant society, says FM
  • 12:24 PM: Total allocation for infrastructure stands at a record Rs 3,96,135 crore in 2017-18
  • 12:23 PM: The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
  • 12:22 PM: Defence expenditure excluding pension at Rs 2.74 lakh crore
  • 12:21 PM: Fiscal Deficit 3.2 percent of the GDP, remain committed to 3% in the coming year
  • 12:18 PM: Aadhar enabled payment system to be launched soon
  • 12:18 PM: Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
  • 12:18 PM: Amendment of Payment of Wages Act to help 'Ease of Doing Business'
  • 12:15 PM: Passports can be availed through head post offices: Arun Jaitley
  • 12:15 PM: A centralised defence travel system to be set up; a dedicated ticket booking portal for soldiers
  • 12:15 PM: In the recent past, there have been instances of big time offenders fleeing the country
  • 12:15 PM: Govt is considering new law for confiscation of assets of such offenders
  • 12:13 PM: Govt has launched referral bonus schemes for customers and cashback schemes for merchants on Bhim app
  • 12:13 PM: Government proposes Coach Mitra facility to redress grievances related to rail coache
  • 12:13 PM: By 2019 all coaches of Indian Railways will be fitted with bio-toilets

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  • 12:10 PM: 1.25 crore people have already adopted the BHIM App
  • 12:10 PM: Aadhar Pay to be launched shortly
  • 12:10 PM: A proposal to mandate all govt receipts through digital means under consideration
  • 12:08 PM: During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing
  • 12:08 PM: For 2017-18, PM Mudra Yojna target has been doubled to Rs 2.44 lakh crores
  • 12:08 PM: Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges
  • 12:06 PM: Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
  • 12:06PM: Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
  • 12:03 PM: Computer Emergency Response Scheme to be set up for close coordination with financial sector regulator
  • 12:03 PM: Disinvestment: Shares of CPSEs like IRCTC would be lifted on various stock exchanges
  • 12:02 PM: We have decided to abolish Foreign Investment Promotion Board: Arun Jaitley
  • 12:02 Pm: Transport sector allocated Rs 2.41 lakh crore and Bharat Net Project allocated Rs 10,000 crore
  • 12:01 PM: Total allocation for infrastructure stands at a record level Rs 3,96,135 cr in 2017-18 
  • 12:01 PM: Railways will implement end-to- end transport solutions for certain logistics
  • 11:59 AM: Selected airports in tier-II cities to be taken up for operation in PPP mode
  • 11:57 AM: A new metro rail policy will be announced, this will open up new jobs for our youth
  • 11:57 AM: At least 25 stations expected to be awarded during 2017-18; 500 stations to be made differently abled-friendly by providing lifts & escalators
  • 11:54 AM: Service charge on railway e tickets will be withdrawn 
  • 11:54 AM: Cashlesss reservations have gone up from 58% to 68%: Arun Jaitley
  • 11:53 AM: Steps will be taken to launch dedicated trains for pilgrimage and tourism: Arun Jaitley
  • 11:53 AM: Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years: Arun Jaitley
  • 11:52 AM: Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years: FM Jaitley
  • 11:52 AM: For senior citizens, Aadhar cards giving their health condition will be introduced: FM Jaitley
  • 11:53 AM: Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat: Arun Jaitley
  • 11:47 AM: 100% village electrification will be achieved by May 1,2018: FM Jaitley
  • 11:47 AM: Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year: FM Arun Jaitley
  • 11:47 AM: Open defecation free villages are now being given priority for pipe to water supply: FM Jaitley
  • 11:47 AM: To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses:FM Jaitley
  • 11:47 AM: For youth, proposed to introduce a system of measuring annual learning; Science to be given focus: FM Arun Jaitley
  • 11:46 AM: Transform, Energize and Clean India - #TECIndia - our agenda for the next year: FM
  • 11:46 AM: Affordable housing projects to be given infra status: says Arun Jaitley
  • 11:46 AM: Allocation to Rural Agri Allied sector 187230 crores, 24 per cent higer than the last year: FM
  • 11;45 AM: Effects of demonetisation not expected to spill over to next year: FM
  • 11;45 AM: A dedicated fund worth Rs 5,000 crore to be set up for micro-irrigation under Nabard, says Arun Jaitley
  • 11;45 AM: Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18, says Arun Jaitley
  • 11:45 AM: 100 per cent electrification by May 1, 2018: FM
  • 11;44 AM: Under PMGSY roads construction accelerated to 133 KM per day as against 73 KM per day during UPA regime: FM

  • 11:09 AM: Arun Jaitley begins his Union Budget's speech


  • Govt announces highest ever allocation, Rs 48,000 crore for MGNREGA: FM
  •  No. of global reports show India has considerably improved its policies, profile and practice: FM

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  • States will be asked to denotify perishable from APMC which will help farmers directly sell their produce

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  • India continues to stand as a bright spot in the world economic landscape: FM
  • Uncertainty around commodity prices, esp. around crude oil, second major challenge:FM
  • Demonetisation seeks to create a new normal where in the GDP would be bigger, cleaner and real
  • There are positive signs, that point to a positive outlook for the next year
  • The pace of remonetisation has picked up and will soon reach comfortable levels : Arun Jaitley
  • We are moving from informal to formal economy&the Government is now seen as a trusted custodian of public money
  • IMF estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017

     

     

  • India has become 6th largest manufacturing country in the world up from 9th place last year
  • The advantages of GST for economy in spurring growth. I thank both houses for having passed the bill
  • Demonetisation seeks to create a new normal where GDP will be bigger and real

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  • I am presenting this budget when the world economy faces uncertainty: Arun Jaitley
  • Inflation has been controlled and a massive war on black money has been launched: Arun Jaitley
  •  Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance: Jaitley
  •  Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism: FM

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  •  We have moved from a discretionary administration to a policy-based administration: FM

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  • 11:06 AM: Lok Sabha speaker Sumitra Mahajan addresses Parliament; Arun Jaitley to present Union Budget 2017 shortly
  • 11:05 AM: The Union Budget 2017 session has started.
  • 11:03 AM: Lok Sabha Speaker Sumitra Mahajan addresses Parliament.

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  • 10:55 AM: There should not be any politics over the Union Budget 2017; it is a constitutional responsibility. Speaker going by the past precedence: Venkaiah Naidu
  • 10:53 AM: Union Budget 2017 will be presented today. It is a constitutional requirement. We will decide on procedure: Lok Sabha Speaker Sumitra Mahajan
  • 10:50 AM: LS Speaker Sumitra Mahajan confirms that the Union Budget will be presented today

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  • 10:41 AM: I offer my condolences; Union Budget 2017 shouldn't be presented today: Lalu Prasad
  • 10:34 AM: FM Arun Jaitley leaves from North Block to Rashtrapati Bhavan and Parliament House, to present Union Budget 2017
  • 10:25 AM: Sumitra Mahajan, P J Kurien, Mallikarjun kharge reaches E Ahamed's residence.
  • 10:21 AM: FM to present Union Budget at 11 AM 

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  • 10.20 AM: Prime Minister Narendra Modi arrives at E Ahamed's residence.

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  • 10:17 AM: President gives nods to the Government to present Union Budget as scheduled
  • 10:07 AM: I think govt knew E Ahamed had passed away, but were trying to perhaps delay announcement: Mallikarjun Kharge, Congress
  • 10:00 AM : Budget will be presented as scheduled, obituary may happen before or after it: Sources
  • 9:55 AM:    Cabinet meeting to be held shortly in Parliament

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  • 9:30 AM: As this unfortunate incident happened a day before the presentation of the Union Budget, the chorus for delaying the Budget was getting stronger. Traditionally, the House adjourns for a day if a sitting MP dies during either during the inter-session period or during the session itself.
  • However, the sources said there was no need for the confusion as traditionally the Parliament proceedings are adjourned if a serving member passes away. But sources said there was no rule to this, and this was only a convention.

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  • 9:00 AM: Meanwhile, the final decision on the Budget speech will be taken after the meeting with the Speaker Sumitra Mahajan at 10:00 AM. Analysts say that a delay of few hours is possible but the postponement of Budget by a day is highly unlikely.

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