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Budget 2019 Live: Chidambaram says Modi 2.0 budget 'bereft of any reforms', says CEA must be most disappointed

Union Budget 2019 Live: With today's budget, the Modi government seeks to reverse weakening growth and investment to regain India's fastest growing economy tag

twitter-logo BusinessToday.In        Last Updated: July 5, 2019  | 18:29 IST
Budget 2019 Live: Chidambaram says Modi 2.0 budget 'bereft of any reforms', says CEA must be most disappointed
Union Budget 2019 Live: FM Nirmala Sitharaman to present first budget today

Budget 2019 Live: Finance Minister Nirmala Sitharaman in her maiden Budget speech today said the Indian economy had reached from $1.85 trillion to $2.7 trillion, and that the Centre had the target of taking it to $5 trillion by FY25. Sitharaman said investment-driven growth is a must in India as the country required Rs 20 lakh crore worth investment per year. Announcing sops for MSMEs, the FM said Rs 350 crore will be allocated for the sector. Sitharaman also announced that the pension benefits would be extended to 3 crore retail traders under the Pardhan Mantri Karam Yogi Maan Dhan Yojana. The first full-time woman finance minister further said how schemes such as BharatMala, Sagarmala and Udan were bridging rural urban divide and improving transport infrastructure. She added the government would restructure highways and the movement of cargo through the River Ganga. For power sector, the Finance Minster proposed 'One Nation One Grid'. Sitharaman also proposed the establishment of NSIL, a new commercial arm in the Department of Space to increase India's power in space and technology. Government is also considering to increase FDI in aviation and media, said Sitharaman.

Folllow the live updates of Budget 2019 here: 

5.06 PM: "The most disappointed person must be the chief economic adviser. The only investment-related proposal was to increase the FPI percent. The Modi government treats India as one big state government. Apparently the prime minister believe that only his government can deliver basic public goods and services. It is not good to reduce state government to local administrations," says Chidambaram.

4.53 PM: Former FM P Chidambaram says Union Finance Minister did not reveal how much revenue the government is expecting to earn by raising taxes. 

4:23 PM: Piyush Goyal lashed out at the Congress party for criticising the Budget and said, " Our track record is that we've performed on every single budget for last 5 yrs. Congress made promises that no one was willing to buy, because they were just "sheikh chilli ki kahani", dreams in the air that nobody trusted."

4:15 PM: "Finance Minister has been very benign to the Railways. She has laid out a vision of investment of nearly 50 lakh crore over the next 10 years. I would really like to thank Finance Minister for strengthening the resolve of the Railways," said Piyush Goyal.

4:00 PM: "Union Budget 2019 is very path breaking. It's a very comprehensive budget. We're particularly delighted as Finance Min has acknowledged role of Niti. But more important is the road map that she has set for laying down a vision for $5 trillion economy," said Niti Aayog CEO Amitabh Kant.

3:30 PM: Jagat Prakash Nadda, BJP Working President: This budget is dedicated to the poor people of the country, to the Dalits, to the farmers, to the youth and women of the country. It represents all sections of society. I really congratulate the finance minister.

3:00PM: Here's what has become cheaper:

  • Wool fibre, wool tops
  • Defence equipments
  • Certain medical devices
  • Cellular mobile phone parts including camera module, charger, adapter, lithium ion cell, as well as display module, set top box, compact camera module
  • Electric vehicle parts
  • All goods required for setting up of nuclear power plant
  • Hides, skins, leather, tanned and untanned of all sorts

2:30 PM: Here's what has become expensive:

  • Gold, silver, platinum
  • Petrol, diesel
  • Cigarettes, smoking tobacco, snuff
  • Marble slabs
  • Cashew kernels
  • Palm stearin and other oils having 20% or more fatty acid
  • Floor cover of plastics, wall or ceiling coverings of plastics
  • Articles of plastic
  • Uncoated, lightweight paper
  • Printed books and manuals
  • Ceramic roofing tiles and ceramic flags and paving, hearth or wall tiles
  • Stainless steel products
  • Base metal fittings, mountings and similar articles suitable for furniture, doors, staircases, windows, blinds, hinge for auto mobiles
  • Indoor and outdoor unit of split system air conditioner
  • Charger and power adapter of CCTV camera, IP camera and DVR / NVR; Digital Video Recorder (DVR) and Network Video Recorder (NVR);  CCTV camera and IP camera
  • Loudspeaker
  • Optical fibres, optical fibre bundles and cables
  • Auto parts

2:09 PM: The #BudgetForNewIndia has a roadmap to transform the agriculture sector of India, the PM said.

2:00 PM: The #BudgetForNewIndia is one of hope and it is a budget that will boost India's development in the 21st century, says the PM.

1.48 PM: The budget will strengthen enterprises and enterprises, further enhance women's participation in the country, says the PM.

1.47 PM: The Budget for New India is one of hope and it is a budget that will boost India's development in the 21st century, says the PM.

1.45 PM: PM Modi starts speaking on Budget 2019.

1.43 PM: To discourage business payments in cash, Tax Deduction at Source of 2% to be levied on cash withdrawal exceeding 1 crore rupees in a year from a bank account, says FM.

12.58 PM: "More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers, 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," says the PM.

12.56 PM: The govt is considering to go below 51 per cent to an appropriate level of ownership stake in non-financial public sector undertakings on case by case basis, says the FM.

12.52 PM: Strategic disinvestment of select Central Public Sector Enterprises will continue to be a priority; strategic disinvestment of Air India will re-initiate, says the FM.

12.52 PM: Finance Minister Nirmala Sitharaman proposes to allow an additional tax deduction of Rs 150,000 on interest paid on housing loans for self-occupied house owners. (Reuters).

12.51 PM: 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."

12.48 PM: Finance Minister Nirmala Sitharaman says the government will provide additional income tax deduction of Rs 150,000 on interest paid on loans taken to purchase electric vehicles.

12.47 PM: Regulation authority over housing finance sector to be returned from National Housing Bank to the RBI, says the FM.

12.44 PM: All companies with annual turnover of up to Rs 400 crore to have a corporate tax of 25 percent, says the FM.

12.43 PM: "The government has been following policy of disinvestment in non-financial public sector undertakings, maintaining govt's stake not to go below 51%. Govt is considering,in case where undertaking is still to be retained in govt control,to go below 51% to an apt level on case to case basis," says the FM.

12.40 PM: Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit: FM

12.40 PM: Public sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well, says the FM.

12.36 PM: "The govt intends to open another 4 embassies, new ones, in the year 2019-20. This will not increase the footprint of India's overseas presence but also enable us to provide better & more accessible public services especially to the local Indian communities in these countries," says the FM.

12.26 PM: Standup India will be continued for the entire period coinciding with the 15th Finance Commission, i.e. 2020 - 2025, says the FM.

12.25 PM: To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India, says the FM.

12.23 AM: Nirmala Sitharaman says the Centre proposes to issue Aadhar cards to NRIs with Indian passports after arrival without mandatory wait of 180 days.

12.16 PM: Finance Minister Nirmala Sitharaman: "I draw attention to the women of India, 'Naari tu Narayaani'. This Government believes that we can progress, with greater women participation."

12.15 PM: Sitharaman says the government will start a programme 'Study in India' that will focus to bring foreign students to study in India.

12.14 PM: "Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives," says the FM.

12.11 PM: Happy and satisfied to report that India will be made open defecation free on October 2, 2019, says the FM.

12.10 PM: "100 new clusters to be set up in 2019-20 under #SFURTI, which will enable 50,000 artisans to join the economic value chain," says the FM.

12.09 PM: "Pradhan Mantri Gram Sadak Yojana: Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees," says the FM.

11.53 AM: All-weather road connectivity provided to more than 97% of eligible and feasible habitations, made possible by a high pace of road construction, says the FM.

11.52 AM: By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility, says the FM. 11.51 AM: "In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets," says the FM.

11.50 AM: "India has emerged as a major space power. It is time to harness our ability commercially. To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO," says the FM.

11.46 AM: Government keeps Gaon, Garib and Kisan at the centre of everything we do, of every programme, says the FM.

11.45 AM: Finance Minister Nirmala Sitharaman says 125,000 km of road to be upgraded over next 5 years at a cost of 802.5 billion rupees.

11.44 AM: "It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%," says the FM.

11.40 AM: Several reforms will be taken to promote rental housing, says the FM.

11.39 AM: Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt will take necessary measures in this regard in consultation with RBI and SEBI," says the FM. 

11.37 AM: Finance Minister Nirmala Sitharaman says the government will merge non-resident portfolio schemes with foreign portfolio investment route.

11.37 AM: How India to become $5 trillion economy?

  • Heavy investment in infrastructure
  • Digital Economy
  • Job creation

11.35 AM: Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly, says the FM. 

11.33 AM: "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," says the FM.

11.32 AM: "350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans," say the FM.

11.30 AM: "Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure," says the FM.

11.30 AM: Finance Minister Nirmala Sitharaman proposes to create electronic fund raising platform for listing social enterprises. 

11.29 AM: Around 657 km of metro rail network has become operational in the country: FM

11.28 AM: "Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity," says Sitharaman.

11.25 AM: For providing an enabling ecosystem for maintenance, repair and overhaul, suitable policy interventions will be adopted, says the FM.

11.23 AM: Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure, says the FM.

11.22 AM: "India Inc, our job creators, are the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth," says the FM. 

11.21 AM: "When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens' desire and the leadership of the Government," says the FM.

11.20 AM: Nirmala Sitharaman says India to enter into aircraft financing and leasing activities.

11.19 AM: "The common man was served even as major transformational reforms were brought about," says Sitharaman.

11.18 AM: "From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years," says the FM.

11.18 AM: "Last mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be Mazbooth Desh Ke Liye Mazbooth Nagarik," says the FM.

11.15 AM: Finance Minister Nirmala Sitharaman says need to invest heavily in infrastructure, job creation. Average amount spent on food security per year doubled during 2014-19 compared to preceding five years, says FM.

11.13 AM: Indian economy will become $3-trillion economy in FY20 itself.

11.08 AM: "Between 2014 and 2019, we provided rejuvenated centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for a New India," said the FM.

11.08 AM: "Voter turnout was highest in election; every section came to stamp their approval for a performing Government. The people of India have validated their two goals for our country's future, which includes national security and economic growth," says Sitharaman.

11.06 AM:  The recent election was charged with brimming home and desire for a bright and stable New India, says the FM.

11.01 AM: Finance Minister Nirmala Sitharaman starts making budget speech in Parliament. 

10.56 AM: You can also listen to the Special Bilingual Programme on Budget 2019 at AIR news.

10.54 AM: Here are the links to watch Union Budget 2019 live coverage on social media.

10:40am: Nirmala Sitharaman, Anurag Thakur and ministry officials at the finance ministry.

10:38am: Nirmala Sitharaman's parents arrive at the Parliament.

10:37am: Cabinet meet underway before the Budget session.

10:36am: Copies of the Budget 2019 at the Parliament.

10:30am: PM Modi arrives at the Parliament.

10:22am: PM Modi arrives at Parliament for the cabinet meet ahead of the Budget 2019.

10:15am: Finance Minister Nirmala Sitharaman arrives at the Parliament.

10:00am: Chief Economic Advisor Krishnamurthy Subramanian said keeping budget documents in the four-fold red cloth instead of a briefcase is an Indian tradition. It symbolises our departure from slavery of the Western thought. It is not a budget but a bahi khata (ledger), he said.

9:45am: Not the traditional suitcase this year!

9:35am: Finance Minister calls on the President.

9:15am: Visuals of Finance Minister Nirmala Sitharaman at the Ministry of Finance.

9:10am: Finance Minister Nirmala Sitharaman along with MoS Finance Anurag Thakur, Finance Secretary S C Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry. Looks like there is no suitcase this time!

9:01am: Anurag Thakur earlier in the day.

8:52am: Finance Minister Nirmala Sitharaman arrives at Ministry of Finance.

8:47am: Anurag Thakur offers prayers ahead of the Union Budget 2019:

8:35am: Care Ratings sees a likely revision in income-tax rate for those in the Rs 5-10 lakh tax slab to 15 per cent from 20 per cent at present.

8:30am: India Inc expects corporate tax rate to be cut to 25 per cent from 30 per cent at present for all companies irrespective of the turnover.

8:25am: Inheritance tax on properties, jewellery, shares, fixed deposits (FDs), cash in bank is likely to be announced in Budget today.

8:15am: In the last five years, the government has made huge investments in the road sector with total investment increasing more than three times from Rs 51,914 crore in 2014-15 to Rs 158,839 crore in 2018-19, according to official data. Taking cues from past trends, it is expected that government will pump in huge investment into the roads and highways sector over the next five years.

8:00am: Income Tax Calculator: One easy way to calculate your Income Tax without seeking another individual's assistance is to use to BusinessToday.In Income Tax Calculator. Here's how to calculate your Income Tax step by step:

  •     Go to the Budget 2019 tab on the right side of the BusinessToday.In page, click on it
  •     On the lower right side of the new page, you'll see the Income Tax Calculator
  •     Fill your name, age group and the financial year for which you wish to calculate
  •     Once done, press 'Next Step'
  •     On the new page, choose the financial year and age group. Once done, press 'Go to Next Step'
  •     Fill in your income details and press 'Go to Next Step'
  •     Fill in your deductions details and press 'Calculate'
  •     The Income Tax Calculator will show the taxes you'll have to pay in FY20 as well as your post-tax estimate

7:45am: Budget Fact: The 1970-71 Union Budget was presented by Prime Minister Indira Gandhi who was also the Finance Minister during that time for a year. Among a host of announcements, Gandhi also "touched" the "smoker's pocket". In her speech, she apologised for altering the prices for cigarettes.Read the full story here.

7:30am: Budget Fact: Indira Gandhi, who presented the Union Budget for 1970-71 pinned down private trusts for tax evasion in her speech. In a rather stern and vocal criticism, Indira Gandhi called private trusts "one of the major devices" of tax evasion. She even went on to levy a flat tax rate on discretionary trusts. "One of the major devices leading to tax evasion and avoidance is the creation of private trusts,"she said. Read the full story here.

7:20am: Where and when to watch the Budget 2019?She will give her Budget speech at 11 a.m. on July 5, Friday. The  Budget will be live telecast at India Today and Aaj Tak channels.

7:10am: What will Modi 2.0 do for job creation? Unemployment hit a four-decade high of 6.1 per cent in 2017-18. It showed that 7.8 per cent of all employable urban youth were jobless, while the figure for rural India was 5.3 per cent. Meanwhile, the country's working age population, or those above the age of 15, is expanding by 13 million a month.

7:00am: In other news, the 30-share BSE Sensex settled 68.81 points, or 0.17 per cent, higher at 39,908.06, while the broader NSE Nifty climbed 30 points, or 0.25 per cent, to 11,946.75.

6:50am: The dark clouds of decelerating GDP growth threaten to rain on Nirmala Sitharaman's parade. The six-member monetary policy committee (MPC), headed by RBI Governor Shaktikanta Das, recently lowered its GDP growth forecast for FY20 to 7 per cent from 7.2 per cent in the April policy. In April, the International Monetary Fund (IMF) had also lowered India's growth forecast by 0.1 percentage point for 2019 to 7.3 per cent and 0.2 percentage point for 2020 (7.5 per cent).

6:40am: What are the expectations of the middle class? India's middle-class is hoping for a big bonanza in Finance Minister Nirmala Sitharaman's maiden Budget speech.

  • Higher income tax exemption limit
  • Increase income tax deduction under Section 80C of the Income Tax Act
  • More tax benefits on home loan
  • Job creation
  • Revising tax slabs

6:30am: Quick Recap -- The Economic Survey prepared by the Chief Economic Adviser Krishnamurthy Subramanian was tabled at the Parliament on June 4. Here are the highlights of the Economic Survey 2019:

  • GDP growth predicted at 7 per cent in FY20 on stable macroeconomic conditions
  • To become a $5 trillion economy by 2025, India needs to sustain a GDP growth rate of 8%
  • General fiscal deficit seen at 5.8 per cent in FY19 against 6.4 per cent in FY18
  • Investment rate seems to have bottomed out
  • Accommodative MPC policy to help cut real lending rates
  • Decline in NPAs should push up CAPEX cycle
  • Oil prices to decline in FY20
  • Farmers may have produced less in FY19 on food price fall
  • Jan-March economic slowdown due to poll related activity
  • NBFC stress reason for FY19 slowdown

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