Budget 2019: Nirmala Sitharaman has her work cut out

Budget Speech @ 12:54 pm: Government proposes to make PAN and Aadhaar interchangeable for income tax return (ITR) filing.

Budget Speech @ 12:52 pm: FM Nirmala Sitharaman to resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premiums.

12:50 pm: For purchase of high-rated pooled assets of financially sound Non-Banking Finance Companies amounting to Rs 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs.

12:48 pm: Additional interest deduction of 1.5 lakh is proposed for buying electric vehicles. The total benefit will be Rs 2.5 lakh.

12:46 pm: Corporate tax rate of 25% for all companies up to Rs 400 crore turnover.

12:39 pm: I thank taxpayers, who as responsible citizens perform their duty by paying their taxes to aid the development of the country: FM Sitharaman

12:37 pm: A new series of coins of Rs 1, 2, 5, 10 and 20 easily identifiable by visually impaired will be available for public use shortly.

12:35 pm: Government to realign its holding in CPFCs, strategic disinvestment to remain a priority. Disinvestment target has been set at Rs 1.05 lakh crore

12:33 pm: Every verified woman SHG member having a Jan Dhan account, an overdraft of 5000 rupees will be allowed. To further encourage women entrepreneurship, Women SHG Interest Subvention Programme will be expanded to all districts in India, announced FM.

12:31 pm: NPS to be separated from PFRDA with separate organisational structure.

12:30 pm: 100 lakh crore to be invested in Infra over the next 5 years. Expert committee to study long term finance and recommend the structure and flow of funds through development finance institutions.

12:28 pm: 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.

12:26 pm: The government has proposed to provide Rs 70,000 crore for PSU bank recapitalisation.

12:23 pm: Exclusive TV programme exclusively for startups to be started, channel will be designed and executed by startups themselves. Standup India will be continued for the entire period coinciding with the 15th Finance Commission, i.e. 2020 – 2025

12:21 pm: Sitharaman announced that the Government is developing 17 iconic tourism sites as world-class destinations. To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India: Sitharaman.

12:19 pm: The FM drew attention to the women of India, ‘Naari tu Narayaani’. She said, “This Government believes that we can progress, with greater women participation.”

12:17 pm: Aadhar card for NRIs with Indian passports after they arrive in India. They will not have to wait for 180 days.12:15 pm: Railways to be encouraged to invest more in suburban railways through SPV structures such as Rapid Regional Transport System; more PPP initiatives to be encouraged in the rail sector.

FM Sitharaman said that the Indian Railways will need an investment of at least Rs 50 lakh crore between 2018 and 2030 for modernisation and upkeep. The FM said that a PPP will make services better and faster. “A Public-Private partnership will usher the new dawn of Indian railway,” she said.

12.13 pm: New education policy will focus on research in the country, says FM Sitharaman. I propose to start a program, ‘STUDY IN INDIA’ that will focus on bringing foreign students to India for higher education: Nirmala Sitharaman.

12:09 pm: FM Sitharaman said that although zero budget farming is not a new thing, the government would like to shift focus on going back to the roots and reassess the implementation of zero budget farming. The FM said that 10 thousand new farmer producer organisations will set up for ensuring market reach for farmers.

12:07 pm: Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund: FM

12:04 pm: 100 new clusters proposed to be set up in 2019-20 under SFURTI, which will enable 50,000 artisans to join the economic value chain.

12.00 pm: New education policy will focus on research in country, says FM Sitharaman. I propose to Start a program, “STUDY IN INDIA” that will focus on bringing foreign students to India for higher Education: Nirmala Sitharaman

11:59 am: 80 Livelihood business incubators and 20 technology business incubators will be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries: FM

11:57 am: About 9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free. We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable solid waste management in every village, the FM added.

11:55 am: We’ll invest widely in agricultural infrastructure. We’ll support private entrepreneurship in driving value addition to farmers produce & those from allied activities too, like bamboo, timber & also for generating renewable energy. Ann daata ko kyun oorja daata bana nahi sakte?, said FM in her speech.

11:52 am: In the 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: FM

11:50 am: Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY: FM

11:47 am: Government keeps Gaon, Garib and Kisan at the centre of everything we do, of every programme. 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

11:45 am: To provide NRIs seamless to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route.

11:42 am: By 2022, I would assure every single rural family except those who are unwilling to take the connection will have electricity and clean cooking facility, said FM. Village, poor and farmers are at the centre of all of our govt’s programmes. Local sourcing norms will be eased for single-brand retail sector, she added.

11:40 am: FM Sitharaman said Sebi asked to mull minimum public shareholding to 35% from 25%. Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly

11:38 am: Govt will invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries.

FM also announced 100% FDI permitted for insurance intermediaries. Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with a specific focus on infra sector to be put in place.

11:31 am: FM proposes measures to promote rental housing. Sitharaman also proposed measures to promote rental housing.

11:29 am: Sitharaman proposed to set up social-stock exchange to list social enterprises and voluntary organisation under SEBI

11:25 am: FM announced MSME loan up to Rs 1 crore with 2% interest subvention for all GST-registered MSMEs.

11:24 am: We don’t look down upon legitimate profit earning. Gone are the days of policy paralysis & license quota control regime. India Inc are India’s job creators, nation’s wealth creators. Together with mutual trust we can gain, catalyse past & attain sustained growth.

11:23 am: The FM underscored the government’s commitment to UDAN scheme, water transport and road transport to pit the rural-urban divide. Sitharaman said that the government will ensure that the National Highway grid is developed with an apt financial model.

11:21 am: India Inc, our job creators, are the nation’s wealth creators; together, we can prosper. I wish to propose number of reforms to kickstart virtuous cycle of growth, said Finance Minister Nirmala Sitharaman.

11:20 am: Vision for the decade: From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars in five years; it is well within our capacity to reach 5 trillion dollars in the next few years: Union Finance Minister

11:19 am: 300 km of new metro routes approved, says Finance Minister Nirmala Sitharaman. Time right for India to enter aircraft financing, says the finance minister.

1:17 am: Finance Minister Nirmala Sitharaman: The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position. Government has given a massive push to all forms of physical & other connectivity. Wish to propose many initiatives to kick-start growth: Finance Minister

Budget Speech @ 11:15 am: It took India 55 years to reach $1 trillion economy and after that in five years we added another $1 trillion. $5 trillion economy size quite doable in next few years, says Finance Minister Nirmala Sitharaman.

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, said FM Sitharaman. She added, “The common man was served even as major transformational reforms were brought about”.

Budget Speech @ 11:10 am: FM Sitharaman thanked the voters for re-electing the Modi government, adding that India has stamped its approval on a performing government as the BJP worked to empower the citizens, following the motto of Mazboot Bharat ke liye Mazboot Nagarik. Average amount spent on food security per year approx. doubled during 2014-19 compared to the preceding five years: FM

11:05 am: The people of India have validated their two goals for our country’s future: national security and economic growth, says FM

11:00 am: Lok Sabha session has begun. Finance Minister Nirmala Sitharaman has risen up to present Budget 2019.

10:55: Union Cabinet approves Budget 2019. Finance Minister Nirmala Sitharaman all set to present her maiden Budget shortly. The Budget Speech will begin at 11:00 am sharp.

10:45 am: Copies of Budget 2019 have been brought to Parliament ahead of the presentation. Union Cabinet meeting is currently underway in Parliament.