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LIVE BLOG

Budget 2019 Updates| Welcome tax benefits for middle and lower income groups: Naveen Patnaik

Interim Budget 2019 Live: As per convention, the election year budgets are Union interim budget or a vote on account. Piyush Goyal spoke extensively on issues related to farmers, tax returns and electricity while outlining the steps being made by the...

By HT Correspondent | Feb 01, 2019 21:02 IST
highlights

Finance minister Piyush Goyal presented the sixth and hence, the interim budget of the Narendra Modi government on Friday. The interim budget is widely expected to focus on giving big push to investment in agriculture, small and medium industries, and health sectors.

Watch: Piyush Goyal presents interim budget

 

Read here: All you need to know

Income tax concessions for individuals and lowering of peak tax rate for the corporates may also be part of a possible populist interim budget that Goyal will present on Friday as the Modi government makes a last-ditch attempt to woo voters ahead of the Lok Sabha elections.

Watch| ‘Growth-oriented budget with an eye on upcoming polls’: Experts

 

Here are the highlights:

6:57 pm IST

I welcome tax benefits for middle and lower income groups: Naveen Patnaik

Odisha chief minister Naveen Patnaik: “I welcome tax benefits for middle and lower income groups. I welcome direct benefit transfer to both small&marginal farmers on lines of our KALIA Scheme. However, it would’ve benefitted farmers more if quantum of assistance is equal or more than KALIA Scheme.”

6:52 pm IST

This budget strikes a fine balance between financial prudence and welfare of the citizenry: Amit Shah

This budget strikes a fine balance between financial prudence and welfare of the citizenry. Budget has provisioned a 75,000 crore outlay for farmers while holding the fiscal deficit at just 3.4%, which had ballooned to 6% during UPA era, says BJP chief Amit Shah.

6:37 pm IST

Govt should have thought about farmers: Captain Amarinder Singh

Punjab chief minister Captain Amarinder Singh:”I want to know what have they done for the problems of the farmers who are in debt about whom every minister including PM talks about. What have they done for unemployed youth? They’re our future. Govt should have thought about them.”

6:21 pm IST

Today’s budget is a gift to farmers: Devendra Fadnavis

Today’s budget is a gift to farmers,labourers, women and middle class of India...The defence budget was enhanced beyond Rs 3 lakh crore, a first in history of India. Statesmen don’t talk about only 1 year. The budget has created a blueprint of India of 2030, says Maharashtra chief minister Devendra Fadnavis.

6:05 pm IST

Surgical strike will happen on Prime Minister and his government: Rahul

Surgical strike will happen on Prime Minister and his government on issues like Rafale, jobs and demonetisation: Rahul Gandhi after opposition meet.

5:58 pm IST

You can waive off Rs 3.5 Lakh crore loan of 15 people but give only Rs 17 per day to farmers: Rahul

You can waive off Rs 3.5 Lakh crore loan of 15 people but give only Rs 17 per day to farmers! What else is this, if not an insult? Election will be fought keeping in mind issue of farmers, unemployment & attacks on institutions, it’ll also be on the issue of Rafale, says Rahul Gandhi.

5:55 pm IST

Surgical strike on Modi govt in few months: Rahul Gandhi

Surgical strike on Modi governmentt in few months, says Rahul Gandhi.

5:51 pm IST

On Monday at 5.30 pm we will go to the election commission over EVMs: Rahul

On Monday at 5.30 pm we(Opposition leaders) will go to the election commission over EVMs, says Rahul Gandhi.

5:50 pm IST

Many people doubt EVMs in India: Rahul Gandhi

Many people doubt EVMs in India, says Congress president Rahul Gandhi

5:41 pm IST

Budget shows govt’s dedication to aspirations of poor, youth, farmers: Shah

BJP president Amit Shah Friday hailed the interim budget for “benefiting” all sections of the society and asserted that it has underscored the Modi government’s dedication to the aspirations of the country’s youth, farmers and the poor. The budget touches everybody, will spur growth and generate employment, he told reporters and also praised the government for “maintaining” fiscal discipline.

5:13 pm IST

Reforms unshackled economy making India global leader in growth: Jaitley

Reforms unshackled economy making India global leader in growth, says Arun Jaitley.

5:13 pm IST

3-3.5 cr people will be benefitted: Piyush Goyal

Finance Minister Piyush Goyal to ANI on new tax slab: “3-3.5 cr people (will be benefitted). We’ll get a final data when the final tax returns of the next yr come...We have not disturbed the tax rates. We just made the change that those with an annual income less than Rs 5 Lakh will have to pay zero tax

5:06 pm IST

‘Historic’ interim Budget will accelerate creation of ‘New India’: Rajnath Singh

Union Home Minister Rajnath Singh Friday termed the interim Budget “historic” and said it will accelerate the process of creating a ‘New India’ which is confident, self-reliant, developed and prosperous.

4:57 pm IST

Interim Budgets are an opportunity for the government to introspect their performance: Jaitley

Interim Budgets are also an opportunity for the Government of the day to introspect their performance of the last five years and place its facts before the people, says Arun Jaitley

4:48 pm IST

Budget marks a high point in policy directions: Jaitley

Union minister Arun Jaitley writes in his blog: “The Interim Budget presented by Shri Piyush Goyal today marks a high point in the policy directions that the Government headed by Prime Minister Shri Narendra Modi has given to this nation.”

4:46 pm IST

Rahul Gandhi dismisses the scheme

Taking to Twitter, Congress president Rahul Gandhi dismissed the scheme.

“Dear NoMo (Prime Minister Narendra Modi) five years of your incompetence and arrogance has destroyed the lives of our farmers.

“Giving them Rs 17 a day is an insult to everything they stand and work for,” tweeted Gandhi ending the post with #AakhriJumlaBudget.

 

4:21 pm IST

Farmers’ income scheme an insult: Rahul

Congress President Rahul Gandhi on Friday said the Modi governments scheme to provide direct income support of Rs 6,000 each to poor and marginal farmers, was an “insult” to everything the farmers stand and work for.

3:43pm IST

Final ‘jumla’ of Modi govt: Arvind Kejriwal on interim budget

 

3:37pm IST

Would like to congratulate Piyush Goyal, Arun Jaitley for this budget: Modi

“I would like to congratulate Piyush Goyal and Arun Jaitley and everyone else involved in forming this budget. It will empower the people of the country,” Modi said. Earlier today, Piyush Goyal presented the interim budget 2019 in Parliament. The unorganized labour force, about 40 crore people, haven’t ever received any help from previous governments. The beneficiaries will get assured monthly pension after reaching the age of 60 years now, the prime minister added.

3:33 pm IST

This budget will reward honest taxpayers: PM Modi

Our government is trying to bring major development in the country. There are still a lot of areas where we need to bring development. We are also thinking of creating a new department for traders, said PM Modi.

3:29pm IST

This is a budget for new India and for all Indians, says PM Modi

This is a budget for new India and for all Indians, PM Modi said. Different governments came up with different schemes for farmers but they were never implemented. But this scheme is going to benefit those farmers the most who have less than 5 acres of land, he added. He also said that 12 crore farmers, 3 crore taxpayers, 30 crore labourers will benefit from the Budget.

3:01pm IST

Couldn’t have afforded to wait for main budget: FM on tax returns

“This decision was announced in Budget 2019, since we could not have afforded to wait for the main budget, as taxes would have otherwise been deducted at source,” Finance Minister Piyush Goyal said on tax rebate. Goyal was speaking on the decision of individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate.

2:57pm IST

‘What about the urban poor,’ asks Chidambaram

“By recklessly breaching fiscal discipline, the government will fund the scheme this year entirely out of borrowed money of ₹20,000 cr. Next year too, the Scheme will be funded entirely out of borrowed money of ₹75,000Cr. What about the urban poor?” Chidambaram asked.

2:46pm IST

‘Tested our patience, longest interim budget speech in recent memory’

“The interim finance minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech,” P Chidambaram said.

2:38 pm IST

‘Tax relief is an attempt to recognize the efforts of the honest taxpayer’

“42 crore workers of the unorganized sector will benefit from the pension scheme. Domestic workers can also avail it. The income tax refund process is going to get even smoother. Assesment will be done in 24 hours and those who aren’t under scrutiny will get refunds within the day,” Piyush Goyal said. Tax relief to those earning up to Rs 5 lakh is an attempt to recognize the efforts of the honest taxpayer, he added.

2:33pm IST

We don’t do votebank politics, we do development politics: Dharmendra Pradhan

“Opposition has no issues to talk about, they are scared of Modi Ji’s welfare schemes. We don’t do votebank politics, we do development politics. We are dedicated to take Indian farmers to new heights,” Union Minister Dharmendra Pradhan said on budget 2019, according to ANI.

2:31pm IST

‘Centre put forth a proposal to launch a mega pension scheme’

The Centre put forth a proposal to launch a mega pension scheme, ‘Pradhan Mantri ShramYogi Maandhan’, for unorganised sector workers with a monthly income of up to Rs. 15,000, Goyal said.

2:22pm IST

Going to take initiatives for welfare of nomadic communities: Goyal

“The directive principle of the constitution which called for the protection of cows, the Rashtriya Kamdenu aayog is going to make sure it is followed and has alloted money for it. The denotified nomadic and semi-nomadic community will be classified. We are also going t start new programmes for their welfare. This government has made sure that each and every person benefitted from our initiatives,” Piyush Goyal said while addressing a press conference.

2:14pm IST

Those sitting in AC rooms cannot understand plight of farmers: Goyal

“Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision,” Piyush Goyal said.

2:11pm IST

‘Budget touched lives of people from every section’

Finance Minister Piyush Goyal said that the budget touched lives of people from every section. He also said that the previous governments have only taken such major steps to better the lives of farmers in words but never implemented them. 

1:56pm IST

Budget has met expectations of farmers & middle class: Amit Shah

 

1:44pm IST

‘Also issued guidelines for Pradhan Mantri Kisan Samman Nidhi scheme’

“We have also issued guidelines for Pradhan Mantri Kisan Samman Nidhi scheme. In 2018-19 financial year, for months before March, Rs 2000 will be transferred to farmers’ accounts, and in the financial year 2019-20 farmers will get Rs 6000,” said Union Minister Radha Mohan Singh.

1:41 pm IST

It is a historic budget: Rajnath Singh

“It is a historic budget. This will enable the common man to stand on his feet and all the sections of the society will benefit from it,” said Rajnath Singh. 

1:36pm IST

Budget presented in Parliament is BJP’s election manifesto: Kharge

“The Budget presented in Parliament is BJP’s election manifesto. The money being doled out by govt is for elections. I say directly that they are paying bribe to voters,” alleged Congress leader Mallikarjun Kharge, minutes after finance minister Piyush Goyal concluded his budget speech.

1:33pm IST

Country has been betrayed once, not again, tweets Tej Pratap

 

1:27 pm IST

Sensex, Nifty shoots up

The 30-share Sensex is trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25.

1:20 pm IST

Budget will help achieve dream of ‘New India’: Yogi Adityanath

All sections of society including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a ‘New India’: Yogi Adityanath tells ANI.

1:17 pm IST

Whole exercise a damp squib: Shashi Tharoor

The whole exercise has turned out to be a damp squib. We’ve seen one good thing, that is tax exemption for the middle class. Rs 6,000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity: Shashi Tharoor of Congress tells ANI.

13:07pm IST

‘Compliments to Piyush Goyal for delivering an excellent Budget’: Jaitley

“My compliments to Shri Piyush Goyal for delivering an excellent Budget. The Budget furthers the agenda of the Government headed by Prime Minister Shri @narendramodi ji to comprehensively address the challenges of the economy. The Budget expands spending while pragmatically sticking to fiscal prudence. The Budget is unquestionably Pro-Growth, Fiscally prudent, Pro-Farmer, Pro-Poor and strengthens the purchasing power of the Indian Middle Class,” Arun Jaitley tweeted.

 

13:04 pm IST

‘Budget 2019 shows Modi govt’s commitment towards people’s welfare’

“From small and marginal farmers to nomadic communities, and from unorganized laborers to the middle class, Budget 2019 has shown the commitment of PM Narendra Modi’s govt to the welfare of every section of the society,” Rajyavardhan Rathore said on Twitter. ‏

13:02 pm IST

Interim budget 2019: Key announcements so far

 

12:57pm IST

‘NDA’s economic reforms unshackled Indian economy, tweets Jaitley

As Piyush Goyal concluded the interim budget speech, Arun Jaitley said that the interim budget is also an opportunity for the Government of the day to introspect their performance of the last five years and place its facts before the people. Jaitley said this in a series of mail on Twitter. “The economic reforms undertaken by the NDA Government have unshackled Indian economy, unleashed its potential and made us a global leader in growth. The future vision is to make India a Five Trillion Dollar economy. By the middle of the next decade we will achieve this and thereafter, target doubling that size of the economy. GST has already brought down most taxes on goods from 31% tax to the 18%, 12% and the 5% bracket. Never in the history of India during the five year tenure of a Government we have witnessed tax reduction and a Middle Class relief of this magnitude,” he said.

 

12:47pm IST

Development became a Jan Andolan: Piyush Goyal ends budget speech

Development became a Jan Andolan (people’s movement) under the present Government, Piyush Goyal said. He also said the Interim Budget 2019 is a vehicle for the developmental transformation of the nation.

12:43pm IST

Piyush Goyal cites couplet at Budget speech

Finance Minister recited a couple while presenting the budget speech.

12:40 pm IST

India became one common market with implementation of GST: Goyal

“Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime. India became one common market with implementation of GST,” finance minister Goyal said.

12:38pm IST

TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees

TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees. TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees, said Piyush Goyal at interim budget 2019.

12:36 pm IST

‘Around 3 cr middle class taxpayers will get tax exemption’

“So people earning up to Rs 6.5 lakh may not have to pay tax if they make investments in specified savings. This will provide tax benefit of Rs 18,500 crore to 3 crore people,” he added. Around 3 crore middle class taxpayers will get tax exemption due to this measure, the finance minster said.

12:35pm IST

Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate

“Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate, finance minister Piyush Goyal announed during budget 2019,” Piyush Goyal said in a major announcement as people in Parliament cheered.

12:31pm IST

We have moved to a moderate tax regime: Goyal

“Both tax collection and tax base have shown significant increase due to government initiatives in recent years, and we have moved to a moderate tax regime, with high collection,” said Goyal.

12:31pm IST

We maintained the path to establish 3% fiscal deficit by 2020

Total expenditure rose by 13%. We maintained the path to establish 3% fiscal deficit by 2020, said Piyush Goyal.

12:29pm IST

‘I thank our taxpayers for their valuable contribution to nation-building’

On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized, Piyush Gopyal said.

12:25pm IST

Will place an Indian astronaut in space through our own Gaganyaan

“We are going to place an Indian astronaut in space through our own Gaganyaan. By 2030, we will work towards a comprehensive healthcare system. Our vision cab be realised by Team India by making our nation a minimum government and maximum governance one,” Goyal said.

12:23 pm IST

‘Minimum Govt Maximum Governance is 10th dimension of our vision’

“Healthy India, with distress-free and comprehensive wellness system for all is the ninth dimension of our vision for 2030. Our vision can be delivered by team India, our emplloyees working together. Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy, electronic governance is the 10th dimension of our vision for India for 2030: FM Piyush Goyal.

12:20 pm IST

‘India will lead the world in energy efficiency’

The finance minister said that making India pollution-free is the government’s vision. “This India will drive on electric vehicles, India will lead the world in energy efficiency and use of renewable energy. Increasing employment opportunities in rural areas,” Piyush Goyal said.

12:16pm IST

Youth needs to lead to build Digital India: Goyal

To build a DigitalIndia that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs. Build a quality science-based education sector.

12:14pm IST

We are poised to become 5 trillion dollar economy in next 5 years: FM

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. 18% increase in direct tax collections in 2017-18, 1.06 crore people included in tax base; more than 1 crore citizens filed IT returns for the first time, after demonetization

12:12pm IST

‘Anti-black money measures brought undisclosed income of 1.30 lakh cr’

Committed to eliminating the ills of black money; anti-blackmoney measures taken have brought undisclosed income of about 1.30 lakh crore rupees to the surface; 3.38 lakh shell companies deregistered:Infrastructure Development, said Piyush Goyal.

12:09 pm IST

‘GST has been continuously reduced’

“Group of Ministers examining how prospective house buyers can benefit under GST. GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket,” Goyal said.

12:07 pm IST

‘We implemented biggest taxation reform since Independence - GST’

“We implemented GST, The biggest taxation reform since Independence. GST has resulted in increase tax base and ease of trade. Interstate movement of goods has become smooth,” said Goyal.

12:05pm IST

Key announcements made during the interim budget speech till now

 

12:03pm IST

‘Almost all verification of IT returns be done electronically in 2 years’

“Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials,” said Goyal.

12:01 pm IST

‘99.54% returns have been accepted without any scrutiny’

“In the last 5 years under all categories of workers, minimum wages increased by 42% which is the highest ever. 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. 99.54% returns have been accepted without any scrutiny,” Finance minister Piyush Goyal said.

11:58am IST

Piyush Goyal praises film Uri during budget speech

“You must have watched the film Uri recently. What fun it was!” said Goyal as leaders cheered for the Vicky Kaushal starrer film. “Single window clearance for shooting films for Indian movie makers. Bollywood provides employment to a large sector. Saw Uri movie, there was such josh in the theatre,” he said.

11:57am IST

Mobile data have increased 50 times in the last five years

“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. SCs are creating digital infra in villages, to convert them into digital villages,” the finance minister said.

11:55 am IST

Installed solar generation capacity increased 10 times in last 5 years

“Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector,” Piyush Goyal said.

11:53am IST

‘India is now the fastest highway developer in the world’

“India is now the fastest highway developer in the world.Infrastructure projects like Eastern Peripheral Expressway and the Bogibeel bridge which were stuck for years were inaugurated by our government,” Goyal said.

11:52 am IST

Defence budget enhanced beyond 3 lakh crore rupees

Defence budget enhanced beyond 3 lakh crore rupees. Gone beyond incremental growth in infra, to attain transformative achievements.I ndia is the fastest highway developer in the whole world, 27 kms of highways built each day, projects stuck for decades completed; Sagar Mala will help faster handling of import and export cars, the finance minister said.

11:50 am IST

Previous governments only made promises, we implemented it: Goyal

“We kept our promise of implementing one-rank-one pension for our soldiers. Previous governments only made promises, we implemented it. Defence budget Rs 3 lakh crore,” Piyush Goyal said while presenting interim Budget 2019.

11:49 am IST

Piyush Goyal: The job-seeker has now become a job creator

We have harnessed youth energy through schemes like Make in India and Mudra yojana. The job-seeker has now become a job creator. India is now the second-biggest hub of start-ups, said Piyush Goyal.

11:46 am IST

‘Rs 1 crore loan can now be obtained under 59 minutes’

Piyush Goyal said that the nine priority areas have been identified by the goverment. He also said that the National Artificial Intelligence Portal will be developed soon. He also said transactions of more than 17,500 crore rupees on GeM India, has resulted in savings of 25%-28%.

11:45am IST

NDA govt announced assured income to small and marginal farmers

 

11:43 am IST

8 cr free LPG connections to be given out under Ujjwala scheme

“8 crore free LPG connections to be given out under Ujjwala scheme. Over 70% beneficiaries of the Mudra yojana are women who are getting loans at low interest rates,” said Piyush Goyal at interim budget 2019.

11:40 am IST

Pension scheme for workers of Rs 3,000 after the age of 60 years.

The government announced a pension scheme for workers of Rs 3,000 after they achieve the age of 60 years.

11:37 am IST

Gratuity limit increased from 10 lakh to 30 lakh rupees

50% of the GDP comes from sweat and toil of 42 crore workers in unorganized sector. 1 crore 53 lakh houses have been constructed,143 crore LED bulbs distributed which will save 50,000 crores of rupees, Goyal said.

11:33 am IST

‘All farmers severely affected by severe calamities to get 2% interest subvention’

“In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment,” Goyal said.

11:31 am IST

‘Increased allocation for Rashtriya Gokul Mission to 750 cr’

Increased allocation for Rashtriya Gokul Mission to 750 crore in current year. 2% interest subvention to farmers pursuing animal husbandry and fisheries: FM Shri Piyush Goyal #Budget2019

11: 28 am IST

‘Will provide Rs 6,000 per year as income support to farmers’

We increased minimum support price (MSP) of 22 crops. To provide assured income to small and marginal farmers, PM Kisan prgramme has been approved under which we will provide Rs 6,000 per year as income support, said Piyush Goyal.

11: 26 am IST

4R approach implemented to ensure clean banking: Goyal

For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops. The 4R approach and a number of measures have been implemented to ensure clean banking, Piyush Goyal said. He expanded them as:

1.Recognition

2.Resolution

3.Recapitalization

4.Reforms

11: 25 am IST

21 AIIMSs operating or being established: Piyush Goyal

21 AIIMSs operating or being established, 14 of these have been announced since 2014. Ayushman Bharat, the world’s largest healthcare programme, launched to provide medical care to nearly 50 crore people, resulting in 3,000 crore savings by families of poor sections, Goyal said at interim budget 2019.

11: 24 am IST

‘Our govt started the world’s largest behavioural change programme’

 

11: 22 am IST

We made sure electricity reached each and every one: Goyal

“We have made sure the poor are the first beneficiaries of government schemes. The construction of rural roads has tripled. We made sure electricity reached each and every one. We made LED bulbs available to the poor on mission mode to bring down their power bills. During 2014-18, 1.53 lakh houses have been constructed under PM Awas Yojana. Pace of construction of rural roads has been tripled under our tenure, said Goyal while presenting Budget 2019,” the finance minister said.

11: 19 am IST

We have walked the talk, says Piyush Goyal at budget speech

“RERA, benami act, fugitive offenders act will ensure transparency and curb corruption. We have walked the talk. Our government started the world’s largest behavioural change programme with ‘Swachh Bharat Abhiyaan’. I thank the public form making Swachh mission a success. The government has approved 10% quota for the economically poor, without affecting existing reservation,” said Goyal.

11: 17 am IST

‘Efforts taken to bring full representation for economically weak backward classes’

1,70,000 crore spent for bringing food at affordable rates to poor people. Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education, says Piyush Goyal

11: 14 am IST

‘Our government has broken the backbone of the back-breaking inflation’

We are the fastest growing major economy in the world. From 11th largest economy in 2013 we are now the 6th largest largest economy in the world. Inflation is a hidden tax on the common man, we have been able to control it. Our government has broken the backbone of the back-breaking inflation, said Piyush Goyal.

11:11am IST

‘GST, banking reforms, insolvency code are path-breaking moves’

The fiscal deficit has been brought down. Massive surge in Foreign Direct Investment. The last five years have witnessed a wave of structural reforms. The GST, banking reforms, insolvency code are path-breaking moves, said Piyush Goyal while presenting interim budget 2019.

11:09 am IST

Our govt has broken backbone of the bone breaking inflation: Goyal

“We are the fastest growing major economy in the world. From 11th largest economy in 2013 we are now the 6th largest largest economy in the world. Inflation is a hidden tax on the common man, we have been able to control it. Our government has broken the backbone of the bone breaking inflation,” said Piyush Goyal.

11:07 am IST

‘Deeply concerned by Arun Jaitley’s absence’

Deeply concerned by Arun Jaitley’s absence , we wish him a speedy recovery. Under the leadership of PM Narendra Modi, we have given the most stable and clean government. We have moved ahead of the policy paralysis that had engulfed the nation under the previous government: Piyush Goyal

11:04 am IST

Piyush Goyal presents interim budget 2019

Piyush Gpyal presented the interim budget 2019 in Parliament today. “We are the fasted growing major economy in the world today,” said Goyal.

11:02 am IST

Presentation of interim budget 2019 starts

The presentation of interim budget 2019 started in the parliament. Piyush Goyal will be presenting the budget today.

10:57 am IST

Govt sources sending budget pointers to media houses: Manish Tiwari

“Since morning, government 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,” said Congress’Manish Tiwari.

10:55 am IST

Cabinet clears interim budget 2019

The Union Cabinet has cleared the interim budget 2019. The cabinet met earlier today to get clearance on the interim budget.

10:51 am IST

How your taxes and investments could be affected by the budget

Budget 2019, the last for the NDA government, will be announced soon. Though no big ticket announcements are expected experts are divided on whether sops will be given since it’s an election year. Will the government stick to the norm of presenting an interim budget in an elelction year or will they make big ticket announcements? We’ll have to wait and watch .From a personal finance standpoint, tax relief is a major hope from the budget. But some analysts feel is better to not set the hopes too high.Housing is another area that is expected to see some announcements. In an effort to achieve the target of ‘Housing for all by 2022’ the budget may introduce or increase some benefit for home buyers. Reports have also suggetsed the budget may introduce debt-oriented new schemes that will offer tax deduction to investors. Read full report here.

10:46 am IST

TDP MPs dress in black to protest against govt ahead of Budget 2019

TDP MPs dressed in black gathered to protest against the central government ahead of the presentation of the interim #Budget2019. They are protesting in Parliament premises demanding special category status for Andhra Pradesh, reports ANI.

 

10:42 am IST

Cabinet meets to clear interim Budget

Cabinet meets ahead of budget presentation in Parliament.

10:40 am IST

Sushma Swaraj, Rajnath Singh, Ravi Shankar Prasad arrive at Parliament

Union ministers Sushma Swaraj, Rajnath Singh and Ravi Shankar Prasad arrive at the Parliament.

10:30 am IST

Only ‘jumlas’ will come out today: Mallikarjun Kharge

Congress leader Mallikarjun Kharge said that the government will 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?”, he asked ahead of Budget 2019, reports news agency ANI.

10:27 am IST

6th budget will also be for the farmers: Radha Mohan Singh

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, says Radha Mohan Singh told ANI.

10:22 am IST

‘This time let’s demonetise 100 rupee notes’: Chidambaram

  

10:20 am IST

‘Modi govt popular, it’s natural we will take care of everything’

“Modi government is a popular govt, it’s natural that we will take care of everything. We will do whatever is possible for the people. We have always presented a good budget,” Shiv Pratap Shukla, MoS, finance, told ANI.

10:14 am IST

What economists expect from today’s budget

Mint spoke to economists about their expectation from the budget. Arvind Virmani, former chief economic advisor, said, “There are two aspects of the budget, one is the finance minister’s speech and the other is actual numbers of budget allocation.” Indira Rajaraman, economist and former finance commission member, said, “Even if govt gets tax proposals passed, it will be a statement of intent.” Read full story here.

10:10 am IST

‘Investment in railways will be increased’: Manoj Sinha

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, said Manoj Sinha, Minister of State for Railways, ahead of Interim Budget 2019, reports ANI.

10:07 am IST

What is vote-on-account, when is it presented?

Understandard practice, a vote-on-account or approval for essential government spending for a limited period is taken in an election year and a full-fledged budget is presented by the new government. If the budget date falls few months ahead of polls, then an Interim Budget is presented. Read here to know what it exactly is.

10:00 am IST

Rupee slips 9 paise to 71.17/USD in early trade; focus on interim budget

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget. Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit.

The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption. At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing, reports PTI.

On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar.

9:58 am IST

What is the point of this Budget, says Akhilesh Yadav

 

9:52 am IST

Piyush Goyal calls on President Kovind ahead of Budget 2019

 

9:47 pm IST

PM Modi looks to budget to shore up political base

Prime Minister Narendra Modi’s government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final budget on Friday, months before elections.

9:44 am IST

Piyush Goyal meets president Kovind

Piyush Goyal meets President Ramnath Kovind. ( PresidentofIndia/Twitter )
9:40 am IST

Sensex gains 100 points, Nifty at 10,860 points

Sensex today gained 100 points while Nifty at stood at 10,860 points in early trade.

9:20 am IST

‘Sabka Saath, Sabka Vikas’ our government’s mantra:

Union Minister of Parliamentary Affairs Narendra Singh Tomar said ‘Sabka Saath, Sabka Vikas’ has been our government’s mantra and it will reflect in the Budget, ahead of Interim Budget 2019.

9:08 am IST

Know your budget: Terms to know about B-Day

The Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. It also contains estimates of the government’s accounts for the next fiscal year. Read here for the terms you should know before Goyal presents the interim Budget.

9:02 am IST

Change in date, time of Budget presentation: All you need to know

The BJP-led National Democratic Alliance government will present its last budget in February before the general election to be held in March-April this year. Union minister Piyush Goyal, who has been temporarily been given the charge of the finance ministry with Arun Jaitley in the US for medical treatment, will present the Bharatiya Janata Party government’s fifth budget before the 2019 Lok Sabha polls. Read here for all you need to know about Interim Budget 2019.

8: 55 am IST

Union Cabinet to meet ahead of Budget presentation

The Union Cabinet will be meeting ahead of the Budget 2019 presentation in the Parliament today, reports news agency ANI.

8:50 am IST

Piyush Goyal arrives at Ministry of Finance

 

8:45 am IST

Govt may have to race against time to push key bills

The budget session will have just 10 working days, and the government may have to race against time to push key bills. In the Rajya Sabha, the National Democratic Alliance government has failed to pass key bills, including the Triple Talaq bill and the Citizenship Amendment Bill.

8:40 am IST

Centre likely to present vote-on-account

The Centre is likely to present a vote-on-account with an interim budget. A vote-on-account for essential government spending for a limited period is taken in an election year and a full-fledged budget is presented by the new government. If the budget date falls few months ahead of polls, then an Interim Budget is presented.

8:35 am IST

Piyush Goyal to present budget

Union minister Piyush Goyal, who has been temporarily been given the charge of the finance ministry with Arun Jaitley in the US for medical treatment, will present the Bharatiya Janata Party government’s fifth budget before the 2019 Lok Sabha polls.

8:30 am IST

Last budget before Lok Sabha polls

The BJP-led National Democratic Alliance government will present its last budget in February before the general election to be held in March-April this year.