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Union budget 2019 highlights- Budget 2019 insipid, prepared without listening to voices of ordinary: Chidambaram

Union budget 2019 highlights: The Budget 2019 speech began at 11:00 am on Friday with finance minister Nirmala Sitharaman addressing the Lok Sabha. Follow live updates here

By HT Correspondent | Jul 05, 2019 20:23 IST
highlights

Union Budget 2019 : Finance Minister Nirmala Sitharaman presented the first budget of the second term of the Narendra Modi government.

It was the maiden budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Sitharaman presented the full-year budget for the year ending March 2020.

Highlights:

5:58 pm IST

Budget lacks vision for solving unemployment: Siddaramaiah

Congress leader Siddaramaiah said that the Union Budget 2019 does not have any program to curb unemployment problem, which is highest in the last 45 years. “Also, Nirmala Sitharaman is a woman, women of the nation expected many things, but they have not been fulfilled,” he said.

5:56 pm IST

Budget 2019 against development, people are unhappy: Siddaramaiah

Siddaramaiah, Congress’ legislature leader from Karnataka, said that people have been left unhappy as they had expectations from Budget 2019. “It’s against development. They promised growth in the farming sector, which remained false. Farmers are not getting MSP, they are in drastic condition. There is no pro-farmers thing in budget,” Siddaramaiah said.

5:20 pm IST

Budget prepared without listening to ordinary voices: Chidambaram

The Modi government, P Chidambaram said, refuses to measure outcomes. “The Modi government refuses to take note of field reports and refuses to correct the exaggerated claims of success. The budget has been prepared without listening to the voices of the ordinary people or knowledgeable economists,” Chidambaram said.

5:17 pm IST

Modi government undermining state govts capacity: Chidambaram

Chidambaram said PM Modi’s government has been undermining the role of state governments. “The Modi Government treats India like one big state government and has taken upon itself the responsibility to do things that are the right and duty of state governments. This is not cooperative federalism, it is an unequal partnership, imposed by the centre upon state governments. PM believes that only he and his government can deliver basic public goods and services to the people. We disagree. We think that states have the capacity to deliver public goods and services and it is not correct to reduce state govts to mere local administrations.”

5:15 pm IST

Chidamabaram terms Budget 2019 insipid

“Budget 2019-2020 is an insipid budget. Has there ever been a budget speech that does not disclose the total revenue, total expenditure, fiscal deficit, revenue deficit, additional revenue mobilisation or financial concessions,” former finance minister said, reviewing the budget presented by Sitharaman.

5:05 pm IST

i-Pad, not bahi khata: Congress promises digital budget in future

Former finance minister P Chidambaram took on finance minister Nirmala Sitharaman’s move of keeping budget documents in four fold red cloth instead of a briefcase and said, “Take it from me, our Congress’ finance minister will in future bring an I-Pad.”

4:59 pm IST

Budget says nothing on attracting greater private investment: Chidambaram

The former finance minister has also said that the budget presented today lacks structural reform. “The CEA had set the goal for India to become a 5 trillion dollar economy and premised his entire argument on boosting private investment. There was no indication in the budget speech to attract greater private investment. The only investment related proposal was to increase the FPI limit from 24% to the sectoral limit pertaining to the industry. If the investee company opts for the higher limit, we are sure this is not the private investment that the CEA had in mind.,” Chidambaram said.

4:55 pm IST

Budget 2019 increases burden on taxpayers: P Chidambaram

Chidambaram has criticised the budget presented by the government today for increasing the burden on country’s taxpayers. “No meaningful relief to any section of people. The finance minister has increased customs duties on a large number of goods, raised taxes on petrol and diesel, exploitative and proposed extensive amendments to Income Tax Act that would increase tax and compliance burdens on taxpayers,” Chidambaram said.

4:50 pm IST

Short sentences don’t explain what they’re trying to do: Chidambaram slams Budget 2019

Slamming the Union Budget 2019, former finance minister and senior Congress leader said, “Short sentences that do not explain what they are trying to do. This budget of 2019-20 is a monotonous budget. This is a budget, in which there is no mention of total revenue, total expenditure, fiscal deficit or revenue deficit; Nor has the funds fixed for the scheme like MNREGA, mid day meal and health care.”

4:04 pm IST

Budget 2019 represents all sections of Indian society: JP Nadda

Working president of BJP has said that the budget presented by finance minister today 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,” Nadda told ANI.

4:02 pm IST

Budget 2019 is path-breaking, comprehensive: Amitabh Kant

The CEO of Niti Aayog has lauded the budget for presenting a comprehensive budget acknowledging the role of Niti Aayog. “The Union Budget 2019 is very path breaking. It’s a very comprehensive budget. We’re particularly delighted as Finance Minister has acknowledged role of Niti Aayog. But more important is the road map that she has set for laying down a vision for $5 trillion economy,” Kant told ANI.

4:00 pm IST

Finance minister strengthened the resolve of railways: Piyush Goyal

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

3:48 pm IST

Gadkari calls new budget foundation of ‘New India’

Labelling the new budget as the foundation of ‘New India, Union Minister for Road Transport and Highways Nitin Gadkari said the government has kept in mind all issues of development. According to Gadkari, the budget has taken care of all aspects from rural to urban development, infrastructure to start ups, and from education to industry.

“We will achieve the target of becoming $3 trillion economy this year and MSME sector will contribute half of it. The Finance Minister has given utmost priority to infrastructure. The budget of our department in 2018-19 was Rs 78,625 crore, now it is Rs 83,015 crore,” Gadkari told the media.

3:42 pm IST

Congress slams Budget as ‘old wine in new bottle’

Criticising the Budget, Congress leader in Lok Sabha Adhir Ranjan Chowdhury said it was just a repetition of “old promises”.

“They (the BJP) are talking about a new India, but it is simply old wine in a new bottle,” he told reporters outside Parliament.He claimed that no new initiatives were announced by the government.

The Modi government has tried to project India as an “El Dorado” (a place of fabulous wealth for all), but in reality the pain of the economy is being experienced, he said.

“There is no plan for employment generation, there is no distinct plan for giving any facilities to agriculture sector, labour sector. This is nothing but a litany of old promises,” Chowdhury said.

3:06 pm IST

‘Clear message that we are not rigid as regards corporate tax rates’: FM

“By bringing more industries into the lower tax bracket, we are sending a clear message that we are not being rigid as regards corporate tax rates”, said finance minister Nirmala Sitharaman after her budget speech in the parliament.

2:55 pm IST

All targets within reasonable limits: Sitharaman

“Every target we have given - tax and revenue collections - are all absolutely reasonable limits,” said finance minister Nirmala Sitharaman.

2:42 pm IST

10 years vision in mind: Sitharaman

“We have a 10 years vision in mind continuing from the interim (which was presented in February 2019),” said finance minister Nirmala Sitharaman while addressing the media after her budget speech in the parliament.

“The focus is to ensure ease of leaving and achieving the 5 year target,” she said.

2:30 pm IST

Congress slams budget for ‘maximum intent, minimum content’

The BJP hailed the Union budget on Friday as one for a “new India” that laid the foundation for an inclusive and progressive nation, while the Congress panned it for its “maximum intent” and “minimum content”.

Criticising the budget, Congress’s chief spokesperson Randeep Surjewala wrote on Twitter: “#Budget2019 so far -- Maximum Intent, Minimum Content! Maximum Catchphrases, Minimum Catch-points!” Another Congress spokesperson, Abhishek Manu Singhvi, wrote on the microblogging website: “Bailout plans for PSUs & moves like inheritance tax are Modi’s outing from the closet as the ultra left, vote seeking politician that he is. He got RWs (economic & political) to vote for him but his heart is only toward RW (right-wing) Polity not Economics.”

2:29 pm IST

By the time we complete 5 years, will be more than $5 trillion economy: Gadkari

“Already we have doubled the economy in the last 5 years. I am confident that when we complete 5 yrs again now, we will be more than $5 trillion economy,” said Union Minister for Road Transport & Highways and Micro, Small & Medium Enterprises Nitin Gadkari.

2:25 pm IST

‘It is a visionary budget’: Maharashtra CM Devendra Fadnavis

“It is a visionary budget, at the macroeconomic level, one can say that, it is a manifestation of PM’s dream to make India a $5 trillion economy. The budget aims at transforming ‘gaon, gareeb and kisan’, said Maharashtra CM Devendra Fadnavis on Union Budget 2019 as reported by news agency ANI.

2:22 pm IST

Budget of hope and empowerment: Amit Shah

“The #BudgetForNewIndia clearly reflects PM @narendramodi’s vision for India’s development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hardwork and Indian enterprise gets a boost.

This is truly a budget of hope and empowerment,” tweeted home minister Amit Shah.

2:19 pm IST

Budget 2019 ignites spirit of hope that India can become a $5 Trillion economy: Amit Shah

The #BudgetForNewIndia highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 Trillion Dollar economy in the coming years, tweeted home minister Amit Shah.

2:15 pm IST

India’s 10- point ‘Vision for the Decade’ flagged in Budget 2019

1:50 pm IST

Budget of hope: PM Modi

The 2019 budget for a New India has a roadmap to transform the agriculture sector of the country, this budget is one of hope, said PM Narendra Modi.

The middle class will progress with this budget, development work will expedite even more, he said.

1:45 pm IST

‘All our goals achievable’: PM Modi

“This one is a green budget” said PM Modi after finance minister Nirmala Sitharaman’s budget speech.

“We are heading in the right direction and on the right pace, which is why all our goals are achievable,” he added.

1:24 pm IST

Sensex in red, slips by over 300 points after Budget speech

After Nirmala Sitharaman’s budget speech, Sensex is in red, slipped by over 300 points.

1:13 pm IST

Fiscal deficit down to 3.3 percent: FM

Fiscal deficit this year brought down to 3.3 percent from 3. 4 percent, said finance minister Nirmala Sitharaman.

1:09 pm IST

Petrol, diesel tax up by Rs 2

Petrol and diesel would be dearer by about Rs 2 per litre, Finance Minister Nirmala Sitharaman announced in her budget speech.

Presenting the Union Budget, she said crude prices have softened from their highs and it gives her room to review excise duty and cess on petrol and diesel.

“I propose to increase special additional excise duty and road and infrastructure cess each by one rupee a litre on petrol and diesel,” she said.

1:08 pm IST

Gold to get costlier

Gold to get costlier as customs go up from 10% to 12.5%, said finance minister Nirmala Sitharaman.

1:05 pm IST

Surcharge on individuals having taxable income above Rs 2 crore

Finance minister Nirmala Sitharaman proposed to enhance surcharge on individuals having taxable income from ` 2 crore to ` 5 crore and ` 5 crore and above so that effective tax rates for these two categories will increase by around 3 % and 7 % respectively.

1:02 pm IST

Will build 17 iconic sites to encourage arrival of tourists in India: FM

Finance Minister Nirmala Sitharaman Friday said the government will build 17 iconic sites to encourage arrival of tourists in India.

In the first Budget of the Modi government in its second term, Sitharaman said in March 2018, the government had approved opening diplomatic missions in Africa and five already opened and four more will be opened this fiscal.

She said the financial gains from cleaning of banking system are clearly visible and that NPA reduced by over Rs 1 lakh crore last year.

12:57 pm IST

Annual cash withdrawals over Rs 1 crore to be taxed at 2%: FM

Annual cash withdrawals over Rs 1 crore to be taxed at 2 per cent, says Nirmala Sitharaman

12:56 pm IST

‘No need for PAN, can use Aadhaar card even for I-T returns’: FM

“Everywhere you are required to quote PAN, you can give Aadhaar number, even for filing Income Tax return,” said Nirmala Sitharaman in her Budget 2019 speech.

12:47 pm IST

Funds raised by start ups will not require any Income Tax scrutiny: FM

“Startups in India are taking firm routes, and they need to be encouraged. Funds raised by start ups will not require any Income Tax scrutiny,” said Niramla Sitharaman.

12:45 pm IST

Corporate tax rate now 25% for companies with annual revenue up to Rs 400 cr: FM

Corporate tax rate now 25% for companies with annual revenue up to Rs 400 Crore

12:40 pm IST

India’s sovereign external debt to GDP is among the lowest globally: FM

“India’s sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies,” said Sitharaman.

12:38 pm IST

Will look for strategic disinvestment of Air India: Nirmala Sitharaman

“Will look for strategic disinvestment of Air India and other state owned companies,” said Nirmala Sitharaman.

12:37 pm IST

Honest taxpayers have helped our inclusive governance: Sitharman

“Honest taxpayers have helped our inclusive governance,” said finance minister Niramla Sitharaman.

12:35 pm IST

NPA reduced by over Rs 1 lakh crore: FM 

”inancial gains from cleaning of banking system clearly visible; NPA reduced by over Rs 1 lakh cr last year” said the finance minister Sitharaman.

12:34 pm IST

Will bring remedy against cash being deposited without bank holders’ knowledge: FM

“Govt to bring out a remedy against cash being deposited without knowledge of bank account holders,” said the finance minister.

12:31 pm IST

Comprehensive restructuring of National Highways Programme on cards: FM

Finance Minister Nirmala Sitharaman Friday said there will be a comprehensive restructuring of National Highways Programme to ensure creation of National Highways Grid of desirable capacity.

Presenting the Budget for 2019-20, she said the government has already approved Rs 10,000 crore for FAME II scheme on April 1, 2019 to encourage faster adoption of electric vehicles by providing right incentives and charging infrastructure.

She also noted that the government has allocated Rs 350 crore towards interest subvention for MSMEs for 2019-20.

12:26 pm IST

RBI to get regulatory authority of housing finance companies: FM

Financce minister today announced that the RBI will get regulatory authority of housing finance companies — will no longer be under NHB.

12:18 pm IST

‘Aadhaar for NRIs on arrival in India with no waiting period’: Sitharaman

“Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days,” said finance minister Nirmala Sitharaman.

12:15 pm IST

‘Nari to Narayan’: Sitharaman promises women-led initiatives

“Nari to Narayan”’, Sitharaman promised women-led initiatives. We can make progress with greater women participation, she said.

“Record number of 78 MPs in this house, reinforces our approach to building women-led initiatives,” she added.

“One woman in every SHG will also be made eligible for a loan of Rs 1 lakh under Mudra scheme,” she further said.

12:10 pm IST

Universal Service Obligation Fund to speed internet connectivity in local bodies: FM

“Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, BharatNet is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund, said finance minister Nirmala Sitharaman.

12:08 pm IST

NRI portfolio investment route to be merged with foreign portfolio investment: FM

“To provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route in Budget 2019,” said Finance Minister Nirmala Sitharaman as reported by new agency ANI. 

12:05 pm IST

Exclusive TV programme for startups: Sitharman

“We will introduce a special TV programme to exclusively cater to the Indian startups,” said finance minister Niramla Sitharaman.

“This channel will be designed and executed by startup’s themselves,” said.

12:03 pm IST

Sithraman proposes Study in India programme

Nirmala Sitharaman proposed ‘Study in India’ programme that will bring foreign students in India.

12:02 pm IST

Gandhipedia being developed to sensitise youth to instill Gandhian values: FM

“Gandhipedia is being developed to sensitise youth to instill Gandhian values,” Nirmala Sitharaman said. Govt will bring in new national educational policy to transform higher education policy, she further said.

11:58 am IST

95% of cities open defecation free: Sitharaman

”95 percent of cities have become open defecation free, said Sitharaman. ‘Make India open defecation free by 2019’, this would be achieved by 2nd October this year, she added.

11:57 am IST

2 crore rural Indians have been made digitally literate: Sitharaman

“2 crore rural Indians have been made digitally literate,” said finance minister Nirmala Sitharaman.

11:54 am IST

By 2024, every rural household will get potable water: Sitharaman

“By 2024, every rural household will get potable water,” said finance minister Nirmala Sitharaman repeating PM Modi’s promise from last month.

“Ensuring India’s water security and providing access to safe drinking water to all Indians is a priority. A major step in this direction has been the constitution of Jal Shakti Ministry,” Sitharaman stated in the Parliament while presenting the Union Budget 2019-20.

11:53 am IST

1 crore citizens have downloaded Swachhta app: Sitharaman

One crore citizens have so downloaded Swachhta app, said finance minister Niramla Sitharaman.

11:50 am IST

Govt proposes Pradhan Mantri Matsya Sampada Yojana for fisheries sector

Govt proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector

11:47 am IST

Focus on zero budget farming: Sitharaman

‘Focus on zero budget farming i.e. zero dependence on debt and emphasis on lower production costs”, said finance minister Niramla Sitharaman.

“Zero budget farming may not be a new thing, but we need to replicate this model as it will help in doubling farmers’ income,” she said.

11:41 am IST

Social stock exchange to be set up to list social enterprises: FM

Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives : FM

11:40 am IST

By 2022, every single rural family will have electricity, clean cooking facility: FM

Antyodaya at the core of everything that the govt intends to do. By 2022, I assure the nation that every single rural family except those who are unwilling to take the connection will have an electricity and clean cooking facility

11:37 am IST

India Inc are job creator, wealth creator: Sitharaman

Finance minister Nirmala Sitharaman praised the Indian industry in her maiden Budget speech on Friday. “India Inc is a job creator, wealth creator,” she said.

11:34 am IST

100% FDI will be allowed in insurance intermediaries: Sitharaman

The government proposed relaxation in the FDI norms for sectors such as media, aviation, insurance, and single brand retail with a view to attract more overseas investment.

Finance Minister Nirmala Sitharaman in her Budget speech said that India’s FDI inflows in 2018-19 grew by 6 per cent to USD 64.37 billion.

“I propose to further consolidate, the gains in order to make India more attractive FDI destination. The government will examine suggestions of further opening up of FDI in aviation, media, AVGC (Animation, Visual effects, Gaming and Comics) and insurance sector in consultation with stakeholders,” she said.

The minister said 100 per cent foreign direct investment (FDI) will be permitted for insurance intermediaries, and local sourcing norms will be eased for FDI in single brand retail sector.

11:30 am IST

High time India gets into global value chain of goods and services: FM

In the Budget 2019 speech, finance minister Nirmala Sitharaman said FDI inflows into India have remained robust despite global headwinds.

“We want to make India a more attractive FDI destination. It’s high time India gets into global value chain of goods and services,” Sitharaman said.

“We will include statutory limits for FII limits in companies to FDI limits in those sectors,” she added. .

11:28 am IST

Govt will create payment platform for MSMEs: Sitharaman

Govt will create a payment platform for MSMEs: Sitharaman

11:26 am IST

FM announces pension benefit for traders, shopkeepers with sales less than Rs 1.5 cr p.a

Finance minister Nirmala Sitharaman announces pension benefit for traders and shopkeepers with annual sales less than Rs 1.5 crore

11:25 am IST

Model tenancy law will be finalised, circulated to ministry: FM

Current rental laws are archaic, a model tenancy law will be finalised and circulated to the ministry, said Niramala Sitharaman

11:24 am IST

Policy to provide enabling ecosystem for Maintenance, Repair and Overhaul will be adopted: FM

“For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted,” said finance minister Nirmala Sitharaman in her maiden budget speech.

11:19 am IST

One nation one grid: Nirmala Sitharaman

Our aim is to ensure ‘One nation one grid’ for the common man. One nation, one grid for electricity, one gas grid, one water grid and regional airports will be the backbone of business activity.

11:14 am IST

Already third largest economy in terms of PPP after US, China

India is already the third largest economy in terms of PPP after US and China. All private sector industries played a role in growing our economy

11:13 am IST

Massive improvement in all forms of physical connectivity

Massive improvement in all forms of physical connectivity through trade corridors, Bharatmala, Sagarmala, Udan schemes: Sitharaman

11:12 am IST

Today we understand Make in India: Sitharaman

“If we understood Swadeshi during Independence movement, today we understand Make in India”, said finance minister Niramala Sitharaman in her maiden budget speech.

11:11 am IST

Well within capacity to reach $5 million trillion economy goal: Sitharaman

It is well within our capacity to reach $5 million trillion economy goal, Indian economy will become 3 trillion dollar economy this year itself: Sitharaman

11:10 am IST

We have set the ball rolling: Sitharaman

Like never before India celebrated its democracy by coming out to vote in large numbers, highest voter turnout, every section stamped its approval. We have set the ball rolling for new India: Sitharaman

11:00 am IST

Finance minister Nirmala Sitharaman presents Budget 2019

Finance minister Nirmala Sitharaman presented Budget 2019. In her maiden speech she said, “We have set the ball rolling.”

10:54 am IST

Union cabinet clears Union Budget 2019

Union cabinet has approves Budget 2019 . It will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha shortly.

10:45 am IST

PM Modi arrives in Parliament

PM Modi has arrived in the Parliament ahead of budget 2019. Union cabinet meeting is underway.

10:43 am IST

Sitharaman arrive in Parliament ahead of her maiden budget speech

Parents of finance minister Nirmala Sitharaman - Savitri and Narayanan Sitharaman - have arrived at the Parliament. She will present her maiden Budget at 11 am in Lok Sabha.

10:35 am IST

Copies of Budget 2019 reach Parliament

Copies of Budget 2019 have been brought to the Parliament. Finance minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 am today.

10:30 am IST

Cabinet meeting underway

Ahead of presenting the budget 2019 in Parliament, Union cabinet meeting is underway.

10:30 am IST

Big push for infrastructure spending expected

A big push for infrastructure spending, including on roads and railways to drive growth which had slowed to a five-year low of 5.8% in the first three months of 2019 -- well below China’s 6.4%, is also expected in today’s budget.

10:25 am IST

Sitharaman calls on President Kovind

Union Finance Minister Nirmala Sitharaman on Friday called on President Ram Nath Kovind at the Rashtrapati Bhavan before presenting her first Union Budget.

“As per tradition, Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget,” read a tweet posted from the official handle of President of India.

She was joined by Minister of State for Finance Anurag Thakur.

10:15 am IST

Budget 2019 may be a relief to the common man

Finance minister Nirmala Sitharaman may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.

For full coverage of budget 2019, log on to www.livemint.com

9:51 am IST

Basic tax exemption to be raised to Rs 3 lakh in Budget: Report

The middle-class tax payers may have a lot to cheer about in the Budget proposals to be presented by Finance Minister Nirmala Sitharaman on Friday.

Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.

In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual’s taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.

9:40 am IST

This budget, bahi khata replaces brown briefcase

Over the years finance minister ministers have been seen carrying a brown briefcase ahead of presenting the budget in the parliament, but this time a bahi khata has replaced it.

Finance minister Nirmala Sitharaman was seen carrying a bahi khata outside the ministry of finance along with her team. She is the full-time first female finance minister to be presenting the budget in the parliament.

9:35 am IST

Govt says growth to rebound, but challenges still on horizon

Private investment is the essential ingredient to grow India into a $5 trillion economy by 2024-25, the Economic Survey for 2018-19 said, calculating that the economy would have to grow 8% a year to achieve the goal, and projecting this financial year’s growth rate at 7%, a modest improvement over last year’s 6.8%.

“Investment, especially private investment, is the ‘key driver’ that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction, and generates jobs,” the Survey, which outlined the country’s economic health, said. It was tabled in Parliament by finance minister Nirmala Sitharaman on Thursday.

9:30 am IST

Sensex up by 119 points

Ahead of budget 2019, Sensex opened in green. It is up by 119.15 points at 40,027.21.

9:15 am IST

Budget 2019 expected to boost spending

Finance minister Nirmala Sitharaman is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as she lays down the Modi government’s road map for the economy and the nation for the next five years.

9:05 am IST

Where, when to watch Nirmala Sitharaman’s first budget

You can watch the budget speech live on DD News’ Youtube channel, Lok Sabha TV.

You can also get a complete coverage of the budget and Economic Survey www.indiabudget.gov.in

The budget is expected to be presented in Lok Sabha at 11 am

9:00 am IST

PM Modi says ‘economic survey outlines vision to achieve $5 trillion economy’

Prime Minister Narendra Modi praised the Economic Survey 2018-19 that was presented in Parliament on Thursday and said it outlines a vision to make India a $5 trillion economy.

“The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security,” PM Modi tweeted.

The government projected the country’s GDP growth for 2019-20 at 7 per cent, up from five-year low of 6.8 per cent, on the back of anticipated pickup in investment and consumption. A Finance Ministry statement said the theme of the survey is about enabling a shifting of gears towards sustained economic growth for objective of $5 trillion by 2024-25.

8:47 am IST

Nirmala Sitharaman arrives at Ministry of Finance

Finance minister Nirmala Sitharaman arrived at Ministry of Finance. She will present the Budget 2019 today at 11 am in Lok Sabha.

8:25 am IST

Economic Survey pegs India’s growth at 7% for 2019-20

The Government has projected India’s real GDP growth for the year 2019-20 at 7 per cent on the back of anticipated pickup in the growth of investment and consumption.

A day before the Union Budget, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman tabled the Economic Survey 2018-19 in Parliament on Thursday, which stated that the huge political mandate for the government augurs well for the prospects of high economic growth.

“The political stability in the country should push the animal spirits of the economy, while the higher capacity utilization and uptick in business expectations should increase investment activity,” said the Survey.

8:10 am IST

Tax cuts, social sector push likely in Nirmala Sitharaman’s first budget today

Some believe, in her first budget finance minister Nirmala Sitharaman may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.

Also, there is expected to be a big push for infrastructure spending including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019 -- well below China’s 6.4 per cent. The slowdown is also reflected in high-frequency numbers such as IIP and automobile sales numbers.

8:05 am IST

Finance minister Nirmala Sitharam to present her first budget today

Finance minister Nirmala Sitharam will present her first budget today. Budget 2019 will lay down the Modi 2.0 government’s road map for the economy and the nation in the next five years.