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Union Budget 2019-20 HIGHLIGHTS

Union Budget 2019-20 HIGHLIGHTS

Finance Minister Nirmala Sitharaman presents the first budget of Modi 2.0 government at 11 am today. Leading to expectations of a stimulus for a sluggish economy, growth has slowed down to a five-year low of 5.8%. The middle-class, on the other hand, is also expecting income tax relief from the union budget 2019.

Sitharaman, the second finance minister after Indira Gandhi, to present the budget, may have to do a tightrope walk balancing the needs of the economy and fiscal constraints in the budget.
Live Updates on Union Budget presentation:

11:31 am: Local sourcing norms will be eased in case of single-brand retail

11:28 am: The finance ministry has proposed to Sebi to increase public-holding in listed companies to 35% from 25%.

11:28 am: Finance Minister Nirmala Sitharaman: Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity. Government envisions using rivers for cargo transport,it will also decongest roads and railways.

11:27 am: Trading in corporate bonds would be made user-friendly: Sitharaman

11:27 am: Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services: FM

11:26 am: Sitharaman promises to take steps to deepen corporate bond market.

11:25 am: FM announces new scheme for shopkeepers based on self declaration.

11:25 am: Movement of cargo on Ganga is estimated to rise 4 times in 4 years

11:25 am: Finance Minister Nirmala Sitharaman says will introduce pension programme for 30 million retail traders.

11:23 am: “Current rental laws are archaic. A modern tenancy law would be finanlised and forwarded to states,”

11:23 am: Government envisions using rivers for cargo transportation, which will also decongest roads and railways : FM

11:22 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,” Sitharaman said.

11:21 am: Railways infrastructure needs ₹50 trillion till 2030.

11:21 am: The people of India have validated their two goals for our country’s future: national security and economic growth: Finance Minister

11:19 am: Movement of cargo on Ganga is estimated to rise 4 times in 4 years: Sitharaman

11:18 am: 657 km of metro rail network has become operational in the country: FM

11:17 am: “Our economy was $1.85 trillion when we assumed power (in 2014) and it reached $2.7 trillion (in five years since),” said Sitharaman while outlining her government’s commitment to make India a $5 trillion economy by 2024. The Indian economy grew at 6.8%, a five-year low, in 2018-19 and fourth quarter growth slumped to 5.8% which was a 17-quarter low.

Prime Minister Narendra Modi, who returned to a second term in office in May, has urged states to work together to tackle socio-economic problems, and make India a $5-trillion economy by 2024, which he said was a “challenging, but achievable” goal.

11:16 am: Indian stock markets are subdued as Finance Minister Nirmal Sitharaman has started to present her maiden budget speech. At 11:10, the Sensex is 39,964.12, up 56.06 points or 0.14% while the Nifty is at 11,951.80 up 5.05 points or 0.04%.

11:16 am: Sensex, Nifty tepid as FM presents Union Budget

11:15 am: Finance Minister Nirmala Sitharaman says India to enter into aircraft financing and leasing activities.

11:15 am: The govt has given a massive push for physical connectivity

11:14 am: We need to invest heavily in infrastructure and for job creation in MSMEs.

11:13 am: Indian companies respect Swadeshi, respect Make in India

11:11 am: Sitharaman says we need to undertake many structural reforms.

11:11 am: We need to invest heavily in infra and for job creation in MSMEs: FM

11:09 am: India is set to become $3 trillion economy this year.

11:09 am: Will simplify procedures, reduce red tape, make best use of tech. Building social infra, Digital India, Pollution-free India, Make in India are govt’s vision: Sitharaman.

11:08 am: It is well within our capacity to reach the $5 trillion economy in next few years: FM

11:08 am: Nirmala Sitharaman: The recent election was charged with brimming home and desire for a bright and stable ‘New India’. Voter turnout was highest; every section came to stamp their approval for performing government.

11:06 am: Sitharaman says it has set the ball rolling for new India. “Mazboot desh ke liye mazboot nagrik’ is govt’s objective. People of India validate 2 goals –national security, economic growth,” she said.

11:05 am: Have shown that “reform, perform, and transform” can succeed: FM

11:05 am: Confident that we will achieve goals: Sitharaman

11:01 am: Parliament session begins on budget day.

10:55 am: Cabinet approves budget.

10:52 am: While Sitharaman is unlikely to digress from the fiscal consolidation path, policy measures and incentives that the government may announce to boost the economy which is at a five year low of 6.8% in 2018-19 will be keenly watched.

10:44 am: Nirmala Sitharaman’s parents are at the Parliament to watch their daughter’s maiden budget speech.

Parents of Finance Minister Nirmala Sitharaman – Savitri and Narayanan Sitharaman – arrive at the Parliament.

10:30 am: Prime Minister Narendra Modi reaches Parliament.

10:24 am: Finance Minister Nirmala Sitharaman has reached Parliament and cabinet meeting is now underway.

10:22 am: As per tradition, the Union Cabinet will be shown a gist of the budget 10 minutes before the Parliament meets today.