Business & Finance

Live updates: Sensex, Nifty drop as Nirmala Sitharaman presents the Budget

by TestHostEntry

India is struggling with its fiscal deficit target and there is near unanimity among analysts that we would breach the 3.3% mark for 2019-20 by a huge margin

There are a lot of hopes riding on the proposals already mentioned by Finance Minister Nirmala Sitharaman, according to Economic survey ready to be unveiled.

The FM Nirmala Sithraman is expected to signify some sort of tax relief on income for the middle class, a roadmap to boost private investments to kickstart a moribund economy and measures to boost consumption across India’s villages. But Budget which Sitharaman may find it hard to satisfy such wide-ranging expectations while also remaining on the fiscal consolidation path.

India is struggling with its fiscal deficit target and there is near unanimity among analysts that would breach the 3.3% mark for 2019-20 by a huge margin. Receipts from corporate tax, GST and disinvestments are all expected to fall short of targets, making fiscal consolidation a near-impossible task.

And the economic slowdown continues along in the slow lane. In the first six months of the current fiscal, the GDP growth has been at record lows. It grew 4.5% in the second quarter, a six-year low and the Budget is expected to outline measures to boost growth through increased government spending, measures to boost consumption and some long term reforms.

(follow the live updates here)

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GST increased efficiency of transport and logistics sector. Consumers have got an annual benefit of 1 lakh crore rupees by GST, says FM

11.27 AM

“1 Million people have come out of poverty” claims Finance Minister

11.25 AM

“An average household spends 4 per cent on its monthly expenditure. In the last 4 years, we have added 60 lakh taxpayers,” says FM

Former PM (Rajiv Gandhi) had expressed concerns that common people were not getting benefits of welfare schemes. They were getting only 15 paise for every rupee invested by the Centre. Our PM increased that manifold to make sure every paisa reaches the grassroots: FM

11.24 AM

FM Nirmala Sitharaman Pays homage to Late. Arun Jaitley as “The Architect of GST”. Quotes Jaitley “It will be an India where the Centre and states will work together unanimously towards harmony. With the GST neither the state nor the Centre will lose their sovereignty”

11.20 AM

“Banks saw a thorough cleanup. Goods and Services Tax has been the most historic in our country,” says the Finance Minister.

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Finance Minister Nirmala Sitharaman begins her Budget speech. “This is the budget to boost their income and enhance their purchasing power,” says Nirmala Sitharaman

 

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https://youtu.be/sKBc2JTG-9U

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