No income tax for income less than Rs 5 lakh per year: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman today will present the first Budget of Narendra Modi led NDA government’s second tenure in Lok Sabha. It will be Sitharaman’s first budget as a finance minister who earlier held portfolio’s such as Defence.

The government on Thursday projected the country’s GDP growth for 2019-20 at 7 percent, up from a five-year low of 6.8 percent, on the back of an anticipated pickup in investment and consumption.

According to the Economic Survey 2018-19, tabled by Finance Minister Nirmala Sitharaman in Parliament, India continues to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in its gross domestic product (GDP) growth from 7.2 percent in 2017-18 to 6.8 percent in 2018-19.

Follow Live Updates:

1:10 PM:

The fiscal deficit this year is 3.3%, brought down from 3.4%: Nirmala Sitharman

1:06 PM:

I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel: Nirmala Sitharaman

1:05 PM:

“Customs duty exempted on specified electronic goods”: Nirmala Sitharaman

1:03 PM:

Propose to increase customs duty on gold and other precious metals from 10 to 12.5%”: Nirmala Sitharaman

1:00 PM:

Enhance surcharge on individuals with Rs 2-5 crore by 3% and Rs 5 crore and above by 7%

12:57 PM:

To discourage the practice of making business payments in cash I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account

12: 56 PM:

“Enhance surcharge on individuals with income above 2 crore to 5 crore, 5 crore and above by 3% and 7% respectively”: Nirmala Sitharaman

12:54 PM:

Strategic disinvestment of select Central Public Sector Enterprises will continue to be a priority; strategic disinvestment of Air India will re-initiate; Rs 1 lakh 5 thousand is disinvestment target for 2019-20: Nirmala Sitharaman

12:53 PM:

More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN: Nirmala Sitharaman

12:51 PM:

Propose to make PAN and AADHAR interchangeable: Nirmala Sitharaman

12:50 PM:

Direct tax collection increased by 78%; Tax collection rose from 6.38 lakh crore rupees in 2013-14 to 11.37 lakh crore rupees in 2018: Nirmala Sitharaman

12:49 PM:

“No income tax for income less than Rs 5 lakh per year,” Nirmala Sitharaman

12:48 PM:

A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly.

12:47 PM:

Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%. Also to make EVs affordable for consumers our Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs

12:46 PM:

“In order to boost economic growth, we will launch a scheme to invite global companies through a transparent competitive bidding to setup mega manufacturing plants”: Nirmala Sitharaman

12:44 PM:

“Currently, 25% corporate tax applicable to companies with annual turnover up to 250 crore, we propose to make it 400 crore”: Nirmala Sitharaman

12:43 PM:

Regulation authority over housing finance sector to be returned from National Housing Bank to RBI: Nirmala Sitharaman

12:41 PM:

Govt has been following policy of disinvestment in non-financial public sector undertakings, maintaining govt’s stake not to go below 51%.Govt is considering,in case where undertaking is still to be retained in govt control,to go below 51% to an apt level on case to case basis

12:40 PM:

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

12:36 PM:

“For high rated pooled assets of NBFCs (Non Banking Financial Company) one time 6-month credit guarantee for public sector banks”: Nirmala Sitharaman

12:32 PM:

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.

12:31 PM:

“Strategic disinvestment of selected Central Public Sector Enterprises to continue”: Nirmala Sitharaman

12:30 PM:

“Government has announced its intention to invest 100 lakh crores in infrastructure over the next 5 years”: Nirmala Sitharaman

12:14 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: Nirmala Sitharaman

12:12 PM:

“We are developing 17 iconic tourism sites into world class tourist destinations”: Nirmala Sitharaman

12:11 PM:

To give further impetus to India’s growing influence and leadership in the international community, Govt decided to open Indian embassies and high commissions in countries where India doesn’t have a resident diplomatic mission as yet.

12:10 PM:

To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.

12:09 PM:

Under PMAY (Urban), over 81 Lakh houses with investment of about Rs 4.83 Lakh Cr have been sanctioned of which construction has started in about 47 Lakh houses. Over 26 Lakh houses have been completed of which nearly 24 Lakh houses have been delivered, to beneficiaries.

12:08 PM:

“Propose issue of Aadhaar for NRI with Indian passports after their arrival in India without the 180-day waiting period”: Nirmala Sitharaman

12:07 PM:

I draw attention to the women of India, ‘Naari tu Narayaani’. This Government believes that we can progress, with greater women participation.

12:07 PM:

“This government believes we can make progress with greater women participation,”: Nirmala Sitharaman

12:06 PM:

Pradhan Mantri Gram Sadak Yojana – Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees

12:05 PM:

This year ‘Railway station modernisation’ will be launched to make railway travel a pleasant experience”: Nirmala Sitharaman

12:04 PM:

“Approx 35 crore LED bulbs distributed, leading to a cost saving of Rs 18,341 crores annually”: Nirmala Sitharaman

12:03 PM:

To mark this occasion, Rashtriya Swachhata Kendra to be inaugurated at Raj Ghat, on 2nd October, 2019; Gandhipedia too to be developed to spread positive Gandhian values

12:02 PM:

Happy and satisfied to report that India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Modi: Nirmala Sitharaman

12:00 PM:

“Propose to start a program study in India to bring foreign students to the country. Education regulations to be reformed.”: Nirmala Sitharaman

11: 59 AM:

“Propose to start a program study in India to bring foreign students to the country. Education regulations to be reformed.”: Nirmala Sitharaman

11: 58 AM:

“We will bring a new national educational policy. The new policy proposes major changes in both school and higher education among others”: Nirmala Sitharaman

11: 57 AM:

Jal Shakti Mantralaya will work with states to ensure Har Ghar Jal for all rural houses by 2024, under Jal Jeevan Mission

11:56 AM:

“1 crore citizens have downloaded Swachhata App”: Nirmala Sitharaman

11:55 AM:

Need to replicate Zero Budget Farming, to go back to basics, which will help Doubling Farmers Income: Nirmala Sitharaman

11:54 AM:

“‘Ensuring India’s water security and providing safe water for all citizens is a priority for this government,”: Nirmala Sitharaman

11:53 AM:

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 sold waste management in every village: Nirmala Sitharaman

11:52 AM:

We’ll invest widely in agricultural infrastructure. We’ll support pvt 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?:Nirmala Sitharaman

11:51 AM:

To provide NRIs seamless to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route: Nirmala Sitharaman

11:50 AM:

Government keeps “Gaon, Garib and Kisan” at the centre of everything we do, of every programme: Nirmala Sitharaman

11:49 AM:

“Propose to expand Swachh Bharat Mission to include sustainable solid waste management in every village”: Nirmala Sitharaman

11:48 AM:

“Government will work with states to allow farmers to benefit from eNAM. Ease of doing business and ease of living should apply to farmers too”: Nirmala Sitharaman

11:47 AM:

11:46 AM:

“Zero budget farming – we need to replicate this innovative model”: Nirmala Sitharaman

11: 45 AM:

“Measures being taken to help artisans join economic value chain”: Nirmala Sitharaman

11:44 AM:

30,000 km of roads built by green tech”: Nirmala Sitharaman

11:43 AM:

“Pradhan Mantri Gramin Awaas Yojana aims to achieve objective of housing for all by 2022”

11:42 AM:

Government aims to achieve housing for all by 2022, 1.95 crore houses for the poor by 2022: Nirmala Sitharaman

11:41 AM:

Annual Global Investors’ Meet to be organized in India, using NIIF as the anchor to get key sets of global players to come and invest in India:Nirmala Sitharaman

11:40 AM:

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

11:40 AM:

Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt. will take necessary measures in this regard in consultation with RBI and SEBI

11:39 AM:

The government has given a massive push to all forms of physical connectivity via :- 1. PMGSY 2.Industrial corridors 3. Dedicated freight corridors 4. Bharatmala 5. Sagarmala 6. Jal Marg vikas 7. UDAN schemes: Nirmala Sitharaman

11:39 AM:

“Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in consultation with stakeholders100% FDI permitted for insurance intermediaries”: Nirmala Sitharaman

11:38 AM:

“FDI inflows into India have remained robust despite global headwinds. India’s FDI inflows in 2018-19 remained strong at 54.37 Billion US $, marking a 6% growth over the previous year”: Nirmala Sitharaman

11:36 AM:

“Government to form company to spearhead commercialization of ISRO space products”: Nirmala Sitharaman

11: 35 AM:

Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly: Nirmala Sitharaman

11: 34 AM:

Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme

11:34 AM:

Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place

11:33 AM:

“Time to take capital markets closer to the masses”: Nirmala Sitharaman

11:33 AM:

Rs 350 cr allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. Pension for shopkeepers & retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme

11: 31 AM:

India needs Rs 20 lakh crore investment every year

11:29 AM:

Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly: Nirmala Sitharaman

11:29 AM:

Plans to reach 5 trillion USD economy:- Heavy investment in infrastructure Digital Economy Job creation “Hearts of citizen filled with hope, trust and aspirations”

11: 28 AM:

“Considerable reforms needed in power sector, will soon be announced”: Nirmala Sitharaman

11: 26 AM:

Will create blueprint for gas, water grids & regional airports: Nirmala Sitharaman

11:25 AM:

“Our government launched UDAY in 2015 aimed at financial and operational turnaround of discoms. We are examining performance of this scheme and it will further get improved”: Nirmala Sitharaman

11:24 AM:

Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity: Nirmala Sitharaman

11:23 AM:

FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra

11:22 AM:

“It is estimated that Railway infrastructure would need an investment of Rs 50 lakh crore between 2018 and 2030”

11:21 AM:

Nirmala Sitharaman: 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.

11:20 AM:

Schemes such as ‘Bharatmala’, ‘Sagarmala’ and UDAN are bridging the rural and urban divide, improving our transport infrastructure

11:19 AM:

before independence, India Inc understood swadeshi, today they understand ‘Make In India’: Nirmala Sitharaman

11:18 AM:

Govt to implement enabling measures to boost IFSCs: Nirmala Sitharaman

11:17 AM:

“Gone are the days of policy paralysis, license Raj,”

11:16 AM:

‘India should enter into aircraft financing & leasing of aircrafts’

11:15 AM:

Chanakya Neeti sutra says ‘Kaarya purusha kare na lakshyam sampa dayate’. Meaning with determined human efforts the task will surely be completed.

11:14 AM:

It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion.

11:13 AM:

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.

11:12 AM:

Nirmala Sitharaman: An Urdu couplet ‘Yakeen ho to koi raasta niklata hai, hawa ki ot(protection) bhi le kar charagh jalta hai’

11:11 AM:

Nirmala Sitharaman: The first term of Modi government stood out as the performing government…citizens felt the difference in every nook and corner”

11: 10 AM:

Nirmala Sitharaman: The first term of PM Narendra Modi led NDA govt stood out as a performing govt. Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline.

11: 09 AM:

Nirmala Sitharaman: “The people of India have validated the two goals – national security and economic growth,”

11:08 AM:

Nirmala: Sitharaman: “We set the ball rolling for creating a ‘New India’

11:07 AM:

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

11.40 AM:

Nirmala Sitharaman tables 2019-20 Union Budget

• Copies of Budget 2019 have been brought to the Parliament.

• Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament

  
  

  Rashtrapati Bhavan: As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget.

As per tradition, Finance Minister @nsitharaman calls on #PresidentKovind at Rashtrapati Bhavan before presenting the Union Budget pic.twitter.com/8aihedY3nP

— President of India (@rashtrapatibhvn) July 5, 2019

• Sensex up by 119.15 points at 40,027.21

• Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur, Finance Secretary S C Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry.

• Anurag Thakur, MoS Finance offers prayers ahead of the Budget.