Union Budget 2020 Highlights: New Reforms Will Give Push To Economy, Says PM Modi

Finance Minister Nirmala Sitharaman on Saturday announced cuts in personal income tax, extended tax benefits for affordable housing and gave relief to companies on payment of dividend in the Union Budget for 2020-21 as the government looked to boost consumption to bring the economy out of the worst slowdown in 11 years.

The minister proposed raising customs duty on a variety of products ranging from tableware and kitchenware, electrical appliances to footwear, furniture, stationery and toys to give a level playing field to domestic companies and boost 'Make in India'.

Here are the live updates:

5:10pm: Budget will give new energy to youth in country by promoting startups: PM

5:09pm: Prime Minister Modi says Budget 2020 will help in doubling farmers' income

5:04pm: Govt has announced many measures in Budget to push employment in country, says PM

5:02pm: New reforms announced in Budget will give push to economy, says Prime Minister Modi

5:01pm: This Budget has vision and action, says PM Modi

5:00pm: Prime Minister Narendra Modi addresses media

4:23pm: On budget allocation for Kashmir, Chidambaram says, "money is no substitute to freedom. If they think they can take away freedom and substitute it by money, they are wrong."

4:22pm: This govt has given up on fiscal consolidation, says Chidambaram

4:18pm: Unemployment has not been addressed at all. Even the President's address did not speak about it. 3 job creating sectors mining, construction and manufacturing got nothing from the budget, says Chidambaram

4:16pm: LIC disinvestment a debatable move. We will give our view on the move on the floor of Parliament and discussing it within the party, says Chidambaram

4:13pm: We welcome any relief given to IT payers. But the relief given is only to those who agree to give away all exemptions. These are crumbs thrown at IT payers in lower brackets, says Chidambaram

4:12pm: Govt doesn't believe in structural reforms. I wonder if the FM read the economic survey, says Chidambaram

4:10pm: Nothing in the budget that makes us believe that growth will revive. Government has given up on reviving the economy, says Congress leader P Chidambaram

4:08pm: My approach in the Budget has been more on areas where we need to put money, says FM

3:58pm: Expression of interest (EoI) for sale of govt stake in Bharat Petroleum (BPCL) to be out shortly: Disinvestment Secretary

3:56pm: Improvement in revenue generation gives hopes of lowering fiscal deficit to 3.5% of GDP in next fiscal from 3.8% in current: FM

3:52pm: To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM, we had to relax fiscal deficit target by 0.5%: FM Sitharaman

3:42pm: Introduction of taxpayer charter is a major step, in line with our commitment to ensure honest taxpayers are respected, it is an article of faith for us, says FM

3:30pm: We wanted to place money in the hands of the people, particularly the middle and lower middle classes. Also wanted to simplify income tax process, increase compliance: FM on new personal income tax regime

3:28pm: Union Finance Minister Nirmala Sitharaman addresses media post Budget presentation

3:18pm: Sensex has now plummeted 1052.76 points, is trading at 39,670.73

3:09pm:  BSE Sensex falls 902.65 points to 39,813.12

2:43pm: Delhi had high expectations from the Budget, but the step-motherly treatment has been meted out to it again, says Delhi CM and AAP chief Arvind Kejriwal. 

2:26pm: Budget has clear focus on welfare and development of all sections; it gives special attention to farmers, says Rajnath Singh

2:25pm: Budget gives outline of new and confident India; it will make country healthy and wealthy in coming years: Defence Minister Rajnath Singh

2:18pm: Customs duty exemption on raw sugar, agro-animal based products, Tuna bait, skimmed milk, certain alcoholic beverages, soya fibre, soya protein withdrawn

2:16pm: Customs duty on tableware/kitchenware made of porcelain or China ceramic, clay iron, steel, copper doubled to 20%

2:15pm: Customs duty on catalytic converters, parts of commercial vehicles, other than EVs, hiked

2:05pm: "It was the longest Budget speech and most lacklustre; after Acche Din, New India, it appears that the government has also abandoned USD 5 trillion economy target," says Congress. 

1:58pm: Reacting to the budget, the Congress said, "Fall in the core sector growth is serious; the Budget fails to layout roadmap on how to address it."

1:39pm: Govt to impose nominal health cess on import of medical equipment

1:38pm: Customs duty raised on footwear and furntiure

1:32pm: 'Vivad se Vishwas' scheme for direct tax payers whose appeals are pending at various forum, says FM

1:31pm: FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums

1:30pm: Govt to soon launch a system under which PAN card shall be instantly allotted, says FM

1:29pm: Govt to make amendments to provision of Income Tax Act. CBDT to adopt a Tax Payers Charter

1:25pm: Sensex tanks 452.14 points to 40,271.35 in afternoon trade; Nifty slumps 111.70 points to 11,850.40

1:22pm: Govt proposes 100 pc tax concession to sovereign wealth funds on investment in infra projects

1:21pm: To boost supply of affordable houses in the country, a tax holiday on profits earned by developers extended by 1 year, says FM

1:20pm: Govt proposes 100 pc tax concession to sovereign wealth funds on investment in infra projects

1:18pm: Govt to help startups by raising the turnover limit from Rs 25 crore to Rs 100 crore

1:14pm: Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals, says FM

1:08pm: Govt to bring a new simplified personal income tax regime where IT rates will be significantly reduced for individual taxpayers who forego reliefs, exemptions,. Under new regime, individual will pay tax at reduced rate of 10% for income between Rs 5lakh-7.5 lakh

Those earning below Rs 5 lakh will pay no tax

Income between 7.5Lakh-10 Lakh to be taxed at 15%

10L- 12.5L- to be taxed at 20%

12.5L- 15L- to be taxed at 25%

Above 15L to be taxed at 30%

1:00pm: Receipts for 2020-21 pegged at Rs 22.46 lakh cr, expenditure Rs 30.42 lakh cr

12:55pm: Govt estimates nominal growth of GDP for 2020-21 on basis of trends available at 10%

12:51pm: Govt proposes to sell part of its holding in LIC by way of Initial Public Offering (IPO), says FM

12:49pm: Non-residnets can invest in certain govt securities, says FM

12:48pm: Limit for FPI in corporate bonds to be increased to 15%

12:45pm: Clean, reliable, robust financial sector required to achieve USD 5 trillion economy, says FM

12:44pm: Govt to make necessary amendments to Factor Regulation Act 2007, scheme to provide subordinate debt for entrepreneurs of MSMEs to be provided

12:43pm: Govt proposes Rs 30,757 cr for Jammu and Kashmir, and Rs 5,958 for Ladakh for fiscal 2020-21

12:40pm: Insurance cover for depositors raised from Rs 1 lakh to Rs 5 lakh

12:39pm: Robust mechanism in place to monitor health of all scheduled commercial banks and depositors’ money is absolutely safe, says FM

12:38pm: India to host G-20 presidency in 2022

12:37pm: Govt intends to introduce major reforms in recruitment to non-gazetted posts in public sector banks

12:36pm: Amendments proposed for Companies Act

12:35pm: Tax harassment cannot be tolerated when we are talking about citizens and wealth creators, says FM

12:30pm: Wealth creators will be respected, says FM

12:28pm: Power plants with emissions above prescribed limits will be asked close down: FM

12:26pm: Govt to encourage states that are formulating & implanting plans for ensuring cleaner air in cities with population above 1 million. Govt to allocate Rs 4,400 crores for this purpose

12:22pm: Govt proposes to set up Indian Institute of Heritage and Conservation. 5archaeological sites to be developed as iconic sites with on-site museums. They are Rakhigarhi in Haryana, Hastinapur in Uttar Pradesh, Shivsagar in Assam, Dholavira in Gujarat, Adichanallur in Tamil Nadu

12;20pm: Budget provision of Rs 53,700 crore for welfare of Scheduled Tribes. Rs 9,500 crore provided for senior citizens and Divyangs

12:18pm: Govt proposes to end manual scavenging

12:17pm: Govt proposes Rs 35,600 crore for nutrition-related programmes 

12:16pm: More than 6 lakh anganwadi workers equipped with smartphones to upload nutritional status of more than 10 crore households

12:10pm: Uproar in Parliament after FM Sitharaman says Beti Bachao, Beti Padhao scheme has yielded tremendous results

12:08pm: Govt proposes to bring policy to enable private sectors to build data centre parks throughout the country

12:06pm: Prepaid smart meters to replace conventional electricity metres in next 3 years

12:04pm: 100 more airports to be developed by 2024 to support UDAN scheme

12:03pm: More Tejas-type trains will connect iconic tourist destinations, high speed train between Mumbai-Ahmedabad to be actively pursued

12:02pm: Govt proposes setting up a large solar power capacity alongside rail tracks on the land owned by railways

12:01pm: Govt proposes to monetise 12 lots of highway bundles of over 6000 kms before 2024

11:58am: Govt to soon release National Logistics Policy

11:57am: National Infrastructure Pipeline envisions ease of living for citizens of the country

11:52am: Govt proposes to digitally refund to exporters duties and taxes levied at central, state and local levels

11:48am: Centre to announce new education policy soon; govt received over 2 lakh suggestions on it: FM

11:47am: Govt proposes to provide Rs 99,300 crores for education sector in 2020-21 and Rs 3000 cr for skill development

11:46am: National Police University and National Forensic Science University proposed

11:43am: Around 150 higher education institutions will start apprenticeship embedded degree by 2021

11:42am: Govt approves Rs 3.60 lakh crore for Jal Jeevan Mission

11:41am: Total allocation for Swachh Bharat Mission is Rs 12,300 cr for 2020-21

11:40am: Govt to strengthen ‘TB harega, desh jeetega’ campaign. Anti-TB campaign to be launched to elimitate TB by 2025

11:39am: Govt to set up viability gap funding window for setting up hospitals in PPP mode

11:33am: Govt proposes raising fish production to 200 lakh tonnes by 2020-23

11:30am: Zero-budget farming to be introduced

11:28am: To build a seamless national cold-supply chain of perishables, including milk. 

11:26am: NABARD will undertake an exercise to map and geotag warehousing facilities

11:25am: Govt shall encourage balanced use of all kind of fertilizers, says FM

11:24am: A scheme to enable farmers to set up solar power generation capacity will be operationalized, says FM

11:22am: Govt proposes comprehensive measures for 100 water-stressed districts

11:20am: Govt committed to the goal of doubling farmers’ income by 2022, says FM

11:19am: FM recites a poem in Kashmiri by Pandit Deena Nath Kaul

11:15am: This budget is woven around 3 prominent themes- Aspirational India, Economic Development for all, caring society

11:14am: Our govt shall work towards taking the country forward,. We shall strive to bring ease of living to every citizen, says FM

11:13am: We are now the 5^th largest economy in the world, says FM

11:12am: Between 2006-16, India was able to raise 271 million people out of poverty: FM

The milestones achieved are unprecedented, globally recognised: FM

11:08am: In her second budget, FM Sitharaman pays homage to 'GST architect Arun Jaitley'

11:07am: The GST has been the most historic  tax reform in our country, says FM

11:06am: Fundamentals of the economy are strong and that has ensured macro-economic stability, says FM

 11:04am: This budget aims to give and have your hopes and aspirations addressed, says FM

11:00am: Finance Minister Nirmala Sitharaman tables Union Budget 2020

10:55am: Union Cabinet approves Budget for 2020-21

10:45am: Budget will show how much BJP cares for Delhi: Kejriwal

Delhi Chief Minister Arvind Kejriwal said the Union Budget will show how much the BJP cared about Delhi. "The people of Delhi are hopeful that the Union Government will protect the interests of Delhi in the budget. Delhi should get more in view of elections. The budget will show how much BJP cares for us Delhiites," the Chief Minister tweeted.

10:33am: Home Minister Amit Shah arrives at Parliament ahead of presentation of Budget

 10:24am: Prime Minister Narendra Modi arrives at the Parliament ahead of presentation of Union Budget 2020-21

10:03am: Finance Minister and MoS Finance arrive at the Parliament to attend Cabinet meeting

9:45am: Finance Minister Sitharaman calls on President Ram Nath Kovind before presenting the budget (Photo: Twitter/@rashtrapatibhvn)

9:38am: Kiran Mazumdar Shaw on Budget 2020

"Our economic cancer needs immunotherapy not chemotherapy. We need to treat the causality not the symptoms - hope #Budget2020 takes this approach. Wealth creation is a key part of our economic immune system! Waiting eagerly to hear Fin Min"

9:26am: Sensex plunges 279.01 points to 40,444.48 ahead of Union Budget; Nifty drops 81.45 points to 11,880.65

9:23am: The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme which gives Rs 6,000 a year to farmers may see a cut in budgetary allocation.

9:10am: Financial markets are expecting relief on Securities Transaction Tax (STT), Long Term Capital Gains Tax (LTCG) and removal of dividend tax. Capital infusion in public sector banks and liquidity measures for Non-Banking Finance Companies (NBFC) may also be on the horizon.

 9:09am: A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Sitharaman's "feel-good" second Budget.

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Delhi: Finance Minister Nirmala Sitharaman arrives at Ministry of Finance; She will present her second Budget today pic.twitter.com/LGwGcumYk1

— ANI (@ANI) February 1, 2020

8:46 AM: The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme of the government which gives Rs 6,000 a year to farmers may see a cut in budgetary allocation, IANS reported. 

8:34 AM: Economic Survey 2019-20 projected the revival of economic growth to 6-6.5 per cent in the next fiscal beginning April 1 but suggested the government should relax the budget deficit target to boost growth from a decade low.

Finance Minister Nirmala Sitharaman Presents Union Budget 2020

Govt proposes to sell part of its holding in LIC