Live Updates: Union Budget 2019 Has Been Presented With A 10-Year Vision In Mind, Says FM Sitharaman

Presenti💝ng the first Budget of the Modi government in its second term, she said the Indian economy, which stood at USD 1.85 trillion five years back, has reached USD 2.7 trillion now, and is within capacity to reach USD 5 trillion in the next few years.

The Finance Minister on Thursday tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The surve♒y was released by Chief Economic Adviser Krishnamurthy Subramani𒐪an.

Below are live updates from the Parliament:

4:59PM: "Finance 🌞Minister has said very little on agriculture. The agriculture growth rate has declined 🎉to 2.9%. The government aims to achieve 4 per cent but has not disclosed anything to reverse the slidal of the agriculture sector," says Congress leader P. Chidambaram in a press conference.

4:56PM:  Congress leader P Chi🦄dambaram says the budget doesn't give the allocation 🦋of defence, and it is very unfair to the people of India.

4:30PM: "It's a budget for all. It has addressed issues w♓hich will make 'ease of living' for the poor, t෴he middle class. It has ensured large scale infrastructure development which have made life & living easy for 130 crore Indians, rich or poor," says Union Minister Piyush Goyal

4:00 PM: The BSE Sensex plunged 395 points Friday on heavy selling in metal, power, auto and IT counters after the Budget p♉roposal of raising public shareholding threshold stoked fears about liquidity in the market.

2:56PM: "Non-Banking Financial Companies(NBFC) are a critica❀l component of our banking system," Sitharaman said, adding, "The Government ha🍌s adopted a comprehensive approach for NBFC financing."

2:54PM: "Every target we have given - tax and revenue collections - are all absolutely reasonable limits," the finance miniꦍster said in a post-budget announcement press conference. 

2:53PM: "The emphasis was very clearly on the overall development of the economy. We looked at rural initiatives, all of which will give a certain dynamic to the ruraꦿl areas. S🦂imilarly, we looked at how urban living can be better," Nirmala Sitharaman said.

2:08PM: "The promotion of electric vehicles and allieജd infrastructure is set to transform the e🅰conomy and logistic sector. It is one of the biggest step to curb pollution and move towards sustainable development," says Transport and MSME Minister Nitin Gadkari.

2:05PM: "Inspired by the mantra of ‘Sabka Saath, Sabka Vikas and Sabka Vishwas’ the Union Budget 2019🐭-20 has not only outlined the vision for ‘New India’ but it is also focused on ওbringing a qualitative change in people’s lives," says Defence Minister Rajnath Singh

1:55PM: Budget for new India, lays foundation of i🐈nclusive and progressive nation, giving wings to farmers, youth, women, poor: Home Minister Amit Shah

 1:49M: This budget will fulfill expectations of 21^st century India, says PM Modi

1:48PM: Poor wiꦡll be strengthen🐠ed by the budget, says PM Modi

1:46PM: This budge🐽t is about hope, faith and aspirati♏on, says PM Modi

1:44PM: PM Narendra Modi speaks on Union Budget, calls it a 'Green💖 Budget'

1:35PM: " It is for the first time since independence that a full-ti💖me woman finance minister has presented the Union Budget. I want to congratulate her. The budg🍨et fulfills the expectations of the people of the country," says Uttar Pradesh CM Yogi Adityanath

1:25PM: Sensex💧 down 334 points after Uni🔯on Budget announcement

1:12PM: FM proposes Legacy Dispute Resolution scheme to s♏olve litigations in service tax and excise

1:10PM: A nominal basic excise duty imposed on tobacco

1:09PM: Basic customs duty o🃏n auto parts, optical fibres, digital camera, ca🎶shew, certain synthetic rubber, vinyl flooring hiked

- 5 per cent customs duty imposed o♍n imported boo✱ks

- Customs duty exempted on com🃏ponents of specified electronic goods

1:06PM: 🅠Re 1 Cess To Be Levied On Petrol And Diesel, Says 🐻FM

1:05PM: Propose to increase customs duty ൩on gold and other precious metals from 10% to 12.5%. Basic customs on select goods hiked

1:04PM: Exemptions from customs duty on certain electronic iteꦗms made in India

1:01PM: Import of defence equipments not manufactured in India exem�𝕴�pted from basic customs duty, says FM

12:59PM: Fully automated GSTℱ return model shall be implemented

12:56PM: Enhance surcharge on individuals having taxable income from♏ Rs 2cr-5cr and Rs 5cr and above. E♚ffective tax rate to increase by 3% and 7% respectively: FM

12:55PM: Proposes to levy TDS of 2% on cash with🐟drawal exceeding Rs 1 crore in a year fr♏om bank account, says FM

12:52PM: PAN card and Aadhaar Card to be made interch🐲angeable

12:48PM: Big relief for home buyers, deductions on housing loans.  Upto Rs 45 lakh house, increased interest deduction of upto Rs 3.5 lakh. Rs 7 lꦯakh benefit to middle class for a 15 year loan

12:46PM: Funds r🌃aised by startups wi♊ll not require any income tax scrutiny, says FM

12:45PM: All companies having annual t🍒urnover of upto Rs 400 crore to have corporate tax of 25%, says FM

12:42PM: No income tax forꦬ annual income ♊less than Rs 5 lakh: FM

12:40PM: Aim to s🍨implify tax administration and bring greater accountability

12:39PM: Direct tax revenue🐬 is now growing at double digit rate 🅰every year

12:33PM: In the first 50 years after independence, we emphasised on our rights. On 75 years, 🧜we should place emphasis on our duties towards India without undermining our rights

12:32PM: India’s sovereign external debt to GDP is amongst the lowest globa🥂lly at less than 5%: FM

12:27: On Disinvestment, Govt is considering to go below 51% on 🍌case-to-case basis

12:26PM: Rs 100 lakh cr for i🧜nfrastructure over next 5 ye🃏ars: FM

12:25PM: Proposing to return regulation authority over housing finꩲa💛nce sector from NHP to RBI: FM

12:23PM: NBFCs that are fu𝓡ndamentally sound should continue to get funding from banks and MFs. Govt will provide one-time six months partial credit guarantee to public sector bank💟s for first loss upto 10 per cent: FM

12:22PM: Public sector banks are now proposed to provide Rs 70000cr capital to🐻 improve credit, says FM

12:20PM: NPAs in commercial banks have reduced by over Rs 1 lakh cror𒀰e in last one year

12:15PM: As FM presents Union Bu⛎dget, Sensex tanks 100 points

12:14PM: Propose to consider issuing Aadhar cards for non-resident Indians with Indian passports after their arrival🏅 in India without waiting for 180 days: F💫M

12:12PM: Propose to expand women SHG interest subvention program♛me to all districts of India. One woman in every SHG will also be eligible for a loan of Rꦅs 1 lakh under MUDRA scheme: FM

12:08PM: Nari To Narayani is our mantra, says FM

12:05PM: Approx 35 cr LED bulbs have been distr🧜ibuted under Ujjala Yojana, says FM

12:03PM: Govt propose to start a TV👍 programme exclusively for start-ups: FM

12:02pm: The govt proposes to streamline multiple labour laws 𓆏into a set of 4 labour codes. This wil ensure that process of registration and filing of returns will get standardized and streamlined: FM

12:01pm: The govt proposes to streamline multiജple labour laws into a set of 4 labour codes

11:55am: Govt committed to expa🧸nd Khelo India scheme, says FM

11:53am: Govt will bring in new NEP to transform India’s higher education system. The new policy proposes major changes in both schoo꧋ls and higher education, says FM

11:52am: More than 95% of 🎃our cities have become open defecation free

11:50am: This govt sees rapid urbanization as an opportunity rather than a challenge, says FM. Under P⭕radhan Mantri Awas Yojana (Urban) over 81 lakh houses have been sanctioned

11:49am: Under Swach Bharat Abhiyaan, 9.6 cr toiౠlets have been constructed since Oct 2, 2014. More than 5.6 lakh villages open-defecation free. Propose to exp𝕴and mission to undertake solid waste management in every village; FM

11:46am: Jal Shakti Mantralaya will look at management of water resources and wate🐠r supply♎ in integrated and holistic manner to ensure ‘har ghar jal’ to all rural households by 2024: FM

11:45am: Ease of doing business and ease of𓂃 living should apply to farmers too. Need to replicate model of Zero bღudget farming: FM

11:42am: We hope to form 10000 new farmer producer org൩anisations, says FM

11:37am: Under Pra💧dhan Mantri Gram Sadak Yojana, 30,000 km of roads built using green technology, waste plastic thereby reducing carbon footprint. Under Pradhan Mantri Gram Sadak Yojana Phase III, 30,000 km road length to be built in next 5 years 

11:36am: Govt wi🔯ll establish robusಌt fisheries management framework

11:33am: Every Rural Household To Have Electricity, Clean Cooking Gas Conne♋ctions

11:32am: Proposes to merge NRI investment sc🔯heme route with foreign portfolio investment route

11:28am: Proposes further opening of FDI limits in aviation, media, insurance. 100% FDI will be permitted for ins🎀urance intermediaries , says FM

11:27am: India’s FDI inflows in 2018-19 remained stron♔g at 64.37 billion USD, marking a 6% growth over previous tears. Propose to further consolidate gains in order to make India more investment friendly, says FM

11:25am: It♑ is proposed to rationalize and streamline KYC norms for FPIS to make it m꧅ore investor-friendly, says FM

11:24am: Govt has decided to incrꦺease pension benefit to retail traders and shop✱keepers with annual turnover of Rs 1.5 crore

11:20am: ꦆRs 350 cr allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans, saౠys FM

11:19am: Our govt launched UDAY in 2015 aimed and financial൩ and operational turnaround of discoms. Govt is examining performance of the schem🌜e, says FM

 11:18am: It is estimated that railway infrastructure would need an investment of Rs 50 lakh crore betwee🧸n 2018-30. It is therefore proposed to udneᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚrtake PPP to unleash faster development, says FM                                                                 

11:15am: The govt wil carry out comprehensive restruc🌸turing of national highway programme, says FM

11:14am: Durin⛦g 2019, about 210 km metro lines have been operationalized

11:11am: Gone are the days of policy parܫalysis and licensed quota regimes, says FM

11:08am: It took over 55 years for the Indian economy to reach $1 trillion. But we,▨ in just 5 years, added USD 1 trillion, says FM

11:06am:  Our economy was at approx USD 1.8 trillion when we formed govt, it has now reached USD 2.7 trillion. Hen꧑ce it is well within our capacity to reach USD 5 trillion in next few years: FM

11:04am: Our objective was and continues to be ‘Mazboot desh ke liye mazboot nagrik'. Mega programes and services which we initiated and delivereꦫd during those 5 years will now be further accelerated: FM

11:02am: Between 2014019, Modi govt provided rejuvenated centre-state dynamic, cooperative ferdealism. We have set the ball rolling for a New India, says Sith✱araman

11:00am: Finance Minister Nirmala Sitharama📖n tables 𝔍Union Budget

10:54am: Union Cabinet approves Budget 2019 . It will♚ be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha shortly.

10:35am: Union cabinet meeting begins in Parliament

10:30am: Copies of Budget being brought to the Parliament (Photo: ANI)

10:20am: Some believe Finance Minister 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 s🅘ectors.

10:10am: A big push to the farm sector is expected on Friday in the fir🔯st budget of the Modi government 's s꧂econd innings.

10:01 AM: Finance Minister Nirmala Sitharaman meets Pre🏅sidentRam Nath Kovind before she delivers her Budget 2019 🅠speech in the Lok Sabha at 11 am. 

9:39 AM: Nirmal🅘a Sitharaman carries budget documents in a four-fold red cloth carrying ins🦩tead of a briefcase. 

9:19 AM: Meanwhile Seﷺnsex has crossed🐬 the 40,000-mark, up by over 119 points ahead of the announcement of the Union Budget for 2019-20.

9:18 AM: Finance Minister Nirmala Sitharaman, Mo🔯S Finance Anurag Thakur, Finance S💫ecretary S C Garg, Chief Economic Advisor Krishnamurthy Subramanian and other officials outside Finance Ministry.

8:57 AM: Union Finance Minister Nirmala Sitharaman has arrived at the finance ministry 𝄹as the country is all set to hear her maiden Budget speech at 11 am today.