Nirmala Sitharaman will present Budget 2020 today – 1 February. This will be Sitharaman’s second budget as finance minister. Sitharaman will present the Budget for fiscal 2020-21 in the Lok Sabha at 11 am.
This is the second Budget of the Narendra Modi government after it retained power for the second time in a row in the May 2019 general elections. Sitharaman was appointed the first full-time finance minister of the country. Indira Gandhi is the only woman who presented the Union Budget before her and that was in 1970.
Union Budget LIVE UPDATES
01:44 PM | Finance Minister Nirmala Sitharaman presented India’s longest Budget speech for the fiscal year 2020-21 with two hours thirty seven minutes spent and the speech still underway. In doing so, Sitharaman breached own record of longest Budget speech for fiscal year 2019-2020 that lasted two hours and 17 minutes. Jaswant Singh’s 2003 speech was the third longest at two hour twelve minutes.
Nirmala Sitharaman announces the reduction of income tax rate, in a major relief to the salaried class. As per the changes proposed by the Centre, the tax rates for those earning between Rs 5-7.5 lakh has been lowered to 10 percent, from 20 percent currently prevailing.
12:55 PM | The partial LIC disinvestment announced by Finance Minister Nirmala Sitharaman sparked an uproar in the House. Members of the Opposition benches marked their dissent against the government’s decision to sell a portion of its stake in the LIC via IPO.
12:32 PM | Nirmala Sitharaman has proposed an allocation of Rs 25,000 crore for the promotion of tourism. The entire amount would be utilised in the financial year 2020-21.
12:28 PM | FM Nirmala Sitharaman says India has embraced sharing economy with aggregators displacing regular businesses. Analytics, IoT and AI are changing the world. A policy will bve set up to build data centre parks throughout the country. All public institutions at Gram Panchayat levels will be provided with digital connectivity. Fibre to home through BharatNet will link 100,000 Gram Panchayats in FY21 itself. An allocation of Rs 6,000 crore will be provided for BharatNet.
Delhi-Mumbai expressway and two other projects will be completed by 2023: FM
Delhi-Mumbai expressway and two other projects will be completed by 2023, says Finance Minister Sitharaman
IRCTC shares soar 9% ahead of Budget; other railway stocks also gain
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) continued its upward journey and hit another life-high on Saturday ahead of annual Union Budget. The stock hit a high of Rs 1,326.45 before coming down marginally. It was up 9.08 per cent to Rs 1324.95 at 10.42 am.
The share price of IRCTC has gained 40 per cent this month. It has surged 30 per cent in the last one week.
Among other railway stocks, IRCON was up 2.55 per cent to Rs 485, Rail Vikas Nigam 1.64 per cent to Rs 27.85, Texmaco Rail Engineering 3.57 per cent to Rs 39.15, Kernex Microsystems 2.98 per cent to Rs 19 and Rites gained 1.95 per cent to Rs 317.
Finance Minister says there is a holistic vision of healthcare. Mission Indradhanush has been extended to cover new diseases and new vaccines. Fit India is part of it, she said. There are 20,000 empanelled hospitals in Ayushman Bharat and need more in Tier 2 and 3 cities to benefit poor in these areas. PPP mode hospitals will be set up under viability gap funding to look at areas where there are no hospitals. This will be 112 aspitational districts where first priority will be given.
61.1 million farmers insured under Fasal Bima: Sitharaman
A total of 61.1 million farmers insured under Fasal Bima, says Sitharaman. She says hand-holding of farm-based activities needs to be done in cooperation with states.
FM Sitharaman outlines 16 actions under aspirational theme
4. To encourage balanced use of all kinds of fertilisers, including organic fertilisers. Seek to change incentive scheme skewed towards chemical fertilisers
Our government is committed to doubling farmers income by 2022: FM Sitharaman
Our government is committed to doubling farmers income by 2022. We have provided for 110 million farmers through PM Kisan Beema Yojana. Provision of annual assistance to the farmer is made sure through PM Kisan yojana. Agricultural markets needs to be opened and liberalised. Fisheries, animal husbandry and dairy needs to be provided for: Finance Minister Nirmala Sitharaman.
Nirmala Sitharaman says central government debt reduced to 48.7 percent of GDP in 2019 from 52.2 percent
Finance Minister Nirmala Sitharaman said that between 2006-2016 India was able to raise 217 million people out of poverty.
“Our nation is like a blossoming garden, like the blooming lotus on Dal Lake, like the warm blood of the youth. My nation, your nation, the world’s most loved nation.”
11:18 AM | Union Budget 2020-21 is on the development and welfare of women, backwards and minorities, Finance Minister Nirmala Sitharaman
11:15 AM | The roll-out of GST has increased India’s tax base by a total of “16 lakh new taxpayers”, Sitharaman said, calling the GST “the most historic reform” in India’s economic history.
10:50 AM | Around 35 stocks fell to touch their 52-week lows on NSE in Saturday’s session ahead of Union Budget scheduled to be announced today.
These are Coal India, DHFLNSE 1.16 %, Jammu & Kashmir Bank, Gayatri Projects, Oil IndiaNSE -2.01 %, Jain IrrigationNSE 4.90 %, Reliance Power and Khadim India
10:25 AM | Prime Minister Narendra Modi arrives at the Parliament
10:20 AM | Sitharaman reaches Parliament with bahi-khata Budget
Copies of Budget 2020 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 am today.
