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| Edited By: Niharika Sharma |Source: DNA webdesk |Updated: Feb 02, 2018, 12:17 AM IST
Union Finance Minister Arun Jaitley presents the fifth budget of the Narendra Modi led government. The Finance Minster tables the Budget before the Parliament at 11 AM today.
FM Arun Jaitley addressed rural distress as widely expected. However, to salaried class disappointment, the Finance Minister announced no change in the tax slab. For Railways, the Finance Minister made it clear that the focus would be on security and upgradation first. He said, the stations with footfall of over 25,000 will get escalators and all the stations will get wi-fi services.
For senior citizens, FM has announced benefits. Arun Jaitley also took care of women's employees and made several announcements benefiting them.
Below are the Union Budget 2018 LIVE updates:
Arun Jaitley at post-budget Talkathon
Profit earned from illegal activity like cryptocurrency is taxable:
As DBT schemes picks up speed, the spending capacity of people will also increase
When we improve infrastructure, quality of education, healthcare the people of India especially the middle class benefits
After the implementation of GST the income of people have become transparent and the corporate tax collection has gone up
Swachh Bharat Mission has been taken up by the whole country as a National programme. Even private companies have taken it up as part of their CSR. This year 2 crore more toilets will be built
Companies failing to file income tax returns will soon face prosecution, with the government making a proposal in this regard in the Union Budget. The proposal comes at a time when the government has stepped up efforts to clamp down on shell companies and curb illicit fund flows. "It is proposed to provide that prosecution shall lie against companies for non-filing of return irrespective of the fact that whether any tax is payable or not," according to an annexure in the budget speech by Finance Minister Arun Jaitley.
As per the budget memorandum, Section 276CC of the Income Tax Act provides that if a person wilfully fails to furnish in due time the return of income which he is required to furnish, he shall be punishable with imprisonment for a term, as specified therein, with fine.
The announcement of National Bamboo Mission and allocation of Rs 1,290 crore for it during the 2018-19 fiscal has special significance for the Northeast and it shows the Modi government's continued commitment to the region's development, Union minister Jitendra Singh said today. He said, it is also a pleasant coincidence the Budget announcement by Finance Minister Arun Jaitley has come close on the heels of the Union cabinet's decision to amend the 90-year-old "Indian Forest Act of 1927", which was a legacy of the British empire, and the amendment has exempted the bamboo grown in the non-forest land from the Act.
4 years gone; still promising FARMERS a fair price.
— Office of RG (@OfficeOfRG) February 1, 2018
4 years gone; FANCY SCHEMES, with NO matching budgets.
4 years gone; no JOBS for our YOUTH.
Thankfully, only 1 more year to go.#Budget2018
Nirmala Sitharaman reacts to Union Budget 2018
Now that the announcement has been made for defence corridor, the first one will be built starting at Tamil Nadu, linking Chennai and Bengaluru. Announcement for the second corridor will soon be made: Defence Minister Nirmala Sitharaman #Budget2018 pic.twitter.com/s4hGpdJBLR
— ANI (@ANI) February 1, 2018
Congress President Rahul Gandhi criticises Budget 2018, says even after 4 years there are no job creation.
4 years gone; still promising FARMERS a fair price.
— Office of RG (@OfficeOfRG) February 1, 2018
4 years gone; FANCY SCHEMES, with NO matching budgets.
4 years gone; no JOBS for our YOUTH.
Thankfully, only 1 more year to go.#Budget2018
Here's what Prime Minister Narendra Modi has to say about the Budget 2018
To further ‘Ease of Living’ and to give a boost to development, the #NewIndiaBudget accords utmost importance to Next-Gen Infrastructure. pic.twitter.com/24oEVKgZ6W
— Narendra Modi (@narendramodi) February 1, 2018
Opposition parties meeting begins in New Delhi
Meeting for the Opposition parties begins #Delhi pic.twitter.com/VX8p0C4MKR
— ANI (@ANI) February 1, 2018
Railway Minister Piyush Goyal happy with the budget allocation to Railways
Govt. is drastically scaling up investments in Railways by almost 3 times to ₹1,48,528 cr. in 2018-19 as against ₹53,989 cr. in 2013-14. #NewIndiaBudget pic.twitter.com/emfy2W6k5L
— Piyush Goyal (@PiyushGoyal) February 1, 2018
Former Finance Minister gives thumbs down to the Union Budget 2019
Farm sector stress will continue.Medical health care is a big jumla. Nothing in the budget to boost private https://t.co/vNpIrUWEcX tax relief to the average tax payer. Is the FM serious?- P Chidambaram #UnionBudget2018 pic.twitter.com/mO3ry9LdCe
— ANI (@ANI) February 1, 2018
Union Minister Rajyavardhan Rathore lauds the Budget
The Tax payer base rising from 6.47 crore in 2014-15 to 8.27 crore in 2016-17 is clear proof that PM @narendramodi ji's decisive, bold step of demonetization has revolutionized the economy. #NewIndiaBudget #Budget2018
— Rajyavardhan Rathore (@Ra_THORe) February 1, 2018
The fact that Government has gone back to a path of fiscal consolidation in a special year like this should reassure bond markets that the commitment for consolidation is strong and robust: CEA
The RJD today alleged that there was "nothing" for Bihar in the union budget presented by Finance Minister Arun Jaitley and squarely blamed Chief Minister Nitish Kumar for the alleged "stepmotherly treatment" meted out by the Centre.
"The budget contained nothing for Bihar. The state got nothing despite promises of a special package and a special status. Nitish Kumar should tell us whether this is the double engine for him. It is because of him that the Centre is meting out stepmotherly treatment to Bihar", RJD leader Tejashwi Yadav said in a tweet.
बजट में बिहार के लिए कुछ भी नहीं। बिहार को विशेष पैकेज और विशेष राज्य के दर्जे पर कुछ भी नहीं मिला। नीतीश कुमार बताए क्या यही उनके लिए डबल इंजन है? नीतीश जी की वजह से बीजेपी की केंद्र सरकार बिहार के साथ सौतेला व्यवहार कर रही है।
— Tejashwi Yadav (@yadavtejashwi) February 1, 2018
Buget 2018 proposes institutional mechanism to fix emoluments of elected members, thereby addressing the criticism that they fix their own salaries: FM
LIVE: @NITIAayog will devise a mechanism to increase the Minimum Support Price for crops to 1.5 times of production cost, as promised in #NewIndiaBudget; to be done in consultation with the states: @FinMinIndia https://t.co/3zYQzLuyLG #Budget2018 pic.twitter.com/JzH2yUVDfe
— PIB India (@PIB_India) February 1, 2018
LIVE: Contribution of the salaried class has been reognized for the first time: FM @arunjaitley https://t.co/C3sAv9n3oS #NewIndiaBudget #Budget2018
— PIB India (@PIB_India) February 1, 2018
Andhra Pradesh Finance Minister not happy with the Budget
We are not happy with #UnionBudget2018 , whatever requests we made for Andhra Pradesh have not been addressed: Yanamala Rama Krishnudu, AP Finance Minister pic.twitter.com/GxGHCgUZV7
— ANI (@ANI) February 1, 2018
Agriculture and rural economy have been given high priority in Union Budget 2018: FM
FM Arun Jaitley defends no change in tax slab, he says tax slab is already lowest in the world.
#Budget2018 LIVE: Step by step, in every budget, I have been putting surplus money in the hands of the middle-class taxpayer: FM @arunjaitley #NewIndiaBudget https://t.co/3zYQzLuyLG pic.twitter.com/O1fQqR8QNH
— PIB India (@PIB_India) February 1, 2018
Bharatiya Mazdoor Sangh terms the #UnionBudget2018 as 'disappointing', BMS to hold nationwide demonstration tomorrow
Arun Jaitley announces benefits to senior citizens in Union Budget 2018
#NewIndiaBudget In Focus: Enhancing Quality of Life of Senior Citizens https://t.co/cjKSFPNdM9 … pic.twitter.com/oDkcvtcrVo
— MyGovIndia (@mygovindia) February 1, 2018
Finance Minister Arun Jaitley addresses media after presenting the Union Budget 2018
Watch LIVE : Press Conference by Union Finance Minister @arunjaitley on #NewIndiaBudget#Budget2018 https://t.co/SszO16XMPC
— PIB India (@PIB_India) February 1, 2018
Pics from #Budget2018 #NewIndiaBudget post-budget presser by FM @arunjaitley & his team pic.twitter.com/SVQxRmvb2o
— Frank Noronha (@DG_PIB) February 1, 2018
From bamboo to blockchain, #Budget2018 epitomises "maximum governance."
— Dwaipayan Bose (@rijubose) February 1, 2018
After Union Budget, Sensex ends in red to close at 35,906.66, Nifty to end at 11,016.90 points.
Congress senior leader, Shashi Tharoor appreciates announcement related to health sector.
One good thing in #Budget2018 is the health insurance scheme to cover 500 million Indians. But the budget figures show no serious allocation for it, &the Fasal Bima Yojana has already proved a boon for insurance companies more than the insured. Will it prove another #jumla?
— Shashi Tharoor (@ShashiTharoor) February 1, 2018
Rs.1 lakh crore for Revitalising Infrastructure and Systems in Education is a huge gift of this budget #Budget2018 #NewIndiaBudget pic.twitter.com/WvBmLG1RbK
— Prakash Javadekar (@PrakashJavdekar) February 1, 2018
Government gives mega push to education sector
Moving from Black Board to Digital Board is a major push for #transformingeducation #Budget2018 #NewIndiaBudget pic.twitter.com/jDyRHIjD2f
— Prakash Javadekar (@PrakashJavdekar) February 1, 2018
We are disappointed with the Union Budget presented today. Many pressing state issues like Railway Zone, Polavaram project funding, Funding for capital Amaravati and other pending issues of Andhra Pradesh are not addressed in the budget: YS Chowdary, MoS Science&Technology, TDP
— ANI (@ANI) February 1, 2018
Congress is forgetting that in the yr before 2009 election the Congress party had allowed fiscal deficit situation to deteriorate from 2.9% to over 5% within same yr. If that is fiscal prudence then we will have to revisit the definition of fiscal prudence in India: Piyush Goyal pic.twitter.com/JcTgmul13y
— ANI (@ANI) February 1, 2018
"It's a transformational budget, and it will bring about a positive change in everyone's lives", says Union Minister Ananth Kumar
Its a transformational budget, and it will bring about a positive change in everyone's lives. Its a budget for the common man, the farmers and for the nation: Ananth Kumar, Union Minister #UnionBudget2018 pic.twitter.com/aIOr0NLkM1
— ANI (@ANI) February 1, 2018
BJP President Amit Shah lauds Arun Jaitley's Union Budget 2018
In a major move to benefit salaried class and create new jobs, govt will now contribute 12% of the wages as EPF in all sectors for the next three years and to encourage more women at workplace, their contribution will be brought down from 12% to 8%.
— Amit Shah (@AmitShah) February 1, 2018
#UnionBudget2018 | Quotable : Creation of job opportunities has been at the core of policy-making. @DDNewsLive @GoI_MeitY #Budget2018WithDigitalIndia #AskYourFM pic.twitter.com/m2COHa0fDB
— Digital India (@_DigitalIndia) February 1, 2018
Budgetary support to Defence sector to remain government’s priority
#Budget2018: Budgetary support to Defence sector to remain government’s priority: https://t.co/koERatEGOA#NewIndiaBudget
— MIB India (@MIB_India) February 1, 2018
What will become expensive?
To buy luxury cars from abroad has become expensive.
Processed food, Electronics' prices will go higher as the govt in the Budget 2018 has introduced 5 per cent custom duty.
Mobiles that have not manufactured outside India, TV sets and laptops will be costlier.
Spares parts of TV will also attract additional custom duty
Whose prices will increase?
Prices of TV will increase 5%
Mobile phones will increase 5%
Silver prices will increase by 3%
Footwear prices will increase by 5%
Phone's battery's prices will also increase by 5%
Gold prices will witness an increase of 3%
Here is a complete list of items.
I want congratulate Prime Minister Narendra Modi on announcing the world's biggest national health protection scheme. This budget is for the development of the poor, for farmers and increasing their income, senior citizens and women: Union Minister Smriti Irani pic.twitter.com/NseafQcGww
— ANI (@ANI) February 1, 2018
Its a grand budget, lot of announcements for the poor, farmers and tribals. This budget will also cement India as a global economic power: HM Rajnath Singh #UnionBudget2018 pic.twitter.com/Wl7tlajbD0
— ANI (@ANI) February 1, 2018
In the 1 hour 45 minute speech, 1 hour was for the poor, this is indeed historic. The opposition has become too pessimistic: MJ Akbar,Union Minister #UnionBudget2018 pic.twitter.com/Chq7eNCXQJ
— ANI (@ANI) February 1, 2018
Former PM HD Dewe Gowda says, measures taken for agricultural sector not enough.
FM has tried to make improvements for farmers but the problems of farmers and rural people are enormous. Measures may not be sufficient: HD Dewe Gowda, former PM #UnionBudget2018 pic.twitter.com/BFWLM9jEXd
— ANI (@ANI) February 1, 2018
'I congratulate the Finance Minister for the decision regarding Minimum Support Price. I am sure it will help the farmers tremendously,' PM Modi said.
After Union Finance Minister Arun Jaitley presented the Union Budget, Prime Minister Narendra Modi lauded the budet and said that it caters to all sections of the society. ‘From food processing to fiber optics, roads to shipping, youth to senior citizen, rural India to Ayushmaan Bharat, Digital India to Start Up India, this budget strengthens hopes and aspirations of crores of Indians,’ PM Modi said.
Union Finance Minister Arun Jaitley concludes his Budget speech 2018-19
Finance Minister Arun Jaitley quotes Swami Vivekananda from Memoirs of European Travel
Custom duty on mobile phones increased to 20% from 15%: Arun Jaitley
Finance Minister Arun Jaitley announces TDS limit to be increased from Rs 10,000 to Rs 50,000
What Arun JAitley announces for salaries-class tax payer
Personal Income Tax rates unchanged; Rs. 40k standard deduction in lieu of present exemption: FM @arunjaitley#Budget2018 #NewIndiaBudget #BudgetWithDDNews @IncomeTaxIndia pic.twitter.com/2YghXClMGy
— Doordarshan News (@DDNewsLive) February 1, 2018
Relief for senior citizens in the Budget 2018-19
For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: Arun Jaitley
— ANI (@ANI) February 1, 2018
Corporate Tax:
Propose to extend 25% corporate tax rate to companies with revenue up to Rs 250 crore: FM Jaitley #UnionBudget2018
— ANI (@ANI) February 1, 2018
Finance Minister @arunjaitley: 12.6% growth in indirect #taxes. 18.7% growth in direct taxes. @FinMinIndia. #Budget2018 #UnionBudget2018 pic.twitter.com/dIUnsvIFrj
— WION (@WIONews) February 1, 2018
Proposed two defence industrial corridors in the country to promote domestic production in both public and private sectors: Arun Jaitley
Arun Jaitley says there won't be any change in the income tax slab this year
Govt has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this: Arun Jaitley #UnionBudget2018
— ANI (@ANI) February 1, 2018
"In 2016-17, 85 lakh new tax payers joined the system. This is a rise from 66.26 lakh in the preceding years. The total tax payers have increased from 6.47 lakh crores to 8.27 lakh crores," Arun Jaitley said.
Sensex in red, Markets turn in red after Arun Jaitley's statement that says govt will breach fiscal deficit target to 3.5 per cent this year.
FM Jaitley proposes 100% tax rebate for farmer producer companies having a turnover of Rs 100 crore
100% tax deduction for first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above: FM
#DNAUnionBudget2018: Govt to introduce Toll system policy on a pay as you use basis via @dna
— Ashish K Tiwari (@ashishktiwari) February 1, 2018
Fiscal deficit will touch 3.5% this year as against the targetted 3.2 percent. To target 3.3 percent in 2018-19.The government has set a divestment target at Rs 80,000 crore, says Jaitley.
MP Salaries to be revised with effect from 1 April,2018, Will increase every 5 years indexed to inflation: FM Arun Jaitley
Comprehensive gold policy on cards, gold monetisation scheme to be revamped: FM Arun Jaitley
Govt considers cryptocurrency as illegal, will encourage blockchain technology
Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley #UnionBudget2018
— ANI (@ANI) February 1, 2018
Govt to bring out a policy to promote domestic defence production in 2018. Make nation self reliant on defence manufacturing @arunjaitley #Budget2018
— Abhishek Bhalla (@AbhishekBhalla7) February 1, 2018
Finance Minister #ArunJaitley on Road & Rail Connectivity #NewIndiaBudget | #BudgetWithAIR | #Budget2018 pic.twitter.com/mIdJu3hJl2
— All India Radio News (@airnewsalerts) February 1, 2018
Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley
Airports Authority of India now has 124 airports, this will be expanded by 5 times. Aim of 1 billion trips a year: Arun Jaitley
UDAN (Ude Desh ka Aam naagrik) scheme will connect 56 unserved airports and 31 unserved helipads: Arun Jaitley
Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru: FM
The govt allocates Rs 3 lakh crore for lending under Mudra loans in the 2018-19. He says there were 10.38 crore Mudra loans given out in this fiscal, 70% of which went to women.
Govt to develop 10 tourist destinations to attract more people to the country. Amenities will be enhanced under the Amrut programme, he says.
Niti Aayog to establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications: Arun Jaitley
12,000 wagons, 5160 coaches and 700 locomotives being procured. There is significant achievements of physical targets by Railways : Arun Jaitley
All railways stations with more than 25,000 footfall to have escalators. All railways stations and trains to have Wi-Fi and CCTVs progressively: Arun Jaitley
70 lakh formal jobs have been created this year. Govt will contribute 12% of the wages as EPF in all sectors for the next three years. Contributions from women employees will be brought down from 12% to 8%. #NewIndiaBudget
— RSPrasad Office (@OfficeOfRSP) February 1, 2018
AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded: FM Jaitley
Govt to construct tunnel at Sela Pass in Arunachal Pradesh: FM Arun Jaitley
Have proposed construction of tunnel under the Se-La pass in Arunachal Pradesh: FM Jaitley
"Contribution of 8.33% to EPF for new employees by the government for three years and 12% government contribution to EPF in sectors employing large number of people. Women employees' contribution to EPF to be reduced to 8% from 10% for the first three years," announces Jaitley.
FM Jaitley says women employees' contribution to EPF to be reduced to 8% from 10% for the first 3 years.
Govt to set up 24 new medical colleges and hospitals by upgrading district level ones: FM Arun Jaitley
The Jan Dhan Yojana to be extended to all 60 crore bank accounts: FM Arun Jaitley
Arun Jaitley announces Rs 7,148 crore outlay plan for textile sector in 2018-19
LIVE: 7148 crore outlay for textile sector in 2018-19: FM @arunjaitley https://t.co/fJz6Gbnght #Budget2018 #NewIndiaBudget
— PIB India (@PIB_India) February 1, 2018
Govt to contribute 12% of EPF contribution for new employees in all sectors: FM Jaitley
By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidayalas: FM Arun Jaitley
"It's a move towards universal health coverage. Allocation Of Rs 600 crore for nutritional support to all tuberculosis patients," says Jaitley.
World's largest govt-funded health programme - 'National Health Protection Scheme' to cover 10 crore poor and vulnerable families by providing upto Rs 5 lakh per family per year: FM @arunjaitley#Budget2018 #NewIndiaBudget #BudgetWithDDNews pic.twitter.com/pNdC0i2fRg
— Doordarshan News (@DDNewsLive) February 1, 2018
Health insurance scheme to cover 500 million beneficiaries of 100 million families. FM Jaitley announces a cover of up to Rs 5 lakh rupees per year
We are now launching a flagship national health protection scheme that will cover 10 crore families. They will be provided upto Rs. 5 lakh. This is one of the largest healthcare programmes in the world: FM @arunjaitley #NewIndiaBudget https://t.co/XoU3iHccE3
— PMO India (@PMOIndia) February 1, 2018
Arun Jaitley announces 'Revitalising Infrastructure and Systems' for education sector. "By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidayalas," says Jaitley
LIVE: Providing 5 lakh rupees per family per year for medical reimbursement, under National Health Protection Scheme. This will be world's largest health protection scheme: FM @arunjaitley https://t.co/fJz6Gbnght #Budget2018 #NewIndiaBudget
— PIB India (@PIB_India) February 1, 2018
The government announces to set up 22 new government colleges and hospitals.
Speaking in the Parliament, Jaitley said that Rs 16,000 crore will be spent on providing electricity connection to nearly four crore poor households.
Finance Minsiter AruN Jaitley announces Rs 14 lakh crore for enhancing rural livelihood
LIVE: Eklavya schools to be started for Scheduled Tribe population: FM @arunjaitley https://t.co/fJz6Gbnght #Budget2018 #NewIndiaBudget
— PIB India (@PIB_India) February 1, 2018
Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab,UP and Delhi NCT to address it and subsidize machinery for management of crop residue: FM Jaitley
Govt to increase digital intensity in education. Technology to be the biggest driver in improving quality of education: FM Jaitley
We have constructed 6 crore toilets under Swachh Bharat Mission, our aim is to build 2 crore more toilets: FM Arun Jaitley
Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab,UP and Delhi NCT to address it and subsidize machinery for management of crop residue: FM Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
All crops to come under MSP benefits: Arun Jaitley
Not important to increase the minimum support prices on crops, the farmers should get the benefits of that MSP. Government announces upgrades of existing rural haats for small and marginal farmers, agri-market infrastructure fund set us with a corups of 2000 crore: @arunjaitley
— prasad sanyal (@prasadsanyal) February 1, 2018
We have decided to give 1.5 times the cost incurred to farmers as MSP. This will help increase farmer incomes: FM @arunjaitley in the Lok Sabha #NewIndiaBudget https://t.co/XoU3iHccE3
— PMO India (@PMOIndia) February 1, 2018
Minimum Support Price (MSP) on kharif crops hiked in Budget 2018, the Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost, says Arun Jaitley
Arun Jaitley announces Rs 2000 crore fund for infrastructure upgrade in agri-marketing.
Finance Minister says recapitalised PSU banks are ready to support growth; achieved 7.5% average growth in three years of NDA government
"Our government has ensured that the people get their benefits directly and on time. Our Direct Benefit Transfer (DBT) programme has eleminated the middleman in India," says Arun Jaitley.
"Our government has worked sincerely for various reforms without keeping the political angle in mind. My government is committed to the welfare of the fares. Agriculture is an enterprise and encouraging farmers to earn more," Jaitley says.
#Budget2018 will work with states to provide more resources to improve quality of education: FM Arun Jaitley pic.twitter.com/ZE8iy0KlX7
— ANI (@ANI) February 1, 2018
Indian economy is on course to achieve high growth of 8%. Economy to grow at 7.2-7.5% in second half of 2018-19: FM Jaitley
#ModiKaBudget
— Zee News (@ZeeNews) February 1, 2018
LIVE - Our government has implemented structural reforms: FM @arunjaitleyhttps://t.co/PubBrZPLkl pic.twitter.com/SrKwwsWAyo
"We are not only focussing on 'Ease of Doing Business' but also 'Ease of Living'", says FM Arun Jaitley in his Budget speech.
Finance Minister hails the demonetization decision. He says the FDI has grown since the Modi government came in power. There is a premium for honesty today," says Finance Minister Arun Jaitley.
Live Coverage from the Lok Sabha - Union Budget 2018-19 https://t.co/ty740gs010
— Arun Jaitley (@arunjaitley) February 1, 2018
Finance Minister Arun Jaitley starts his Budget speech with listing out Modi government's economic achievements since the NDA government took over in 2014.
Indian economy now seventh largest economy in world
Finance Minister Arun Jaitley tables Union Budget before the Parliament.
Parliament proceedings begin with a two-minute silence for BJP MP Chintaman Wanga
Prime Minister Narendra Modi and Union Ministers Sushma Swaraj and Ram Vilas Paswan arrived at the Parliament before FM's Arun Jaitley's Budget speech.
Delhi: PM Narendra Modi and Union Ministers Sushma Swaraj and Ram Vilas Paswan arrived at the Parliament #UnionBudget2018 pic.twitter.com/JUVI2rbW2F
— ANI (@ANI) February 1, 2018
Former Finance Minister, P. Chidambram and senior congress leader tweets, "The CEA (Dr Arvind Subramaniam) has given his diagnosis. Let's see whether the patient (the government in charge of the economy) is still in denial or it will take corrective action."
The CEA (Dr Arvind Subramaniam) has given his diagnosis. Let's see whether the patient (the government in charge of the economy) is still in denial or it will take corrective action.
— P. Chidambaram (@PChidambaram_IN) February 1, 2018
Budget 2018 gets clearance in cabinet meeting. Finance Minister will present the Budget at 11 AM. Breaking the tradition, FM Arun Jaitley will deliver his speech for the first time in Hindi.
Senior layer Prashant Bhushan tweets, "BJP's budget dilemma: A populist budget, with elections approaching, or to keep the crony corporates happy who have funded it's extravagant election & advertising campaigns?"
At an estimate of Rs 65,000 crore, Jaitley is likely to make key announcement to keep things on track.
What’s important is as to how the Union Budget helps Indian Railways in reinventing itself as the fastest and cheapest mode of transportation. Because, Railways has been gradually losing share of freight movement traditionally to road transport because of non-competitive tariff structure.
Read the top 5 expectations related to the Railway Budget, here.
#DDNews brings you day-long coverage of #Budget2018 today
— Doordarshan News (@DDNewsLive) February 1, 2018
FM @arunjaitley speech in Parliament - 11 AM
FM live interview - 2 PM
Post budget press conference - 4 PM
Discussion with Economic Advisory Council - 4:30 PM#AskYourFM Talkathon - 7 PM#NewIndiaBudget pic.twitter.com/RwR8WoUg4Y
Petrol and diesel prices today hit a new high ahead of Budget 2018. Petrol price in Delhi was at 73.05 per litre while diesel price was at Rs 64.11 per litre today. Fuel prices are highest in Mumbai with petrol price touching Rs 80.91 per litre and diesel price reaching Rs 68.27 per litre today.
Check the entire price list here.
Cabinet meeting begins inside the Parliament ahead of the Union Budget 2018.
Delhi: Copies of #UnionBudget2018 being checked by security inside Parliament premises pic.twitter.com/Mvk0FqWYzo
— ANI (@ANI) February 1, 2018
The rupee weakened by 9 paise to 63.67 against the US dollar in opening trade at the interbank foreign exchange market ahead of the budget today. A strong dollar in overseas markets weighed on the Indian currency, a currency dealer said. Yesterday, the rupee had ended 2 paise higher at 63.58 against the US dollar.
The e-way bill, key to preventing tax evasion under the Goods and Services Tax (GST), will be rolled out nationwide from Thursday amid persistent concerns in some quarters that its enforcement could trigger fresh economic disruption.
Ahead of Finance Minster's Budget Speech, Sensex soars 200 points to trade at 36,161.12, Nifty at 11,078.45 points.
Delhi: Finance Minister Arun Jaitley arrives at the Parliament #UnionBudget2018 pic.twitter.com/VhTlrr71UC
— ANI (@ANI) February 1, 2018
Delhi: Finance Minister Arun Jaitley arrives at the Parliament #UnionBudget2018 pic.twitter.com/4TrV0rynvP
— ANI (@ANI) February 1, 2018
Hours before the Budget 2018-19, Civil Aviation Minister Jayant Sinha said,"The Budget will be a political one". Analysts also believe that ahead of the 2019 elections the Budget will include many populist announcements.
Retailers expect relaxation in GST tax slabs across various product categories. ANI asked the retailers of Hyderabad about their expectations from the budget, and the majority ascribed the dip in their business to GST and hoped the latest budget would provide some relief.
"There is only one thing we want the government to change in budget revision, and that is to reduce the GST percentage on footwear which is 18 percent now," the footwear retailers said.
Finance Minister Arun Jaitley arrives in Parliament to present the Union Budget at 2018-19.
Budget 2018 Bcould emphasise upon three notable ambits: agricultural dynamics, the extent of acceptable deficit between government revenue and government spending and the effect of rising global oil prices.
Other potential aspects would possibly be in propinquity to the three aforementioned arenas. The agricultural sector would necessitate greater attention than other sectors.
Within India’s economy, agriculture is still the single largest sector, employing nearly half the Indian workforce. It has been subjected to a quirk of undesirable irony: spiralling agricultural productivity has been accompanied by lingering farmer discontent.
Finance Minister Arun Jaitley meets President Ram Nath Kovind, according to the tradition, before presenting the union Budget 2018-19 in the Parliament. Jaitley will deliver his speech at 11 AM
As per tradition, Finance Minister Arun Jaitley calls on #PresidentKovind at Rashtrapati Bhavan before presenting the Union Budget pic.twitter.com/cSPFp3pYeZ
— President of India (@rashtrapatibhvn) February 1, 2018
Union Budget 2018-19 documents arrive in Parliament
Read here, the top 10 expectations from the Finance Minister's 2018 Budget speech
Top 5 expectations from the Budget 2018
1. In a pre-budget survey by tax consultant EY, a wide majority of 69 % of the respondents felt that the threshold limits for taxation would increase further in order to boost disposable income in the hands of the people.
2. In Budget 2018, the government could provide a big relief to the middle class – especially the salaried section – with a new tax slab. Of the 76 lakh individual assessees who declared income above Rs 5 lakh in last financial year, 56 lakh were from salaried class.
3. The current three-slab system may see an increase in the upper limit: The first slab's upper limit could be raised from Rs 5 lakh to 6 lakh, taxed at the rate of 5 per cent; followed by Rs 6 to 12 lakh at 20 per cent; and Rs 12 lakh and above is likely to fall in the under 30 per cent tax rate. "Though the government is under financial constraint, it could be an option to cut some tax exemptions and align the slab to simplify the tax law," a Finance Ministry official told DNA money.
If this happens, then taxpayers who make more than Rs 6 lakh a year will get a tax benefit of Rs 15,000 annually, according to tax expert Dr Ravi Gupta.
The Finance minister may increase the basic exemption limit from Rs 2,50,000 to Rs 3,00,000.
4. India's the largest bank, the State Bank of India, demanded that the basic tax exemption limit be raised. "Personal disposable income has increased due to the 7th Pay Commission. We believe there is a need to raise the exemption limit to Rs 3 lakh; through this about 75 lakh taxpayers will be exempted from income tax," said Ecowrap, an SBI research note.
5. The Ministry of Road Transport & Highways (MoRTH) could see a substantial increase in fund allocation in the Budget as the government looks to begin implementation of its ambitious Bharatmala project.
Tamil Nadu Deputy Chief Minister O Paneerselvam on Wednesday expressed confidence that the Union budget will allocate the required funds for Tamil Nadu.
Talking to reporters at the Airport here, Paneerselvam said the budget, to be presented tomorrow, would provide funds necessary for various projects as sought by the State.
Railway Minister Piyush Goyal hinted at big announcements for rail passengers, Goyal said Mumbaikars can expect more facilities. Asked what the metropolitan can expect out of the budget, he replied with a smile, "Good news."
Earlier this month, the railway ministry proposed a massive Rs 49,524 crore allocation for upgrading rail infrastructure under an extension of phase III of the Mumbai Urban Transport Project (MUTP), and later sent it to the finance ministry for its inclusion in the budget.
Breaking the tradition, the Finance Minister this time would present the final Budget for the Narendra Modi government's ongoing term in Hindi.
Read all about FM Arun Jaitley's magical briefcase and why is it important here.
Delhi: Finance minister Arun Jaitley and his team ahead of the #UnionBudget2018 presentation pic.twitter.com/LrECFu4gYP
— ANI (@ANI) February 1, 2018
With the rising inflation rate and the need to ramp up savings, the salaried class hopes for the government to hike the current tax exemption list.
At present, the tax exemption list is Rs 2.5 lakh, that has not been changed since three years. Experts believe to give the maximum benefit, government must raise the tax limit to Rs 5 lakh.
Ahead of the 2019 polls, Finance Minister's Arun Jaitley's deputy and MoS Finance Shiv Pratap Shukla has hinted at a populist Budget, saying it will be a “good Budget and will benefit the common man”.
Ahead of the Budget, key indices open in green. The benchmark BSE Sensex opened at opens at 36,127.20, Nifty at 11,067.25 points.
Finance Minister Arun Jaitley arrives at the Ministry of Finance. Following is the complete schedule of the big Budget day:
Finance minister Arun Jaitley’s speech begins in Parliament at 11 AM
-- Finance minister’s live interview begins at 2 PM
-- The post-Budget press conference begins at 4 PM
-- A discussion with the Economic Advisory Council is scheduled for 4.30 PM
-- #AskYourFM talkathon begins at 7 PM
#IndiaBudget2018 The Union Finance Minister,Shri @arunjaitley will reply to the questions on General Budget at 7pm tomorow ,1st February, 2018. So Tweet your questions on #AskYourFM pic.twitter.com/WRT7wAFiEm
— Ministry of Finance (@FinMinIndia) January 31, 2018
Uncertain revenues: With GST being rolled out this year, the revenues are being collected across a lot of states. However, the efficiency levels and GST collections across states have shown considerable variability. Therefore, taking a call on the overall revenue envelope is a challenge. This is exacerbated by the fact that the states are protected against any revenue loss and hence the pressure on the Union Budget will be further more in case of any shortfall in collections.
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