What Did UPA Do in its 10 Yrs in Power, Asks Jaitley After Budget
Piyush Goyal is presenting Prime Minister Narendra Modi-led government’s sixth and interim Budget.
Addressing the media from New York after the presentation of the interim Budget, Union Minister Arun Jaitley on Friday, 1 February, raised questions about the work UPA did in their 10 years in powers, as he listed the achievements of the Modi government in the areas of rural housing, electricity, sanitation and road connectivity.
Earlier, interim Finance Minister Piyush Goyal, in an interview to ANI, said that no other government has respected farmers like the government led by Prime Minister Narendra Modi.
Addressing the country after the Interim Budget 2019 was tabled, PM Modi called it a “trailer” and said he will take the country on the path of development following the Lok Sabha elections.
As NDA ministers hailed the Budget, Congress President Rahul Gandhi attacked the the Pradhan Mantri Kisan Samman Nidhi, saying giving farmers Rs 17 a day is an insult.
Goyal announced that individual taxpayers with annual income up to Rs 5 lakh will get a full tax rebate. The defence Budget has been enhanced beyond Rs 3 lakh crore.
Other Key Announcements of Piyush Goyal’s Budget Presentation:
- Rs 60,000 crore allocated to MNREGA for FY19-20
- Rs 3,000 pension monthly to unorganised sector workers after the age of 60
- Defence budget enhanced beyond Rs 3 lakh crore
- Allocation for the northeastern region proposed to be increased to Rs 58,166 crore – a 21 percent rise over the previous year
- GST collection in January 2019 has crossed Rs 1 lakh crore
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
Budget Expectations: What to Expect on Personal Finance
- Changes in Basic Exemption Limit: There is widespread expectation that the basic exemption limit of income tax for the general category will be raised from Rs 2.5 lakh to Rs 3 lakh. In that case, the exemption limit for senior and super senior citizens will also be raised.
- Increase in Standard Deduction Limit: In the last budget, the government had re-introduced the standard deduction rule for the salaried class. However, exemptions on conveyance allowance and medical reimbursement were revoked.
'Expect Govt to Increase Investment in Railways': Manoj Sinha
Manoj Sinha, Minister of State for Railways, said he expects the government to further increase investment in railways.
“The way the government has increased investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased,” he said.
What is an Interim Budget?
Interim Budget is presented by the incumbent government in its last year in office, with the general elections due to be held during the upcoming financial year.
This Budget is not for the entire year but for a short period of time, that is, the transitory period between two governments.
By practice, the interim Budget does not contain major policy decisions that is likely to affect the expenditure of the next government. However, if the interim Budget is presented before the announcement of dates of the general election, the government is free to announce any policy decisions through it.
'Sabka Saath, Sabka Vikas' Will Reflect Today: Narendra Singh Tomar
Union Minister Narendra Singh Tomar said that the government’s agenda of ‘sabka saath, sabka vikas’ will reflect in the interim Budget.
“Sabka Saath, Sabka Vikas has been our government's mantra and it will reflect in the Budget,” he said.
Don't Expect Much From the Budget: Yogendra Yadav
Farmers’ activist Yogendra Yadav said that he does not expect much from the government’s interim Budget for farmers.
Piyush Goyal Meets President Kovind
Piyush Goyal meets President Ram Nath Kovind ahead of presenting interim Budget.
Piyush Goyal Enroute Parliament After Meeting President
Piyush Goyal is on his way to the Parliament after briefing President Ram Nath Kovind.
Piyush Goyal Arrives At Parliament to Present Budget
Piyush Goyal arrives at Parliament to present Modi government’s interim Budget.
Markets Open Higher, Rupee Opens Flat Ahead of Budget 2019
Sensex opens higher at 36,311.74 points, Nifty opens at 10,851.35 points ahead of Budget presentation.
Rupee opened flat at 71.10 per dollar against yesterday's close of 71.08.
Sensex Goes Further Up By 151.44 Points Ahead of Interim Budget
Sensex rises by 151.44 points, currently at 36,408.13.
'This Will Be a Budget For the Farmers': Union Minister for Agriculture
Union Minister of Agriculture and Farmers' Welfare Minister Radha Mohan Singh said that like the previous Budgets of the NDA government, this Budget too will be for the farmers.
“ The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, it will empower them.” he said.
Sushma Swaraj, Rajnath Singh, Ravi Shankar Prasad Arrive at Parliament
Union Ministers Sushma Swaraj, Rajnath Singh and Ravi Shankar Prasad arrive at the Parliament ahead of the interim Budget presentation.
'Budget Will Be Presented Keeping in Mind LS Polls': Mallikarjun Kharge
Congress leader Mallikarjun Kharge said that the interim Budget will be presented by the Modi government keeping in mind the upcoming Lok Sabha polls.
“They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven’t really benefitted general public. Only ‘Jumlas’ will come out today. They have only four months, when will they implement the schemes?” he said.
TDP MPs Protest Outside Parliament
Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the interim Budget. They are protesting in Parliament premises demanding special category status for Andhra Pradesh.
Union Cabinet Approves Interim Budget
The Union Cabinet has approved the interim Budget 2019-20.
Piyush Goyal Begins Presenting Interim Budget Amid Ruckus
Interim Finance Minister Piyush Goyal has begun presenting Prime Minister Narendra Modi-led government’s sixth and interim Budget amid ruckus by the Opposition.
Opposition parties protested alleging "leak" of budget proposals to the media before being presented in the House.
Soon after Speaker Sumitra Mahajan took her seat, members from opposition parties, including the Congress and the Left, alleged that proposals of the interim budget were leaked to the media even before the document was presented in the House.
Some members held placards of news reports about unemployment figures.
Budget 2019: Goyal Allocates Rs 60,000 Crore to MNREGA for FY19-20
While allocating Rs 60,000 crore to MNREGA, Goyal said that efforts have been initiated to bring full representation for economically weak classes, by giving them reservation in jobs and education.
Farmers to Get Direct Income Support of Rs 6,000 Per Year
Government announces Pradhan Mantri Kisan Samman Nidhi to help vulnerable farmers get direct income support of Rs 6,000 per year.
Rs 6,000 per year will be given in three instalments and will be transferred directly to the farmers' bank accounts. The scheme is for farmers with landholding up to 2 hectares. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, said Goyal.
Goyal also announced that farmers severely affected by natural calamities will get 2 percent interest subvention and additional 3 percent interest subvention upon timely repayment.
Unorganised Sector Workers to Get Rs 3,000 Pension After 60
Piyush Goyal announces Pradhan Mantri Shram Yogi Mandhan scheme under which the unorganised sector workers will get Rs 3,000 pension monthly, with the contribution of 100 rupees per month, after the age of 60.
Budget 2019: Gratuity Payment Limit Increased from Rs 10 Lakh to 30 Lakh
Piyush Goyal announces that gratuity payment limit has been increased from Rs 10 lakh to Rs 30 lakh.
Budget 2019: Defence Budget Enhanced Beyond Rs 3 Lakh Crore
Piyush Goyal announced that the defence budget has been enhanced beyond Rs 3 lakh crore. He also said that 'One Rank One Pension', which was pending for the last 40 years, has been implemented by the Modi government and that Rs 35,000 crore have been disbursed for the soldiers under the scheme.
Budget 2019: Allocation for Nort Eastern Region Proposed to Be Rs 58,166 crore
Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore, which will be a 21 percent rise over the previous year.
Budget 2019: Filmakers to Get Single Window Clearance for Filmmaking
Piyush Goyal announces that a single window clearance for filmmaking will be made available to filmmakers. Here is how the stocks reacted to the announcement:
Direct Tax Collections Increased to Rs 12 Lakh Crore
Direct tax collections have been increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore, Piyush Goyal said in the Budget presentation. He also said that the tax base is up from Rs 3.79 crore to 6.85 crore.
Goyal also said that the government has improved technology to improve the income tax department.
“Within the next two years almost all verification and assessment of returns will be done electronically,” he announced.
“18 percent increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base. Also, more than 1 crore people have filed IT returns for the first time, after demonetization,” Goyal added.
GST Collections in January 2019 Crosses Rs 1 lakh Crore: Goyal
The GST collection in January 2019 has crossed Rs 1 lakh crore, said Piyush Goyal announced while presenting the interim Budget.
Goyal hailed GST and said that the reform has benefited consumers and businesses.
“Our government implemented the GST which is the biggest taxation reform since independence. 17 different taxes were consolidated into one GST and India became one market,” he said.
'India Poised to Become a 10 Trillion Dollar Economy in 8 Years'
Piyush Goyal said that India is poised to become a 5 trillion dollar economy in the next 5 years and the government aspires that the country becomes a 10 trillion dollar economy in the next 8 years.
No Tax for Individuals With Annual Income Up To Rs 5 Lakh
Piyush Goyal announces that individual taxpayers having annual income up to Rs 5 lakh will get full tax rebate.
Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they invest in provident funds and prescribed equities.
The standard tax deduction for salaried persons has been increased from Rs 40,000 to Rs 50,000.
Speaker Sumitra Mahajan Adjourns House
The house has been adjourned by the Speaker, Sumitra Mahajan.
Budget Impact: Sensex, Nifty At Day's High
Indian equity benchmarks traded at day's high after the government pegs fiscal deficit at 3.4 percent for the next fiscal. The S&P BSE Sensex Index rose as much as 0.7 percent to 36,506 and the NSE Nifty 50 Index rose as much as 0.6 percent to trade above 10,900.
Budget Will Help Achieve New India: Yogi Adityanath
UP CM Yogi Adityanath said that the budget will help achieve the dream of a 'New India'.
All sections of the society including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India'.
Sensex at 36,626.90, Up by 370.21 Points
Sensex is at 36,626.90, shoots up by 370.21 points after Budget announcement.
Budget Impact: Sensex, Nifty Continue To Trade At Day's High
Indian equity benchmarks traded at day’s high as the investors digested interim Finance Minister Piyush Goyal’s Budget speech. The S&P BSE Sensex Index rose 0.9 percent to 36,600 as of 12:55 a.m. and the NSE Nifty 50 Index rose 0.97 percent to 10,937.05.
Ten out of 11 sectoral gauges compiled by NSE rallied, led by the NSE Nifty Nifty Auto Index’s 3.7 percent advance. On the flip side, the NSE Nifty Metal index was the only sectoral loser, down nearly 3 percent.
'Government Copied Congress': Chidambaram
Congress leader P Chidambaram said that the interim Budget wasn’t a voters’ account but an account for votes.
Massive Relief to Farmers, Salaried Classes in Interim Budget
In what can be described as an ‘election budget’, Modi government’s last budget proposal before 2019 polls focused on direct income transfer to farmers and the massive relief to salaried classes. But the fine print needs to be checked for arithmetic, borrowing plans etc.
'Excellent Budget', Says Arun Jaitley
Union Minister Arun Jaitley took to Twitter to compliment Piyush Goyal on the interim Budget.
Nitin Gadkari Congratulates Modi Government on Budget 2019
Nitin Gadkari took to Twitter to congratulate Piyush Goyal and PM Modi on the interim Budget.
Whole Exercise a Damp Squib: Shashi Tharoor
Congress MP Shashi Tharoor said that the farmers getting Rs 6,000 annually won’t be enough for them.
“The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6,000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?” said Tharoor.
Amit Shah Hails Interim Budget, Calls it Budget for the Poor
BJP President Amit Shah took to Twitter to hail the interim Budget and said that it was a Budget for the poor.
Budget For the People, Of the People: Suresh Prabhu
Aviation Minister Suresh Prabhu took to Twitter to congratulate the Modi government over the Budget and said that it is a Budget “for the people, of the people.”
Budget Shows Commitment to Welfare of All Sections of Society
Rajyawardhan Rathore said that the interim Budget shows the commitment of the Modi government to the welfare of every section of the society.
Guidelines Will Be Issued for Kisan Yojana: Agriculture Minister
Agriculture Minister Radha Mohan Singh said that guidelines will be issued for the implementation of the Pradhan Mantri Kisan Samman Nidhi.
“We have also issued guidelines for Pradhan Mantri Kisan Samman Nidhi scheme. In 2018-19 financial year, for months before March, Rs 2000 will be transferred to farmers' accounts, and in the financial year 2019-20 farmers will get Rs 6000,” he said.
'Historic Budget,' Says Rajnath Singh
Home Minister Rajnath Singh called the interim Budget a historic one.
“It’s a historic Budget, and all the sections of the society will benefit from it,” he said.
Smriti Irani Congratulates Modi Government
Union Minister Smriti Irani took to Twitter to congratulate the Modi government over interim Budget.
'Exceptional Budget,' Says Babul Supriyo
BJP leader Babul Supriyo congratulated the Modi government, calling the Budget an exceptional one.
Interim Budget is Election Manifesto, Says Congress
Congress leader Mallikarjun Kharge said that the interim Budget presented by Piyush Goyal was an election manifesto and Modi government’s “bribe to voters.”
Piyush Goyal Addresses Media After Budget Presentation
Piyush Goyal, while addressing the media said that people sitting in AC rooms cannot understand the plight of farmers.
“Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision,” he said.
Budget Has Met Everybody's Expectations: Amit Shah Tells Media
Interacting with the media, Amit Shah said that the interim Budget has met expectations of all sections of the society.
“The Budget has met the expectations of farmers, labourers and middle class. By bearing a cost of Rs 75,000 crore, the government will implement Pradhan Mantri Kisan Samman Nidhi scheme. This scheme will also benefit those farmers who do not take loans,” he said.
It's an Election Budget: Manmohan Singh
Former Prime Minister Manmohan Singh has called the Interim Budget an "election" Budget.
Speaking to NDTV, Singh said that the concessions to farmers and middle class announced by the governmentt will have implications in the upcoming polls.
'Budget Committed to Inclusive Growth': Mukhtar Abbas Naqvi
Union Minister Mukhtar Abbas Naqvi took to Twitter to congratulate the Modi government and said that the interim Budget is committed to inclusive growth.
'Pro Poor, Pro Farmer Budget': Devendra Fadnavis
Maharashtra CM Devendra Fadnavis took to Twitter to congratulate the Modi government over the interim Budget.
'Opposition is Scared,' Says Dharmendra Pradhan
Union Minister Dharmendra Pradhan said that the Opposition was scared of the government’s schemes and has no isues to talk about .
Government's Desperation is Proved: P Chidambram
Congress leader P Chidambaram slammed the Interim Budget of the Modi government and said that the government’s desperation ahead of the general elections was proved by the schemes designed for the farmers.
Giving Rs 17 Per Day an Insult to Farmers: Rahul Attacks Budget 2019
Congress President Rahul Gandhi said that five years of Modi government’s incompetence and arrogance has destroyed the lives of our farmers. He also said that Giving them Rs 17 a day is an insult to everything they stand and work for.
LS Speaker Welcomes Budget
Lok Sabha Speaker Sumitra Mahajan welcomed the Budget 2019, saying that it was a Budget for everyone.
“This Budget is for everyone and is a good one. Work will go on like this,” said Mahajan.
Budget 2019 is One for New India & All Indians: PM Modi
Addressing the country after the Interim Budget 2019 was tabled in the Parliament, Prime Minister Narendra Modi said it was a “trailer” and that he will take the country to the path of development following the Lok Sabha elections.
He claimed that 12 crore farmers, 30 crore middle-class taxpayers will get direct benefits from this Budget.
“The demand for income tax rebate has been there for many years, we have done it,” the prime minister said.
He alleged that different governments have made different schemes for farmers but not more than 2 crore farmers were covered by it, and that the PM Kisan Samman Nidhi scheme will cover 12 crore farmers.
He said that this Budget was for New India and all Indians.
Interim Budget Has No Value: Mamata
West Bengal Chief Minister Mamata Banerjee said the Interim Budget for 2019-20 had absolutely no value as the term of the NDA government would end soon.
The Trinamool Congress chief said after the announcement of the poll by the Election Commission, the Budget plans cannot be taken up.
Therefore, the announcements made in the Interim Budget have no value, she said.
PM Has Given Cotton Candy to Farmers: Kumaraswamy
Karnataka Chief Minister HD Kumaraswamy slammed the Budget 2019, alleging that it was prepared by the RSS or “friends of the BJP”.
No Govt Has Respected Farmers Like PM Modi’s: Piyush Goyal
Interim Finance Minister Piyush Goyal, in an interview to ANI, said that no other government has respected farmers like the government led by Prime Minister Narendra Modi.
Responding to the row over unemployment data, Goyal said that it was a “narrative” created by certain people and that the nature of jobs has changed.
What Has Govt Done for Farmers in Debt: Punjab CM Slams Budget 2019
Punjab Chief Minister Amarinder Singh slammed the Interim Budget 2019, asking what the government has done for farmers who are in debt and the unemployed youth.
Watch: Arun Jaitley Addresses the Media on Interim Budget 2019 from New York
Addressing the media from New York after the presentation of the interim Budget, Union Minister Arun Jaitley on Friday, 1 February, raised questions about the work UPA did in their 10 years in powers, as he listed the achievements of the Modi government in the areas of rural housing, electricity, sanitation and road connectivity.
On the Opposition's criticism of the direct income benefit scheme for farmers, Jaitley said they should not "shed crocodile tears today for the farmers".
"If the Opposition also has several governments, let them announce similar schemes. I am sure other governments will also consider this," he reportedly said.
Jaitley also called for cooperation between the Centre and the states for the implementation of this scheme.
"This is a huge amount that we are doing... This is Rs 75,000 crores in the first year itself. I'm sure it will expand in the future years," he added.
On the NSSO survey report controversy, Jaitley said, "That's not a report. That's a draft that has not been approved."
He pointed out that if the economy was growing at 12 percent nominal growth rate, then it would be an "absurdity" to say that such a high-level growth rate has not created jobs.
Interim Budget Will Support Consumer Spending, Economic Growth: USIBC
A top American business advocacy group on Friday, 1 February lauded the interim budget presented by Finance Minister Piyush Goyal, saying that the many positive elements in it will support consumer spending and economic growth.
Reaching out to a large electorate ahead of the Lok Sabha polls, the Modi government Friday announced a cash dole for small farmers, a mega pension scheme for the unorganised sector and doubled the threshold income tax exemption limit to Rs 5 lakh.
Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
"We see many positive elements that will support consumer spending and economic growth, including a boost in defense and health spending as well as a renewed focus on digitisation of government processes as well as artificial intelligence," US India Business Council (USIBC) president Nisha Desai Biswal told PTI.