Prime Minister Narendra Modi said on Saturday, 1 February, that the government has announced many measures in the Union Budget to push employment in the country.“This Budget has vision and action. New reforms announced in the Budget will give a push to the economy,” Modi said.The Budget 2020 has proposed a new income tax regime with lower tax slabs. However, the new regime, which is an optional one, will come at the cost of a majority of exemptions that taxpayers can now avail.Addressing the media after the Budget presentation, FM Sitharaman said that the government intends to remove all I-T exemptions in the long runSensex plummeted 987.96 points to end at 39,735, while Nifty fell over 300 points on SaturdayThe Government missed the fiscal deficit target for FY20Insurance cover for bank deposits has been raised from Rs 1 lakh to Rs 5 lakh100 new airports will be developed by 2024FM proposed laws against taxpayer harassment We'll get through this! 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The Quint is now available on Telegram & WhatsApp too, Click here to join.Finance Minister Nirmala Sitharaman will present her first full budget at the Parliament at 11 am.On Friday, the government released the Economic Survey for 2019-20 and projected a GDP growth rate of 6 to 6.5 percent for the fiscal year 2020-21.Opposition parties are likely to meet after the Budget presentation on 1 February to evolve a joint strategy for the upcoming Parliament session starting on Friday, 31 January.Various parties have already held their individual strategy meets for the budget session of Parliament and would soon get together to evolve a joint strategy to corner the government on key issues concerning the common people, according to sources.These include the protests and opposition over the amended citizenship act, price rise and inflation besides the poor state of the economy and rising unemployment.Finance Minister Nirmala Sitharaman tabled the Economic Survey in the Parliament on Friday, 31 January, pegging growth rate for financial year 2020-21 at 6-6.5 percent.Later, Chief Economic Adviser and author of Economic Survey Krishnamurthy Subramanian presented it, stating that the theme of the survey this year was wealth creation.Finance Minister Nirmala Sitharaman arrives at the Ministry. She will present her second Budget later in the day.Minister of State for Finance Anurag Thakur said that the Narendra Modi government believed in 'sabka sath, sabka vikas.'“We received suggestions from across the country. The government is making efforts that this budget is good for all,” said Thakur.Finance Minister Nirmala Sitharaman outside the Ministry with the 'Bahi-Khaata'. The team will meet President Ram Nath Kovind ahead of the presentation of the Budget.Sensex plunges 279.01 points to 40,444.48 ahead of Union Budget while the broader index Nifty sheds 81.45 points to 11,880.65.FM Sitharaman and her team met President Ram Narth Kovind ahead of presenting the Budget 2020. The finance minister will proceed to the Parliament House to attend a Cabinet meeting.The Congress on Saturday expressed hope that the Union Budget would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing "hardship" since demonetisation.Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur have arrived at the Parliament, to attend a Cabinet meeting ahead of presentation of the Budget.Finance Minister Nirmala Sitharaman's family arrive in Parliament ahead of Budget 2020.Presenting the Budget, FM Sitharaman said the fundamentals of the economy are strong as inflation has been contained and bad loans of banks are being cleaned up.Praising the unveiling of Goods and Services Tax, FM Sitharaman paid homage to former finance minister Arun Jaitley during her Budget speech.Presenting her Budget speech, FM Sitharaman said this Budget is for boosting income, purchasing power of people.Presenting the Budget 2020, FM Sitharaman said after the implementation of GST, domestic expenses have come down by 4 percent on a monthly basis and 60 lakh new taxpayers have been added.Presenting her Budget speech, FM Nirmala Sitharaman announced that a new simplified GST return system will be put in place from April 2020.Presenting her Budget, FM Sitharaman said that the economy grew at 7.4 percent between 2014-19 and inflation has been contained at 4.5 percent.Presenting the Budget 2020, Finance Minister Nirmala Sitharaman announced a 16-points action plan aimed at doubling farmers’ income by 2022.FM Sitharaman allocates Rs 2.83 lakh crore in Budget 2020 for agriculture and rural sector - divided into two categories - Rural Development and Agricluture, Allied Activities & IrrigationForeign direct investment (FDI) into the country has increased to $284 billion during 2014-19, Finance Minister Nirmala Sitharaman said on Saturday while presenting the Union Budget for 2020-21."India's FDI got elevated to the level of $284 billion during 2014-19 from $190 billion that came in during the years 2009-14," she said.Finance Minister Nirmala Sitharaman allocates Rs 69,000 crore for health sector in Budget 2020.Presenting Budget 2020, government said that an anti-TB campaign will be launched to elimitate the disease by 2025.Finance Minister Nirmala Sitharaman announces an allocation of Rs 99,300 crore for education sector.Rs 3,000 crore has been allocated for skill development.Presenting the Budget 2020, Finance Minister Nirmala Sitharaman proposed scheme for manufacturing of cell phones, semi conductors and other electronic devices.Finance Minister Sitharaman announces the setting up of 100 new airports by 2024 and the aim to double the fleet of commercial flights to 1,200.Presenting the Budget 2020, FM Sitharaman said more Tejas-type trains will connect tourist destinations.She said 550 Wi-Fi facilities have been commissioned at railway stations, adding that 1,150 trains will be run in PPP mode, and four stations will be redeveloped with help of private sector.In her Budget speech, FM Sitharaman proposed a task force to raise the minimum age of marriage for women. She also allocated Rs 28,600 crore for programmes specific to women.Finance Minister Nirmala Sitharaman announces an allocation of Rs 85,000 crore for SCs and OBCs and Rs 53,000 crore for STsFinance Minister Nirmala Sitharaman on Saturday said all ministries will issue quality standards orders during the course of this year.The move would help in promoting sale of quality goods in the country and cut import of sub-standard goods."In September last year, I had called for a time-bound adoption by industry of all necessary mandatory technical standards and their effective enforcement. All ministries during the course of this year be issuing quality standards orders," she said while presenting the Budget for 2020-21.FM Sitharaman, in her budget speech, proposed on-site museums at five archaeological sites in Haryana, UP, Assam, Gujarat and Tamil Nadu.A tribal museum in Ranchi has also been proposed.Presenting the Budget, Finance Minister Nirmala Sitharaman announced a taxpayer charter to make laws in order to remain committed and assure taxpayers against harassment.FM Sitharaman, in her Budget speech, proposed to raise the insurance cover for bank deposits from the existing Rs 1 lakh to Rs 5 lakh.Government proposed the selling off of government stake in IDBI Bank to private reail investors.Government has asked RBI to extend debt restructuring window for MSME by a year to March 31, 2021, FM Sitharaman says while proposing Budget 2020.Presenting the Budget 2020, FM Sitharaman proposed selling off a part of its stake in LIC.Fiscal deficit for FY20 comes at 3.8 percent against government's target of 3.3 percent. For the next financial year, FY21, the target has been pegged at 3.5 percent.FM Sitharaman proposed a new tax regime with lower tax slabs. However, 70 out of the 100 exemptions that the taxpayers can avail currently will not be applicable under this regime.Sensex slumps more than 600 points in afternoon trade to hit intra-day low of 40,015.37, Nifty slips more than 200 points.Finance Minister Nirmala Sitharaman on Saturday said dividend distribution tax has been shifted to individuals instead of companies.In her second Budget presentation, the Finance Minister said concessional tax rate of 15 percent has been extended to power generation companies.The government plans 100 per cent tax concession to sovereign wealth funds on investment in infra projects, she added.Sitharaman further said concessional withholding rate of 5 per cent on interest payment to non-residents has been extended up to June 30, 2022.Finance Minister Nirmala Sitharaman on Saturday said nominal GDP growth for 2020-21 is estimated at 10 per cent.Presenting the Budget for 2020-21, Sitharaman said receipts for 2020-21 are pegged at Rs 22.46 lakh crore while expenditure at Rs 30.42 lakh crore.The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.The net market borrowings would be at Rs 4.99 lakh crore in FY 2019-20 and are estimated at Rs 5.36 lakh crore in the next fiscal.To ease allotment of PAN, new process of instantly allotting them through Aadhaar will be brought, Finance Minister Nirmala Sitharaman said while presenting the Budget 2020.Congress MP Rahul Gandhi slammed the Union Budget 2020, saying he did not see anything substantial being done to tackle umemployment.“The main issue facing is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes the government well, lot of repetition, rambling-it is the mindset of the government, all talk, but nothing happening,” he said.“Maybe this was the longest #Budget speech in history but it had nothing, it was hollow,” he added.UP CM Yogi Adityanath congratulated PM Modi and Nirmala Sitharaman over the Union Budget.“I congratulate Prime Minister Modi and Finance Minister Nirmala Sitharaman for this development oriented and pro-farmer budget. This Budget will further strengthen the economy,” he said.For modernisation and buying new weapon systems, defence forces allocated Rs 1,10,734 crore which is Rs 10, 340 more than what was provided in last year’s budget.The defence pension budget goes up to Rs 1.33 lakh crore from Rs 1.17 lakh crore allocated last year. The hike in defence pension budget is more than the hike given in revenue and capital funds for defence.Finance Minister Nirmala Sitharaman on Saturday cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha.Sitharaman had only two pages of her Budget speech unread when she appeared uneasy and was seen wiping sweat from her forehead.She was offered candies by her ministerial colleagues, but that did not help and she opted to discontinue the speech asking Speaker Om Birla to consider the remaining part of her speech as read.This was the longest Budget speech by any finance minister.She broke her own record of a 2-hour-17-minute-long maiden Budget speech in July 2017.Sitharaman proposed reduction of tax on cooperative societies to 22 percent plus surcharge and cess, from 30 percent at present.Presenting the Budget for 2020-21, Sitharaman also announced extending by one year the date of approval of affordable housing projects for availing tax holiday on profit earned by developers.She also announced extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.Sitharaman further said the Income Tax Act will be amended to allow faceless appeals against tax orders on lines of faceless assessment.After Finance Minister Nirmala Sitharaman presented the Union Budget, Sensex nosedived 900.29 points to 39,805.61, while Nifty went down by 276.85 points to 11,685.25.Among the items that will become costlier after the Budget presentation are cigarettes, tobacco products and medical equipment.Meanwhile, items such as skimmed milk, certain alcoholic beverages, raw sugar and soya fibre will be cheaper, according to Livemint.Speaking on the new optional income tax regime, Finance Minister Nirmala Sitharaman said at a media briefing post the Budget presentation, “We wanted to place money in the hands of the people, particularly the middle class and lower middle classes. We also wanted to simplify the income tax process and increase compliance.”Addressing the media after the presentation of the Union Budget, Finance Minister Nirmala Sitharaman said that the government intends to remove all Income Tax exemptions in the long run.On fiscal deficit, she said:“The improvement in revenue generation gives hopes of lowering fiscal deficit to 3.5 percent of the GDP in the next fiscal from 3.8 percent in the current.”Finance Minister Nirmala SitharamanSitharaman also pointed out that the government will provide additional capital to public sector banks as and when required.Meanwhile, divisintment secretary Tuhin Kanta Pandey said that big ticket disinvestment can be expected in the next few months and one can be hopeful of achieving the Rs 2.10 lakh crore target in FY21.“Expression of interest (EoI) for sale of government stake in Bharat Petroleum (BPCL) will be out shortly,” he said.Congress leader and former Finance Minister P Chidambaram slammed the Modi government over the Union Budget saying that “the government has given up on reviving economy or accelerating growth rate or creating jobs.”“It’s a laundry list of old programmes. Even the most loyal BJP supporter cannot latch on to any idea in Budget speech… The government is in complete denial that the economy faces a grave macro-economic challenge, growth rate has declined in six successive quarters.”P ChidambaramThe Congress leader also termed the claim of 6-6.5 percent growth next year as “astonishing, even irresponsible”.“The Indian economy is demand-constrained and investment-starved, the finance minister has not acknowledged these two challenges… The government does not believe in reforms, the finance minister has rejected every idea in the Economic Survey,” he added.“People did not deserve such a Budget, but will have to live with it until the government is forced to revisit it, as in 2019.”P ChidambaramPrime Minister Narendra Modi said on Saturday that the government has announced many measures in the Union Budget to push employment in the country.“This Budget has vision and action. New reforms announced in the Budget will give a push to the economy,” Modi said.West Bengal Chief Minister Mamata Banerjee on Saturday slammed the central government's proposal to sell a part of its shares in LIC, describing it as a plan to "ambush" the legacy of public institutions.Earlier in the day, Finance Minister Nirmala Sitharaman said the insurance behemoth will be listed as part of the government's disinvestment initiative.