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.
Piyush Goyal is presenting Prime Minister Narendra Modi-led government’s sixth and interim Budget.(Photo: The Quint)

What Did UPA Do in its 10 Yrs in Power, Asks Jaitley After 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.

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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

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KEY EVENT

'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.

'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.

Piyush Goyal Meets President Kovind

Piyush Goyal meets President Ram Nath Kovind ahead of presenting interim Budget.

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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.

KEY EVENT

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.

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.

'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.

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.

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.

KEY EVENT

Union Cabinet Approves Interim Budget

The Union Cabinet has approved the interim Budget 2019-20.

KEY EVENT

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.

KEY EVENT

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.

KEY EVENT

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.

KEY EVENT

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:

KEY EVENT

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.

KEY EVENT

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.

KEY EVENT

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.

“From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this Interim Budget.”
PM Narendra Modi

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.

“Who will implement this (Interim Budget)? Will the new government that will come into being implement this Budget? Before election a vote on account is placed,” Banerjee said.

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”.

“I want to ask if this Budget was prepared by officials of finance department or the RSS? In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of the BJP have prepared this budget.”
HD Kumaraswamy, Karnataka CM

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.

“Around 3-3.5 crore people (will be benefitted). We’ll get a final data when the final tax returns of the next year come. We have not disturbed the tax rates. We just made the change that those with an annual income less than Rs 5 Lakh will have to pay zero tax.”
Piyush Goyal, Interim Finance Minister

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.

“I want to know what have they done for the problems of the farmers who are in debt about whom every minister including PM talks about. What have they done for unemployed youth? They’re our future. Government should have thought about them.”
Amarinder Singh, Punjab CM
KEY EVENT

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.

“What did the UPA do in their 10 years in power? A one-time loan waiver of 70,000 crores. Only Rs 52,000 crores were waived off and CAG report was that – out of that Rs 52,000 crore, a significant part of the money went to traders and businessmen and not to farmers.”
Arun Jaitley, as quoted by ANI

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.

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