Budget highlights: Super rich to be taxed more, fuel tax increases

PM Narendra Modi hailed Finance Minister Nirmala Sitharaman's maiden Budget as a 10-year vision. Here are the key takeaways of Budget 2019

7:20 PM

Defence budget unchanged at Rs 3.18 trillion

The defence budget remained unchanged at Rs 3.18 trillion, the amount set aside in the interim budget in February, notwithstanding expectations of steep hike in resources to modernise the armed forces and procure critical military platforms.

 

The allocation made in the Union Budget is an increase of 6.87 per cent over revised estimates of Rs 2.98  trillion given in 2018-19.

7:19 PM

Govt to tap foreign market to raise funds for meeting fiscal deficit

Finance Minister Nirmala Sitharaman Friday said the government will soon tap foreign market to raise funds to meet fiscal deficit which is pegged lower at 3.3 per cent of the GDP for the current financial year.

 

The government will borrow Rs 4.48 trillion from the market in 2019-20, higher than the Rs 4.22 trillion in the previous year to meet the fiscal deficit.

 

7:00 PM

Key highlights in the railway infrastructure sector:

• Rs 50 trillion investment needed in Railway Infrastructure during 2018-2030

• Public-Private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services.

• 657 kilometres of Metro Rail network has become operational across the country

6:49 PM

Budget 2019 allocates Rs 28,261 cr to Jal Shakti Ministry

The Jal Shakti Ministry, which is executing the government's mission to provide clean and piped drinking water to every household in the country, has been earmarked Rs 28,261.59 crore in the budget 2019-20. Read more

6:31 PM

Delhi Metro given grant of over Rs 400 crore in Budget 2019

The Delhi Metro has been given a grant of Rs 414.70 crore in the Union Budget 2019-20 as against Rs 50 crore in the last fiscal.

6:17 PM

Budget 2019: Delhi Police gets Rs 7,496.91 crore

The Union Budget has allocated Rs 7,496.91 crore to the Delhi Police, an increase of Rs 290 crore over last year's revised estimate

6:10 PM

Congress calls Budget 2019 'insipid', says it didn't disclose allocations to important programmes

6:05 PM

Budget proposes simple KYC norms for FPIs, higher public holding limit

Budget 2019 proposed various measures such as easing of KYC norms for foreign portfolio investors and allowing the listing of social enterprises. Read more

 

5:58 PM

Govt's subsidy bill up 13.32% for 2019-20

The government's subsidy bill on food, fertiliser and fuel is estimated to go up by 13.32 per cent to Rs 3,01,694 crore in the current fiscal, according to the Budget document.

 

Of the total subsidy bill, much of the increase has been made in the fuel subsidy, which is pegged at Rs 37,478 crore for the current fiscal.

 

5:56 PM

Lokpal gets over Rs 100 crore Budget

Anti-corruption ombudsman Lokpal has got over Rs 100 crore Budget allocation, whereas Rs 35.55 crore outlay has been earmarked for the probity watchdog Central Vigilance Commission (CVC) for 2019-20.

5:52 PM

Fiscal deficit target of 3.3% realistic: Finance secy

Finance ministry said the lower target is realistic as the government is expecting net additional revenue of Rs 6,000 crore over the interim Budget estimates.

Finance Secretary Subhash Chandra Garg said, "On the revenue side as compared to actual of 2018-19, direct taxes are expected to increase by 17.5 per cent, indirect taxes are going up by only 15 per cent. This is very realistic targets in our judgement. On non-tax side, there is also an increase as we are expecting better dividends."

Read more 

5:48 PM

Budget disappoints pharma, healthcare sectors: Dr Reddys

The union budget which was presented by Finance Minister Nirmala Sitharaman has not offered any impetus to the growth of pharmaceutical and healthcare sectors, chairman of Dr Reddys Laboratories Sathish Reddy said Friday.

 

Describing the budget as an incremental one, he said the emphasis on start-ups and education sector is a good move. Read more

5:46 PM

Budget clearly reflects PM Modi’s vision for India’s development: Amit Shah

5:31 PM

Budget is a vision document with well-charted roadmap: Devendra Fadnavis

5:21 PM

Highlights of Union Budget 2019-20: Measures related to MSMEs

Measures related to MSMEs:

 

* Pradhan Mantri Karam Yogi Maandhan Scheme

 

* Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.

 

* Enrolment to be kept simple, requiring only Aadhaar, bank account and a self declaration.

 

* Rs 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.

 

* Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.