Budget 2020 LIVE updates: FM Nirmala Sitharaman at Finance Ministry

Budget session 2020 LIVE updates: The Economic Survey is a detailed report card on the economic performance in the year

9:11 AM

Union Budget glossary: What is Economic Survey?

The Economic Survey brings out the economic trends in the country and facilitates a better appreciation of the mobilisation of resources and their allocation in the Union Budget. The Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors that have a bearing on the Budget. It is presented in Parliament ahead of the Budget for the ensuing year.

9:07 AM

TARP-like government fund likely in Budget for NBFC relief

The government is likely to unveil, in the Union Budget 2020, a Troubled Assets Relief Programme (TARP) similar to what the US initiated during the financial crisis in 2008.

 

Under the proposed scheme, the troubled or stressed assets of the non-banking finance companies (NBFCs) will be bought by a government fund to revive the sector.

 

A high-level review meeting on this was held on Monday, chaired by Prime Minister Narendra Modi, for a final decision on the matter.

 

The US government had initiated the TARP at the height of the Wall Street financial crisis of 2008.

9:01 AM

Tax slabs tweak, higher basic exemption on Budget agenda

As clamour grows for more money into the pockets of consumers and households to boost consumption in the economy, the government is discussing multiple options on cuts in personal income tax (PIT) in the forthcoming Union Budget.

 

A final decision was to be taken by Prime Minister Narendra Modi .

 

The options being considered by the Finance Ministry include acting on suggestions of task force on direct tax simplification.

 

A tweaking of tax slabs is on also on the agenda and as part of the restructuring, the government may raise the minimum exemption limit from the current Rs 250,000.

7:01 AM

Apr-Dec fiscal deficit hits 132.4% of budgetary target, at Rs 9.31 trillion

India's budgetary fiscal deficit for the April-December period was Rs 9.31 trillion, or 132.4 per cent of the budget estimates (BE). The government has targeted fiscal deficit to be at Rs 7.03 trillion for 2019-20. Read More

6:45 AM

FM Nirmala Sitharaman to present Budget 2020 in Parliament today

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India. 

 

Sitharaman will present the full-year budget for the year ending March 2021.

11:05 PM

Experts see economic growth revival in FY21

Economist at Deloitte India Rumki Majumdar said the Survey projects growth revival in FY 2021 but suggests that the government may have to incur expansionary policy to support growth.

11:04 PM

Push on infra spending likely to be a part of Budget 2020

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget.

 

Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.

10:24 PM

Better to focus on growth than on fiscal deficit in current situation: CEA

Chief Economic Adviser K V Subramanian on Friday suggested the government should focus on growth rather than being rigid on fiscal deficit in times of slowing economy. "So, we've delineated the overall stance that needs to be taken in times like this. India has been in such situations earlier as well. There's always a delicate balance between spurring growth and keeping the fiscal (situation) in order," Subramanian told PTI in an interaction.

8:59 PM

Economy during PM Modi's first tenure was actually worse than what we believed: Chidambaram

Congress leader P Chidambaram on Friday said the state of the economy during Prime Minister Narendra Modi's first tenure was worse than what was believed as growth rates for 2017-18 and 2018-19 have been revised downwards.

 

He asked if the ministers will explain it.

 

"GDP growth rates for 2017-18 and 2018-19 have been revised DOWNWARDS. The state of the economy under MODI-1 was actually worse than what we believed so far.

 

"Will the articulate and voluble Ministers please speak on the state of the economy and explain the downward revision in the last two years and the drastic slide in the current fiscal year," Chidambaram tweeted. 

8:17 PM

Eco Survey completely disconnected with problems faced by common man: Congress

The Congress on Friday hit out at the government on the Economic Survey, saying it is "completely disconnected" with the reality as the country is facing difficult times on the economic front and it is not bothered about the problems faced by the common man.

 

Congress spokesperson Rajeev Gowda also attacked the government on its "thalinomics" concept given by Finance Ministry's Chief Economic Adviser Krishnamurthy V Subramanian.

 

He also accused the government of "fudging data" and committing a "fraud" as the numbers presented by it are not believable by the world.

 

"Thanks to monumental mismanagement by the Modi government, the Indian economy is going through very difficult times. Yet the Economic Survey (ESI) 2019-20 released today is completely disconnected from this grim reality. But this is not surprising as all of the Modi government's chief economic advisers have ignored the ground realities in all these years," Gowda said.