Union Budget 2020 highlights: As it happened

Finance Minister Nirmala Sitharaman is presenting the second Union Budget of the Modi 2.0 government on Saturday, February 1. As India is facing its worst economic slowdown in a decade, it is expected that the Narendra Modi-led NDA government will announce measures to boost consumer demand and revive growth. Will the government announce some income tax relief for the salaried class in today's Budget? Follow the LIVE BLOG of ibtimes.co.in to get latest updates on Union Budget 2020.

Delivering her Budget speech for more than 2.5 hours, Nirmala Sitharaman stops speech midway. The Lok Sabha has been adjourned for now.

Nirmala Sitharaman Budget speech: "Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.

The domestic equity markets responded in a subdued manner with the BSE Sensex trading 347 points lower.

At 1.20 pm, the Sensex was trading at 40,375.84, lower by 347.65 points or 0.85 per cent from the previous close of 40,723.49 points.

It had opened at 40,753.18 and has so far touched an intra-day high of 40,905.78 and a low of 40,375.84 points.

The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.

The indices were largely flat during the early hours of trade and started to decline significantly around 1 pm.

The budget comes at a crucial time as the economy is going through a severe slowdown and consumer sentiment is significantly low.

The only gainers on the Sensex were Hindustan Unilever, Infosys, TCS and Nestle. The major losers were Larsen and Toubro, ONGC, Tata Steel, Hero MotoCorp and Power Grid.

(IANS)

Dividend Distribution Tax to be removed, companies will not be required to pay DDT; dividend to be taxed only at the hands of recipients, at applicable rates: Sitharaman

1. No tax for income upt0 Rs 5 lakh
2. 10% tax for income between Rs 5 lakh to Rs 7.5 lakh
3. 15% tax for income between Rs 7.5 lakh to Rs 10 lakh
4. 20% tax for income between Rs 10 lakh to Rs 12.5 lakh
5. 25% tax for income between Rs 12.5 lakh to Rs 15 lakh
6. 30% for above Rs 15 lakh income

➡️Rs 30,757 crore rupees for Union Territory of Jammu & Kashmir.

➡️Rs 5,958 crore rupees for Union Territory of Ladakh.

Budget 2020: Robust mechanism in place to monitor the health of all commercial banks. Clean, reliable, robust financial sector required to achieve a $5 trillion economy. Rs 3.50 lakh crore infused as capital in public sector banks in past years.

Deposit Insurance Coverage to be increased from Rs 1 lakh to Rs 5 lakh.

• Govt's vision is to make each district an export hub
• Digital refund of duties and taxes to exporters from this year
• Rs 6,000 crore for Bharat Net to link 1 lakh gram
• Govt to consider corporatisation of at least one major port
• Rs 22,000 crore for Power and Renewable Energy sector

Nirmala Sitharaman's Budget speech: India will host G20 Presidency in 2022, Rs 100 crore to be allocated for making preparations for this historic occasion, where India will drive global economic agenda.

Over 6 lakh anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households.

"I propose to provide Rs 35,600 crore for nutrition-related programmes in 2020-21": Finance Minister

Nirmala Sitharaman's Budget 2020: Taxpayer charter to be instituted in the charter, a part of our statutes, we remain committed to take measures to ensure citizens are free of tax harassment

• 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21
• 53,700 crore rupees for Scheduled Tribes
• Enhanced allocation of 9,500 crore rupees for Senior citizens and Divyangs

1. 35,600 crore rupees for nutrition-related programmes in 2020-21
2. Central Govt's debt has come down to 48.7% in March 2019 from 52.2% in March, 2014: FM
3. Beti Bachao Beti Padhao has given tremendous results, Gross Enrolment Ratio is now higher for girls than for boys at all levels
4. 1.7 lakh crore rupees to be provided for transport infrastructure in the coming financial year
5. 8,000 crore rupees over five years to be provided for quantum technologies and applications
6. Fibre to Home connections under Bharat Net will be provided to 1 lakh gram panchayats this year itself, 6000 crore rupees provided for Bharat Net
7. National Gas Grid to be expanded from 16,200 km to 27,000 km; reforms to be introduced to deepen gas markets, enable ease of transactions and transparent price recovery
8. 22,000 crore rupees to be provided to power and renewable energy sector in 2020-21

➡️Accelerated development of highways will be undertaken.
➡️Delhi-Mumbai expressway and two other projects to be completed by 2023.
➡️Monetization of 12 lots of highway bundles of over 6,000km before 2024

Modi 2.0 govt's Budget: 100 more airports to developed by 2022 under Udan scheme. More Tejas-type trains to connect tourist destinations. Delhi-Mumbai Expressway to be completed by 2023, Chennai-Bengaluru Expressway to be launched.

Sitharaman proposes to provide Rs 27,300 crore for development for industry and commence for the year 2020-21.

Nirmala Sitharaman said, "Rs 3.6 lakh crore allocated for Jal Jeevan Mission to ensure piped water in every household. Rs 2.83 lakh crore allocated for agriculture and allied activities, irrigation and rural development."

Sitharaman's Budget 2020: IND-SAT test proposed for foreign students wishing to pursue higher education in India.

Nirmala Sitharaman says, "We propose Rs 99,300 crore for the education sector in 2020-21 and Rs 3000 crore for skill development."

• New Education Policy to be announced soon
• Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework
• Urban local bodies across the country to provide internships for young engineers for a period of up to one year
• External commercial borrowings and FDI to be leveraged to improve the education system

On Budget 2020, Sitharaman says, "Farm markets need to be liberalized, farming need to be made more competitive, handholding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed."

Union Budget 2020 will boost the income of people and enhance their purchasing power, says FM
Sitharaman. This Budget also aims to double farmers' income by 2022, confirmed FM.

Sitharaman says, "We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers."

FM Sitharaman points out three threads on which the Budget is woven

1. Aspirational India
2. Economic Development for all
3. Ours shall be a caring society

Sitharaman said: "Our people should be gainfully employed, our businesses should be healthy, for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations."

Nirmala Sitharaman says, "With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy."

FM Nirmala Sitharaman started her Budget speech by paying tribute to late Finance Minister Arun Jaitley and remembering his contributions towards bringing the GST regime.

Finance Minister Nirmala Sitharaman presents the full Budget of the second term of the Narendra Modi government.

Indications from statements made by President Ram Nath Kovind and Prime Minister Narendra Modi at the start of the Parliament's Budget session may presage a Budget woven around the theme of the start of a new decade and the building of a New India. READ FULL REPORT HERE

PM Narendra Modi and Union Home Minister Amit Shah arrive in Parliament, to attend the Cabinet meeting, ahead of the presentation of Union Budget 2020 by FM Nirmala Sitharaman.

Ahead of Budget 2020, Biocon MD Kiran Mazumdar Shaw says, "Our economic cancer needs immunotherapy not chemotherapy. We need to treat the causality not the symptoms - hope Budget 2020 takes this approach. Wealth creation is a key part of our economic immune system! Waiting eagerly to hear Fin Min Nirmala Sitharaman."

FM Nirmala Sitharaman and MoS Anurag Thakur have reached Parliament House. The cabinet meeting will commence shortly, before the presentation of Union Budget 2020.

Stay tuned to ibtimes.co.in, as we bring you updates on Budget announcements and proposals.