Feb 1, 2018

LIVE - बजट 2018 BUDGET 2018

Here are the live updates on Union Budget 2018


12.46pm: Propose to increase the custom duty on mobiles from 15% to 20% and on some other mobile parts to 15%, and some parts of TVs to 15%.

12.45pm: Propose to increase the health and education cess to 4%

12. 43pm: Propose to tax long term capital gains exceeding Rs 1 lakh in listed stock at 10%.

12.38pm: Rs 50,000 additional benefit to senior citizens for investment in mediclaim.
12.35pm: A standard deduction of additional Rs 40,000 for salaried employees. This move will benefit 2.5 crore taxpayers.

12.34pm: No changes in the structure of income tax of individuals.

12.33pm: Rs 7000 crore will be the revenue foregone for the reduced corporate tax on MSMEs.

12.32pm: I propose to extend the benefit of the reduced corporate rate of 25% for companies with reported turnover of up to Rs 250 crore.

12.28pm: 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.

12.27pm: 41% more returns were filed this year, which shows that more people have joined the tax net.

12.26pm: Demonetisation was received by honest taxpayers as ‘Imaandaari ka utsav’.

12.24pm: Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19.

12.19pm: Re-fix allowances payable to MPs with an in-built system to revise it every 5 years.

12.19pm: Emoluments of President, Vice President and Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively.

12.17pm: Recapitalisation to enable PSU banks to lend Rs 5 lakh crore.

12.16pm: Exceeded the disinvestment target and collected Rs 1 lakh crore: FM.

12.14pm: The government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme.
12.13pm: The government will assign every enterprise in India a unique ID on the lines of Aadhaar.

12.12pm: The government has identified 372 basic business reform actions. Each state will take up these reforms.
12.11pm: We will explore the use of blockchain.

12.10pm: Rs 5.97 lakh crore allocated for infrastructure spending in India.

12.09pm: 5 lakh WiFi hotspots to be set up in rural areas to provide easy Internet access.

12.08pm: Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru...

12.06pm: The government proposes to revamp the system of sanctioning of loans to SMEs. The information required for sanctioning the loan will be linked with GSTN and all required information can be fetched from GSTN Portal. It will help to grant the loans quickly and will help in reducing processing time.
12.05pm: UDAN will connect 56 unserved airports in India

12.04pm: An institute is coming up at Vadodara to train people for the bullet train programme.
12.02pm: AMRUT programme will focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded.
12.01pm: Rs 1,48,528 crore is the capital expenditure for the Indian Railways for 2018-19.
12.01pm: Bharatmala project approved for better road connectivity at Rs 5.35 lakh crore.

11.59am: Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations.

11.55am: Women’s contribution reduced to 8.33% towards PF in the first 3 years for new EPF accounts... The government will contribute 12% of EPF contribution for new employees in all sectors.

11.51am: 70 lakh farming jobs have been created this year, shows an independent study.
1.50am: Rs 3 lakh crore allocated for PM MUDRA Yojana.

11.49am: Healthcare stocks trading higher after the government said it proposed to cover 100 million families via healthcare protection scheme. Apollo Hospital Ltd rose 4.1%, Thyrocare Technologies Ltd 2.6%, Healthcare Global Enterprises Ltd rose 3%.

11.48am: Mass formalization of MSME sector is happening after demonetization and GST.
11.46am: Total 187 projects sanctioned under the Namami Gange programme.

11.45am: 24 new government medical colleges and hospitals to be set up by upgrading existing district hospitals.11.44am: Rs 600 crore for nutritional support to TB patients.

11.43am: One medical college per every three constituency.

11.41am: Have decided to take healthcare protection to a new aspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approximately 50 crore. Providing Rs 5 lakh per family per year for medical reimbursement, under National Health Protection Scheme. This will be world’s largest health protection scheme.

11.40am: Rs 1200 crore for the flagship programme in health wellness centres.

11.37am: Eighteen new schools of planning and architecure will be set up... I propose railway university in Vodadara.
11.36am: Eklavya schools to be started for Scheduled Tribe population... Propose to launch a scheme to revitalise school education with Rs 1 lakh crore in the next four years.
11.35am: Integrated B.Ed programme to be initiated for teachers, to improve quality of teachers.

11.33am: Technology will be the biggest driver in improving education.

11.32am: Rs 14.34 lakh crore to be spent for providing livelihood to rural India through infrastructure building. 11.31am: Loans to self help groups will increase to Rs 75,000 crore by March 2019.

11.30am: We aim that by 2022, all poor people have a house to live in.

11.30am: In the next financial year, we target the construction of two crore toilets.

11.29am: Removal of crop residue to be subsidised in order to tackle the problem of pollution due to burning of crop residue:

11.28am: Ujwala will give 8 crore women new LPG connections.11.27am: Special scheme to address air pollution in Delhi-NCR region.

11.26am: Credit for agricultural activities is up from Rs 10 lakh crore to Rs 11 lakh crore .11.25am: Fishery and aquaculture and animal husbandry funds with a total corpus of Rs 10,000 crore.

11.24am: Agri-Market Development Fund with a corpus of Rs 2000 crore to be set up for developing agricultural markets.

11.23am: Restructured National Bamboo Mission to be launched with an allocation of Rs 1290 crore to promote bamboo sector in a holistic manner.

11.23am: Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers.

11.23am: Rs 500 crore announced for Operation Green.

11.22am: Allocation to food processing ministry is being doubled from Rs 715 crore to Rs 1400 crore.11.21am: Cluster-model approach to be adopted for agricultural production.

11.20am: The focus is on low-cost farming, higher MSP. Emphasis is on generating farm and non-farm employment for farmers.

11.18am: 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018... Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

11.17am: Desh mein krishi utpadan record star par hai, 2022 tak kisaano ki aay dugni karenge.

11.16am: Agri-related stocks gain after it is said MSP for all crops to be increased by 1.5 times. Kaveri Seeds Co Ltd rose 2.4%, Jain Irrigation Systems Ltd 2.1%, Escorst Ltd rose 5%, Mahindra & Mahindra Ltd rose 2.2%.

11.16am: The government will ensure payment of full MSP even if farmers sell below MSP.

11.15am: The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost.

11.12am: Our government has ensured that services and benefits reach people directly. The direct benefit transfer in India is the biggest such exercise in the world.11.11am: Maximum governance, minimum government has ensured India has climbed 42 places in the ease of doing business... We are now working toward easing of living in India

11.10am: Budget 2018 will focus on agriculture and rural economy, health, infra, senior citizens: FM

11.09am: This year’s budget will focus on strengthening rural and agricultural economy.

11.08am: India grew at an average of 7.5% in the first three years since 2014. It is now a 2.5 trillion dollar economy.

11.07am: All the structural reforms will help the economy in the short and long-term... India is expected to become the fifth largest economy very soon.

11.06am: Our government has implemented structural reforms.
11.05am: India stands out as the fastest growing economy in the world... There is a premium on honesty.

11.04am: Finance minister Arun Jaitley begins his Budget speech.

11am: The Cabinet has approved the Union Budget

10.20am: Cabinet meeting is underway at Parliament ahead of the Union Budget. Prime Minister Narendra Modi has reached the Parliament House.

10.11am: The benchmark BSE Sensex regained the 36,000-mark by rebounding over 171 points in opening trade as investors built up positions ahead of the Union Budget to be unveiled by finance minister Arun Jaitley.

10.05am: The rupee weakened by 9 paise to 63.67 against the US dollar in opening trade at the interbank foreign exchange market ahead of the budget.

9.56am: Finance minister Arun Jaitley arrives at Parliament to present Union Budget 2018.

9.49am: Finance minister Arun Jaitley has met President Ram Nath Kovind at the Rashtrapati Bhavan.

9.42am: Union Budget papers arrive at Parliament.


9.28am: Finance minister Arun Jaitley examined the final copy of the Budget document on Wednesday evening. On Thursday morning, he left for the the Rashtrapati Bhavan from the finance ministry at the North Block. He will shortly reach Parliament, where he will present the Budget at 11am after a Cabinet meeting.

9.17am: Ahead of the Budget, the Sensex has opened at 36,127.20; Nifty at 11,067.25.

9.08am: The defence budget for 2018-19 will largely account for only inflation and currency fluctuations, despite the armed forces coveting the latest and the best hardware.
8.56am: Behind the Budget document, is a long and complex policymaking process. Read the story 

8.50am: Finance minister Arun Jaitley arrives at the ministry. He will later present the Union Budget 2018 in Parliament.

8.47am: Finance minister Arun Jaitley leaves his residence for the finance ministry.

8.43am: Here’s how the schedule looks like for the Budget day:

-- Finance minister Arun Jaitley’s speech begins in Parliament at 11am.

-- Finance minister’s live interview begins at 2pm.

-- The post-Budget press conference begins at 4pm.

-- A discussion with the Economic Advisory Council is scheduled for 4.30pm.

-- #AskYourFM talkathon begins at 7pm.

8.32am: “It will be a good budget. It will be for the benefit of the common people,” says Shiv Pratap Shukla, MoS, finance.

8.27am: Here are 10 charts that will help you make sense of the Union Budget.

8.06am: Ahead of the Union Budget 2018, the Economic Survey has unveiled 10 new facts about Indian economy. Full story

7.40am: Indian stock markets have posted their best one-month pre-budget gain in 13 years. Benchmark indices have gained 5.6% in the month to Thursday’s Union Budget. Abundant liquidity and expectations that the budget will boost the rural economy and revive private investment, without compromising on fiscal prudence, have aided the run-up.

7.30am: Today’s budget will be the last full budget of the Narendra Modi government before the 2019 elections.

7.05am: Former Congress president Sonia Gandhi is likely to chair the meeting of opposition leaders to plan a joint strategy for the Budget Session of Parliament after finance minister Arun Jailtey speech on Thursday.

7am: “I’m not against merging of two budgets but the government has diminished the railways’ importance. Earlier there was a separate Railway Budget, the government used to make announcements and there was scrutiny in Parliament. Now only 4-5 ministries are discussed,” says Pawan Bansal, former railway minister.

“They speak about bullet trains but it was actually started by Manmohan Singh. It’s good if it begins but merely plying it for 500-576 km won’t benefit the entire India. It’ll only connect Mumbai and Ahmedabad. Remote areas need trains. What are they doing for that?” questioned Bansal on the government’s initiative to introduce bullet trains in India.

*The Budget presentation has been advanced by a month to ensure that proposals take effect from April 1, the beginning of the new financial year.

*Nearly a century-old tradition of having a separate budget for the railways has also been scrapped. It has been merged with the general budget. The Union Budget 2018-19 will be the last full Budget of the BJP-led NDA government before the 2019 Lok Sabha elections.

SOURCE - Hindustan Times