FM Arun Jaitley presents Budget 2018-2019.
Live Updates
4:39 PM IST
The budget proposes an institutional mechanism to fix the emoluments of the elected members, thereby addressing the criticism that they fix their own salaries: FM Arun Jaitley
4:38 PM IST
Industry reactions on Budget 2018:
Bhargav Dasgupta, MD & CEO, ICICI Lombard:
The Government has focused on inclusive measures in the budget , targeting critical areas of agriculture , education , health , power among others. On health insurance, the introduction of Rs. 5 lakh cover for families and increase in medical insurance tax exemption for senior citizens indicate the focus of policy makers to ensure adequate protection against health hazards for India’s populace.
4:32 PM IST
Step by step, in every budget, I have been putting surplus money in the hands of the middle-class taxpayer: FM Arun Jaitley
4:29 PM IST
Are petrol and diesel prices going to go down? Finance Ministry clarifies that there is going to be no change in petrol and diesel prices. The excise duty of Rs 2 has been converted to cess, so essentially no change in prices.
4:14 PM IST
Arun Jaitley Press Conference on Budget 2018: “As far as taxation relief is concerned, we have taken 2-3 sects. Corporate Tax was an old commitment. Tax relief for MSMEs, standard deduction for salaried class, some avenues for tax relief to senior citizens have been brought in,” says Arun Jaitley
4:11 PM IST
Finance Minister Arun Jaitley addresses the media on Budget 2018: Helping rural India was a priority for us, says Arun Jaitley.
4:03 PM IST
TDP chief Chandrababu Naidu has also expressed disappointment over the Budget. Reports say he will hold a meeting with his party leaders on Sunday to discuss Budget 2018.
3:57 PM IST
We are disappointed with the Union Budget presented today. Many pressing state issues like Railway Zone, Polavaram project funding, Funding for capital Amaravati and other pending issues of Andhra Pradesh are not addressed in the budget: YS Chowdary, MoS Science&Technology, TDP
3:46 PM IST
Markets Closing Bell: Markets have ended in the red on Budget day. Sensex closes 58 points down at 35,906, Nifty 10 points down at 11,016.
3:44 PM IST
Industry reaction on Budget 2018:
Ajay Kakra, Leader – Food and Agriculture, PwC India: The continued focus on agricultural sector reform is appreciated, especially the government’s effort to integrate rural haats to the eNam and increasing the purview of MSP for comprehensive coverage of agri commodities. The farmers can look forward to better price realisation now.
3:42 PM IST
Industry reaction on Budget 2018:
MobiKwik Founder Bipin Preet Singh: A reformist budget for startups and digital India. Government’s impetus on digitizing the rural hinterlands, focus on smart cities and commitment to blockchain technology, will encourage the promotion of digital payments across the country, thereby making India truly digital. Further, disallowing cash payments beyond Rs 10,000 by trusts and institutions will boost digital payments.
I commend the government’s decision to reduce corporate tax to 25 percent and improve the ease of doing business by providing a unique ID for every company on lines of Aadhaar. These initiatives will benefit startups and MSMEs immensely and lay a string foundation for a progressive India.
However, the government should consider regulating crypto currencies than curbing their use entirely.
3:25 PM IST
Keeping focus on ‘ease of living’ the budget has kept people of all segments in mind: Jitendra Singh, MoS, PMO
3:24 PM IST
Market Update: Markets are back in the red. Sensex is 53 points down at 35,911, Nifty is 8 points down at 11,019
3:20 PM IST
While I have not made changes to the Income Tax slab, each of my Budgets have brought some relief for the salaried class. This year too I have given the Rs 40,000 standard deduction relief: Arun Jaitley
3:15 PM IST
Congress is forgetting that in the yr before 2009 election the Congress party had allowed fiscal deficit situation to deteriorate from 2.9% to over 5% within same yr. If that is fiscal prudence then we will have to revisit the definition of fiscal prudence in India: Piyush Goyal
3:13 PM IST
India is an uninsured society. The way we are bringing insurance schemes, I see it becoming a booming area in the next 10 years: Arun Jaitley
3:10 PM IST
MSP won’t solve every problem of India’s farmers. You need to also give our farmers more opportunities to earn income, says Arun Jaitley.
3:00 PM IST
A time will come when we could make universal healthcare. At the moment, we are covering 40 per cent: Arun Jaitley
2:59 PM IST
Obamacare safal hua ho ya nahi, but log kabhi kahengey ‘Modicare’ safal hua: Arun Jaitley
2:51 PM IST
The budget cannot be linked to elections, we needed to strengthen the rural sector: Arun Jaitley
2:50 PM IST
In the long run, strength of the market will depend on the Indian Economy, says Arun Jaitley in his first interview after the budget presentation.
2:44 PM IST
“This government’s aim has been to reduce corporate tax. I am of the view to bring down the corporate tax. We brought it down to 25 per cent,” said Arun Jaitley in an interview after his budget speech.
2:40 PM IST
“I would like to thank PM Modi for announcing the biggest Health Insurance Scheme in the world,” said Union Minister Smriti Irani after the Budget presentation by Arun Jaitley.
2:39 PM IST
“It is a balanced budget which is for every section of society, especially the focus on farmers and health services of the poor. Economy will also get a boost.I congratulate PM Modi and FM Jaitley,” said Railway Minister Piyush Goyal.
2:29 PM IST
Reports say that the government will cut excise duty on fuel by 2 per cent, thereby, bringing down the prices of petrol and diesel.
2:25 PM IST
In the 1 hour 45 minute speech, 1 hour was for the poor, this is indeed historic. The opposition has become too pessimistic: MJ Akbar,Union Minister
2:16 PM IST
It’s a grand budget, lot of announcements for the poor, farmers and tribals. This budget will also cement India as a global economic power: Home Minister Rajnath Singh
2:09 PM IST
Medical insurance of Rs 5 lakh for 10 crore families is a huge initiative. This is a historic budget: Union minister Nitin Gadkari
2:06 PM IST
FM has tried to make improvements for farmers but the problems of farmers and rural people are enormous. Measures may not be sufficient: HD Dewe Gowda, former PM
1:55 PM IST
Markets have recovered from the intra Budget fall. Sensex is now up by over 200 points at 36,201, Nifty up by 63 points 11,093
1:45 PM IST
Budget 2018 Reactions: PM Modi Praises, Opposition Criticises
1:38 PM IST
Union Budget 2018-19: Bitcoin, Crypto-currencies Illegal, Government to Eliminate Its Use, Says Arun Jaitley
1:37 PM IST
I congratulate the Finance Minister for the decision regarding Minimum Support Price. I am sure it will help the farmers tremendously: PM Narendra Modi
1:36 PM IST
From food processing to fiber optics, roads to shipping, youth to senior citizen, rural India to Ayushmaan Bharat, Digital India to Start Up India, this budget strengthens hopes and aspirations of crores of Indians: PM Narendra Modi
1:32 PM IST
Prime Minister Narendra Modi speaks after Budget 2018. This Budget strengthens the aspirations of the people. It gives speed to the development of the country. It also focuses on ease of doing business as well as ease of living.
1:25 PM IST
Budget 2018: Arun Jaitley Fails Fiscal Consolidation Test, This Failure Will Have Serious Consequences, Says P Chidambaram
1:17 PM IST
Reactions have now started coming in to Budget 2018. “The govt has attempted to pay lip service to farmers and to other marginalised sections of society but it is a classical case of too less and completely at the inappropriate time,” says Congress leader Manish Tewari
1:04 PM IST
Experts call it a budget for the rural population of India with not much for the middle class.
12:51 PM IST
Education Cess has been increased to 4 per cent. FM Arun Jaitley announces changes in custom duties. Custom duty on mobile phones increased to 20% from 15%.
12:48 PM IST
Arun Jaitley announces LTCG exceeding Rs1 Lakh will attract 10% tax. Markets have crashed post this announcement.
12:46 PM IST
Meanwhile, the markets have crashed. Sensex down by over 300 points, Nifty falls by over 120 points.
12:42 PM IST
For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: Arun Jaitley
12:41 PM IST
Propose to extend 25% corporate tax rate to companies with revenue up to Rs 250 crore: FM Arun Jaitley
12:38 PM IST
No change in tax slabs for salaried class. Standard Deduction of Rs 40000 under transport, medical reimbursement. Facility extended to pensioners. Revenue cost is Rs 8,000 crore.
12:37 PM IST
Income Tax Rates: No change in personal Income Tax slabs in Arun Jaitley’s Budget 2018. A standard deduction of Rs 40,000 for salaried class.
12:33 PM IST
Arun Jaitley proposes 100% tax deduction to farm cooperatives.
12:27 PM IST
The number of effective tax payers has gone up from 6.47 crore in 2014-15 to 8.27 crore in 2016-17 . We are committed to awarding the honest taxpayers: Arun Jaitley
12:24 PM IST
The fiscal deficit for 2017-18 was Rs 5.95 lakh crore, that is, 3.5% of GDP. I project it at 3.3% of GDP in 2018-19: Arun Jaitley
12:22 PM IST
I also propose a revision of the salaries of Members of Parliament every 5 years subject to inflation: Arun Jaitley
12:20 PM IST
Emoluments increased for President, Vice President and Governors. For President – Rs 5 lakh for President, Rs 4 lakh for Vice President and Rs 3.5 lakh for Governors.
12:18 PM IST
Gold monetisation scheme will be revamped for a hassle-free gold account, says Arun Jaitley
12:17 PM IST
Finance Minister Arun Jaitley proposes setting up of a National Logistics Portal
12:16 PM IST
Aadhaar has proven to be a huge success. The government is considering unique identity number now for various businesses: Arun Jaitley
12:15 PM IST
Defence Sector: Government will focus on defence modernisation, says Arun Jaitley. 2 new defence industrial production corridors will be set up, says the Finance Minister. The Defence Sector is open to private investment, he adds.
12:14 PM IST
Digital India push: Cryptocurrency is not legal tender, govt will take steps to curb crypto currency transactions, says Arun Jaitley. He proposes that 1 lakh Gram Panchayatas will be connected with Optic Fibre Cable. He also proposes 5 lakh WiFi hotspots in rural areas.
12:08 PM IST
Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru: FM Arun Jaitley
12:07 PM IST
Aviation sector: Airport Authority of India has 124 airports at present. We plan to take this up 5 times to accommodate 1 billion trips per year, says Arun Jaitley
12:05 PM IST
Railways Sector: Mumbai suburban to gets additional Rs 11,000 crore for doubling of the tracks on an additional 90 km stretch.
12:03 PM IST
Railways Sector: We are in a process of eliminating unmanned railway crossings. All railway stations having more than 25,000 footfall will have escalators. We are also working to provide WiFi and CCTV Cameras on all trains and stations, says Arun Jaitley
12:01 PM IST
We are confident of completing national highways exceeding 9,000km in 2018-19: Arun Jaitley
11:58 AM IST
Contribution of 8.33% to EPF for new employees by the govt for three years and 12% govt contribution to EPF in sectors employing large number of people: Arun Jaitley
11:57 AM IST
Facility of fixed term employment to be extended. 12% government contribution to EPF for new employees. Women’s contribution to EPF to be reduced to 8% for first three years: Arun Jaitley
11:54 AM IST
Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare: Arun Jaitley
11:51 AM IST
The Tax burden on MSMEs will be reduced, says Arun Jaitley. 10.38 crore Mudra loans sanctioned: Arun Jaitley
11:49 AM IST
Arun Jaitley announces Ayushman Bharat Programme for TB patients.
11:48 AM IST
Arun Jaitley announced that the government will set up PM Research Fellow Scheme; 1000 B-Tech students to be selected. Jaitley says two new planning and architecture schools to be set up in IITs.
11:46 AM IST
Healthcare Budget: 1.5 lakh health and wellness centres to be set up. 24 new government medical colleges to be set up, says FM Arun Jaitley.
11:41 AM IST
Arun Jaitley announces National Health Protection Scheme. This scheme will cover 10 crore poor families. Each family will get Rs 5 lakh per year for hospitalisation. This is the world’s largest government funded healthcare programme, he says.
11:37 AM IST
Arun Jaitley proposes to set up 18 new schools of Planning and Architecture in IITs and NITs.
11:35 AM IST
Education Sector: Arun Jaitley proposes to move from blackboard to digital board. He also proposes to integrate education budget as a whole than separating primary and secondary education.
11:33 AM IST
Propose to allocate Rs 5750 crore for National Livelihood Mission, Rs 16,000 crore to Pradhan Mantri Saubhagya Yojana: Arun Jaitley
11:31 AM IST
Proposed to raise institutional credit for agriculture to Rs 11 Lakh Crore for 2018-19: FM Arun Jaitley
11:29 AM IST
We plan to build 2 crore toilets in the next 2 years: Arun Jaitley
11:28 AM IST
Ujjwala Yojana to cover 8 crore poor women. The number was earlier 5 crore. Women get free LPG cylinder under this scheme.
11:26 AM IST
Arun Jaitley announces Rs 10,000 crore for fisheries and aqua-culture
11:25 AM IST
Arun Jaitley announces National Bamboo Mission for bamboo farming boost, allots Rs 1200 crore.
11:24 AM IST
Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets: Arun Jaitley
11:22 AM IST
Arun Jaitley announces Operation Green for promoting farmer produce organisations, allots Rs 500 crore for the same.
11:19 AM IST
Rs 2200 crore allotted for improving Agriculture Sector: Arun Jaitley in Budget 2018 speech
Budget 2018 Highlight: MSP to be increased by 150% for Kharif Crop
11:16 AM IST
We will increase MSP by 1.5 times for coming Kharif Crop: Arun Jaitley
11:15 AM IST
We want farmers to earn 1.5 times the cost of produce: Arun Jaitley
11:12 AM IST
Agriculture & Rural Economy: Our emphasis is on generating higher income for farmers, says Arun Jaitley
11:11 AM IST
Indian economy is on course to achieve high growth of 8%. Economy to grow at 7.2-7.5% in second half of 2018-19: Arun Jaitley in Budget 2018 speech
11:09 AM IST
Indian economy has performed very well since our Govt took over in may 2014, It is now the seventh largest in the world: Arun Jaitley in Budget 2018 speech
11:08 AM IST
This year’s Budget will focus on strengthening agriculture and rural economy: Arun Jaitley
11:07 AM IST
We promise to reduce poverty and create a new India. We hope to grow at 7.2-7.5% in the second half: Arun Jaitley
