Budget 2020: Major highlights of Nirmala Sitharaman's speech, as they unfolded

Speaking on the Budget, PM Modi said, "The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment."

"The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget," said Prime Minister Narendra Modi.

"I congratulate Finance Minister Nirmala Sitharaman and her team for presenting the first Budget of the decade that has vision as well as action," PM Modi.

Prime Minister Modi says Budget 2020 will help in doubling farmers' income.

Prime Minister Narendra Modi addresses nation hours after FM Nirmala Sitharaman presented Budget 2020 in Lok Sabha

Union Minister Piyush Goyal while speaking on stock market's response to Budget 2020 said, "There are some specific sectors in the stock market that carry a lot of weightage, for example, we have increased tax on cigarettes, so ITC's stocks have weakened a bit."

"Maybe because there isn't yet clarity on exemptions, (stocks of) some banks and insurance companies have weakened. I think the market will become fine after getting through the fine prints of budget & seeing how it's encouraging domestic industry," Piyush Goyal said. 

"If a small part of Life Insurance Corporation (LIC) goes to the public it will increase transparency and accountability, afterall it is public's property, I don't think there is any harm if a small part of it is with the people," Piyush Goyal on insurance behemoth LIC to be listed.

"It is a balanced Budget which prepares India for the decade ahead of us and prepares it to be a $5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development and ensures that we continue to remain an economic powerhouse," said Railway Minister Piyush Goyal.

"I agree that my budget speech was lengthy but in the speech, I had focussed on and spoken about the schemes for employment for the youth, as well as benefits to them," Nirmala Sitharaman after Rahul Gandhi said finance minister budget speech was lengthy but had nothing for employment generation.

Addressing a presser after her Budget speech, Nirmala Sitharaman said, "To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM (Fiscal Responsibility and Budget Management), we had to relax fiscal deficit target by 0.5%."

"Corporate tax cut and benefit derived by new companies, as well as improved GST collections will improve revenue generation & give the comfort to bring down fiscal deficit next year, with disinvestment too improving," she added.

"We took a comprehensive review of all exemptions and found close to 120 exemptions. We took a review of each item. In order to offer a simplified system, now the total exemptions which have been removed from the new system is, about 70," Revenue Secy Ajay Bhushan Pandey said. 

"We wanted to place money in the hands of the people, particularly the middle class and lower-middle classes. We also wanted to simplify income-tax process and increase compliance," said Finance Minister Nirmala Sitharaman on option of lower income tax rates during a press conference.

"In budget, Modi govt has taken effective steps to rationalize tax system, boost basic infrastructure, strengthen banking system, promote investment & ease of doing business, which will further Modi govt’s resolve to make India a US$ 5 trillion economy," Union Minister Amit Shah said. 

Defence Minister Rajnath Singh speaking on Budget 2020 said, "Strategic allocations have been made in this Budget for agriculture, education, health, water, sanitation and skill development. By focusing on reviving growth and rejuvenating demand the Budget is expected to trigger a new virtuous cycle in our economy."

"Despite the fact that there is lack of fiscal headroom to pursue fiscal expansion, the Budget has done a wonderful job at this juncture," Rajnath added.

"Under the leadership of PM Modi, the nation aspires to be a $5 Trillion economy. The Budget today has emphatically laid down this goal to be achieved by 2024-25. I must congratulate the prime minister and Finance Minister Nirmala Sitharaman for giving the country an excellent Budget by addressing the aspirations of the people and at the same time clearly underling our national goals and priorities."

Delhi Chief Minister Arvind Kejriwal said that the budget has disappointed Delhi as the Centre gave it a step-motherly treatment. He further said that Delhi was expecting big from the union budget but got nothing.

Kejriwal went on saying that Delhi is not a prioriy for the government so why would Delhiites vote for BJP.

"I congratulate Prime Minister Modi and Finance Minister Nirmala Sitharaman for this development-oriented and pro-farmer budget. This Budget will further strengthen the economy," said Uttar Pradesh Chief Minister Yogi Adityanath.

Giving his reaction on the Modi government's Budget, Congress leader Rahul Gandhi said maybe this was the longest budget speech in history but it had nothing, it was hollow.

"The main issue facing is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes govt well, lot of repetition,rambling-it is mindset of govt, all talk, but nothing happening," Rahul Gandhi said.

FM raises excise duty by way of national calamity contingent duty on cigarettes, tobacco products: FM

"I propose to impose a nominal health cess on imports of medical equipment," Finance Minister Nirmala Sitharaman in Budget speech 2020.

The government has proposed to set up national recruitment agency to conduct computer-based online common eligibility test for recruitment to non-gazetted post, says Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman in Budget speech 2020 announced that direct taxes are lowest, simplest and smoothest.

The government, in order to further ease the process of allotment of PAN, will launch a new system for instant allotment of PAN on basis of Aadhaar: Sitharaman in Budget speech 2020. 

Govt proposes deferment of tax payment by employees on ESOPs from startups by five years, Sitharaman said in Budget speech 2020.

The government has extended concessional withholding rate of 5% on interest payment to non-residents up to June 30, 2022.

Government proposes new income tax slabs in Budget 2020

• For income between Rs 5 - Rs 7.5 lakh: 10% 
• For income between Rs 7 - Rs 10 lakh: 15%
• For income between Rs 10 - Rs 12.5 lakh: 20%
• For income between Rs 12.5 - Rs 15 lakh: 25%

 New Income Tax regime announced in Budget 2020 by Finance Minister Nirmala Sitharaman

The government has proposed 100% tax concession to sovereign wealth funds on investment in infrastructure projects.

Concessional tax rate of 15% extended to power generation companies: Sitharaman in Budget speech 2020.

Dividend Distribution Tax shifted to individuals instead of companies, says FM. 

Sitharaman has said that the government has removed 70 exemptions, deductions with a view to further simplify tax regime. 

Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals, says FM Sitharaman in Budget speech 2020.

Income tax rates will be significantly reduced for those who forego reliefs, exemptions, Nirmala Sitharman in Budget speech 2020.

Recent cut in corporate tax to cause loss of substantial revenue in the short run, however, the economy will reap huge returns in due course: Finance Minister Nirmala Sitharaman.

Government says the net market borrowings would be Rs 4.99 lakh cr in fiscal 20 and Rs 5.36 lakh cr in next fiscal. 

All flagship schemes of govt are provided for in Budget: Sitharaman. 

In a big relief for the middle class, the government has proposed new income tax slab. According to new scheme, there will be no income tax up to Rs 5 lakh: Sitharaman

Fiscal deficit pegged at 3.8 % in current fiscal; 3.5% in 20-21: Sitharaman

Government to sell part of its holding in LIC, says FM. 

Govt has asked RBI to extend Debt restructuring window for MSME by a year to March 31, 2021, says Sitharaman

Scheme to provide subordinated debt for entrepreneurs of MSMEs to be introduced, says FM.

Sitharaman says there is a need for greater private capital in banks.

A robust mechanism in place to monitor health of banks, depositors' money is absolutely safe. Balance government holding in IDBI banks to be sold to private retail investors: Nirmala Sitharaman

Deposit insurance for depositors increased to Rs 5 lakh from Rs 1 lakh: Sitharaman

Rs 3.50 lakh crore infused as capital in public sector banks in past years: Sitharaman 

The government has proposed Rs 30,757 crore for Jammu and Kashmir, and Rs 5,958 crore for Ladakh for fiscal 2020-21, says Nirmala Sitharaman.

The government has proposed amendments in Companies Act to decriminalise civil offences, says Sitharaman. 

Tax harassment cannot be tolerated, says Sitharaman in Budget speech 2020.

The government has proposed to connect 1 lakh gram panchayats with optical fibre. Also Rs 8,000 crore will be spent in over 5 years for National Mission of Quantum Technology and Application. 

• Data must have credibility, National Policy on statistics to be brought in
• Clean, reliable, robust financial sector required to achieve USD 5 trillion economy, says FM
• Rs 100 crore allocated for hosting G-20 Summit: FM
• Rs 9,500 crore provided for senior citizens and Divyangs
• Govt allocates Rs 3,150 cr for the ministry of culture,
• Rs 2,500 cr for the ministry of tourism. PTI NKD MJH LUX
• Rs 22,000 cr outlay for power, the renewable energy sector in FY21: FM5 5 archaeological sites in Haryana, UP, Assam, Gujarat and
• Tamil Nadu, to be developed with on-site museums, says FM.
• Govt proposes tribal museum in Ranchi, Jharkhand.
• Govt proposes Rs 53,700 cr for the welfare of scheduled tribes and Rs 9,500 cr for senior citizens and divyangs for 2021-22.
• FM allocates Rs 2.83 lakh crore for Agri and allied activities. 
• NRA to be launched -- National recruitment Agency  
• Rs 85,000 crore allocated for SCs and OBCs in Budget for FY 2020-21
• Task force to be set up to recommend marriageable age for women
• Rs 35,600 cr allocated for nutritional related programme
• FM says 150 higher institutes to start apprentice training for general category students
• Govt allocates Rs 28,600 crore for programmes specifically for women.

The government to soon layout policy to enable private sector to build data centre parks throughout the country, announces FM Sitharaman in Budget speech 2020. 

Modi government proposes Rs 20,000 crore for the renewable energy sector, plans to expand gas grid.

The government is also working on a new technology to enable Direct Benefit Transfers, Sitharaman said in her budget speech. 

Govt proposes to replace conventional energy meters by prepaid 'smart meters' in the next three years. This will give consumers freedom to choose suppliers: Sitharaman.

Solar-powered capacity alongside railway tracks will be set-up, says Sitharaman. 

Sitharaman informed that Delhi-Mumbai expressway and two other projects will be completed by 2023.

Rs 27,300 crore for the development and promotion of industry and commerce, announces Finance Minister Nirmala Sitharaman.

Government to come up with an investment clearance cell to facilitate pre-investment advisory, assist people on land banks, clearance issues at the state level: Sitharaman.

Govt proposes a scheme to further boost manufacturing of mobile phones and electrical equipment.

Finance Minister Sitharaman has announced 'Ind-SAT' exam for Asian and African countries to develop India as one of the major destinations in the world for higher education.

Sitharaman in Budget 2020 proposed Rs 99,300 crore outlay for education sector in 2020-21 with additional Rs 3,000 crore for skill development. 

Sitharaman says "govt proposes to allocate Rs 12,300 crores for Swachh Bharat Mission for year 2020-21."

She said that youth and fishery extension work to be enabled by rural youth as 'Sagar Mitras', forming 500 fish farmer producing organizations.

"There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon," Sitharaman said. 

Sitharaman said, "budget 2020 is woven around three themes — aspirational India to boost the standard of living; economic development for all; and building a humane and compassionate society."

For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21, Sitharaman. 

Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps. To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. 

Budget 2020 has been aimed to boost the income of people and enhance their purchasing power: Sitharaman in Budget speech.

The government is proposing comprehensive measures for 100 water-stressed districts in the country, says Sitharaman.

1. Centre's debt at 48.7% of GDP in Mar 2019 from 52.2% in Mar '14: FM Nirmala Sitharaman in Budget 2020 speech
2. Comprehensive measures for 100 water-stressed districts being proposed

FM Nirmala Sitharaman recites a verse in Kashmiri and translates it in Hindi, "Humara watan khilte hue Shalimar bagh jaise, humara watan Dal lake mein khilte hue kamal jaisa, nau jawanon ke garam khoon jaisa, mera watan tera watan, humara watan, duniya ka sabse pyara watan."

Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014. GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME), said Nirmala Sitharaman.  

"Consumers have got an annual benefit of 1 lakh crore rupees by GST," Sitharaman said. 

#GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted #MSME. Consumers have got an annual benefit of 1 lakh crore #rupees by GST: FM Nirmala Sitharaman has said in Budget Speech.

Presenting the budget, Sitharaman said, "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. 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."

There are more than 60 lakh new taxpayers in the country, Finance Minister Nirmala Sitharaman said during the Budget 2020. Strong indications that she would go bring some news to tax payers in the country. 

FM Nirmala Sitharaman government is likely to increase government spending on infrastructure and offer some tax incentives in its #Budget2020, in a bid to get growth back up from its lowest in a decade. 

''GST most historic tax reform. However, the architect of the GST is not with us today," said Nirmala Sitharaman while remembering former finance minister Arun Jaitley.

Finance Minister Nirmala Sitharaman presents Budget 2020-2021 of the second term of the Narendra Modi government.

One of the key challenges for Finance Minister Nirmala Sitharaman is going to be employment generation. According to a report, the unemployment rate in India in 2017–2018 was at 6.1%, a four-decade high.

Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament.

Home Minister Amit Shah arrives at Parliament ahead of the presentation of Budget 2020. 

Prime Minister Narendra Modi arrives at the Parliament, ahead of the budget presentation. Analysts say this is going to be the most crucial budget. Earlier on Friday, Modi called for wide discussions on the economic issues in the country and how to maximise benefits to India in the current global economic scenario.

"We should focus mostly on economic issues in this session and we should to try to see how India can benefit most out of the present global economic scenario and how it can take forward the country's economy," Modi added.

As Nirmala Sitharaman is ready with traditional 'Bahi Khata', the printed copies of the Union Budget 2020-21 have been brought to the Parliament.

Union Ministers Prakash Javadekar and Jitendra Singh arrive at the Parliament to attend the Cabinet meeting to be held shortly.

Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind before presenting the Union Budget 2020-21. 

The gross GST revenue collected in the month of January 2020 is Rs 1,10,828 crores. The total number of GSTR 3B Returns filed for the month of December up to January 31, 2020 is Rs 83 lakh, according to Finance Ministry.

Ahead of the Budget 2020 presentation, Cabinet meeting chaired by PM Modi is set to take place at 10:15 am today in the Parliament House. 

The gross GST revenue collected in the month of January 2020 is Rs 1,10,828 crores. The total number of GSTR 3B Returns filed for the month of December up to January 31, 2020 is Rs 83 lakh, according to Finance Ministry. 

Finance Minister Nirmala Sitharaman with 'Bahi-Khata' ahead of Budget 2020 presentation in the Parliament.

Ahead of the Budget 2020 presentation by Finance Minister, MoS Anurag Thakur said, "Modi govt believes in 'sabka sath, sabka vikas.' We received suggestions from across the country. The government is making efforts that this budget is good for all."

Ministry of State (MoS) Finance Anurag Thakur offers prayers at his residence, ahead of the presentation of the Union Budget 2020-21 in the Parliament today.

Finance Minister Nirmala Sitharaman, who will be presenting Modi govt's 2.0 budget today has reached the Finance Ministry.

With Finance Minister Nirmala Sitharaman is all set to present Modi government's budget, middle and salaried class expect the government to give relief in income tax. 

The Budget comes at a time when the economy is experiencing a slowdown, therefore the industry is hoping that today's budget will lay a strong pathway for the revival of the economy. 

Budget 2020 comes at a time when country's economy is witnessing a downward trend in the last five quarters. In the previous quarter, economy grew at 4.5%, slowest since 2013.

With disruptive technologies like Artificial Intelligence (AI) driving businesses, the IT sector wants the Union Budget for fiscal 2020-21 to ensure greater use of these to spur a sluggish economy among other measures for the sector, industry experts said on Friday.

With disruptive technologies like Artificial Intelligence (AI) driving businesses, the IT sector wants the Union Budget for fiscal 2020-21 to ensure greater use of these to spur a sluggish economy among other measures for the sector, industry experts said on Friday. 

Prime Minister Narendra Modi on the eve of Budget 2020 held a meeting with senior ministers, party leaders as Finance Minister Nirmala Sitharaman is all set to present her second budget today. The industry is hoping that the budget will focus on measures to revive the economy that is going through a slowdown. On Friday, PM Modi on the first day of the Budget session said that he expects both the Houses will have serious and extensive discussions on the economy.