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Budget 2020 LIVE Updates: Budget has vision and action, says Narendra Modi; govt has given up on reviving economy, claims Chidambaram

Budget 2020 LIVE Updates: In a televised address after the budget, Prime Minister Narendra Modi said that the Budget 2020 has vision and action and the new reforms announced by Finance Minister Nirmala Sitharaman will give a push to the economy.

FP Staff February 01, 2020 17:08:25 IST
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Budget 2020 LIVE Updates: Budget has vision and action, says Narendra Modi; govt has given up on reviving economy, claims Chidambaram
  • Sitharaman will present the Budget for financial year 2020-21 in the Lok Sabha at 11 am today (1, February)

  • This is the second Budget of the Narendra Modi government after it retained power for the second time in a row in May 2019 general elections

  • The Union Budget 2020 live-stream can be watched online on Firstpost LIVE

Budget 2020 LIVE Updates: In a televised address after the budget, Prime Minister Narendra Modi said that the Budget 2020 has vision and action and the new reforms announced by Finance Minister Nirmala Sitharaman will give a push to the economy.

Former finance minister and senior Congress leader P Chidambaram slammed the finance ministry during a post-budget press conference on Saturday saying that the govt has given up on reviving economy or accelerating growth rate or creating jobs.

"People did not deserve such a budget, but will have to live with it until govt is forced to revisit it, as in 2019," Chidambaram said, expressing his disappointment over the budget.

Finance Minister Nirmala Sitharaman addresses the media, clarifying queries over the Union Budget 2020. Reacting to Sensex crashing 1,000 points post the budget announcement on Saturday, the finance minister said that she would wait a full working day at the stock market.

Speaking about the new Income Tax regime unveiled in this Budget, she said it will especially benefit the people from low-income groups who were not using the rebates and concessions.

Indicating that the government is serious about the taxpayers' right, Finance Minister Nirmala Sitharaman said that the government will come up with a taxpayers' charter and make it a part of the statute.

Sitharaman says gross enrollment of girls under Beti Bachao Beti Padhao is higher than boys. Here, she says that gross enrollment of girls is 94.32 percent in elementary levels, 81.32 percent in secondary level and 59.7 percent in higher secondary level.

Degrees can be taken online soon and will be offered by the Top 100 NIRF ranked institutes, says Nirmala Sitharaman. IND-SAT exam will be held for Asian and African students for scholarships to 'Study in India'. Police Academy and Forensic Sciences will be set up, she added.

"We are committed to double farmer income by 2022," Finance Minister Sitharaman said. She said, "A total of 6.11 crore farmers are insured under Fasal Bima Yojna and said that hand-holding of farm-based activities needs to be done. This, she said, can be done in cooperation with states. She presented a 16-point action plan for this purpose.

Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may find mention in the Budget but government is unlikely to expand budgetary allocation by a lot. Meanwhile, realtors' body CREDAI expects the government to allow debt restructuring of cash-starved developers and tax incentives for homebuyers as part of measures to boost housing demand.

The market has open weak ahead of the Budget 2020, with the Sensex and Nifty down 0.48 percent each. The Nifty Bank has fallen below its 100-Daily Moving Average (DMA), which is a bearish indicator. It is currently trading down 0.59 percent.

Union finance minister Nirmala Sitharaman arrived at the Ministry of Finance. Sitharaman will present Budget 2020 today - 1 February. This will be Sitharaman's second budget as finance minister.

Sitharaman will present the Budget for fiscal 2020-21 in the Lok Sabha at 11 am.

This is the second Budget of the Narendra Modi government after it retained power for the second time in a row in the May 2019 general elections. Sitharaman was appointed the first full-time finance minister of the country. Indira Gandhi is the only woman who presented the Union Budget before her and that was in 1970.

Budget 2020 LIVE Updates Budget has vision and action says Narendra Modi govt has given up on reviving economy claims Chidambaram

File image of Union Finance Minister Nirmala Sitharaman. PTI

Till 2016, the Union Budget was presented on the last day of February every year. The Modi-led National Democratic Alliance (NDA) government changed that practice in 2017 and started presenting the Budget from 1 February since then. Under the new practice, then finance minister Arun Jaitley had presented the Budget.

When and where to watch Union Budget 2020 Live?

The Union Budget 2020 live-stream can be watched online on Firstpost Live from the morning. Apart from this, the Budget Live is available on the Lok Sabha website as well. Doordarshan will also webcast the Union Budget Live on it's YouTube channel.

Expectations from Budget

Entire eyes are on Sitharaman when she will present the Budget on Saturday as the country is passing through a tough time in the wake of the ongoing economic slowdown that gripped the country nearly one year ago. It is expected that the government will declare measures that will accelerate economic growth and create employment, another area of major concern.

Adding the concerns of the government, the unemployment rate hit a 45-year high last year drawing flak from all sections of the country.

The salaried class expects that the finance minister will hike the ceiling of the personal income tax limit Rs 5 lakh this time. It is a prolonged demand from the employees. At present, the income tax limit is Rs 2.5 lakh and Rs 3 lakh for the senior citizens.

Corporate India is expecting effective measures from the government that will boost demand and consumption, which is also under the grip of slow demand for the past around one year.

In September last year, the government slashed the income tax rate for companies by almost 10 percentage points to 25.17 percent. It also offered a lower rate to 17.01 percent for new manufacturing firms to boost the economic growth rate from a six-year low by incentivising investments to help create jobs.

Another sector that is reeling under crisis is the auto sector. Slump in demand has not only hit the automobile sector but the ancillary industry also. Several carmakers retrenched workers besides suspended operations several units to tide over the crisis situation in the past one year.

What is the Union Budget?

According to Article 112 of the Constitution of India, the Union Budget is the annual financial statement of the estimated receipts and expenditure of the Central government for that particular financial year. The receipts and disbursements are shown under three parts in which the Government Accounts are kept, viz.,

(i) The Consolidated Fund of India,

(ii) The Contingency Fund of India, and

(iii) The Public Account of India.

The finance minister's Budget presentation speech has many parts. They pertain to various categories: Annual Financial Statement (AFS), Demand for Grants (DG), Appropriation Bill, Finance Bill, Macro-economic framework for the relevant financial year, Medium-Term fiscal policy and a strategy statement, Expenditure Profile, Expenditure Budget, Receipts Budget.

Follow full coverage of Union Budget 2020-21 here

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