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Union Budget 2020 Live: Big relief for taxpayers in budget

Finance Minister Nirmala Sitharaman today will present her second Union Budget of the Narendra Modi government in Parliament at 11 am. Nirmala Sitharaman, the second woman finance minister after Indira Gandhi, will present the full-year budget for the year ending March 2021.

Last year, Sitharaman carried the budget wrapped in a red cloth and called it ‘bahi khata’ instead of long-time custom of a traditional budget briefcase. The cabinet meeting will take place at 10:30 am where the budget will be approved. Following the approval, the budget will be presented in the Parliament.

The budget is keenly awaited by everyone when India is crawling at a very slow pace of 5 percent annual rate of expansion, the lowest since 2009.

Stay here for live updates:

1:20 pm: Fifth Finance Commission attempts to reduce state share of central taxes by one percentage point to 41%

1:15 pm: Tax on Cooperative societies are proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present: Sitharaman

1:10 pm: Concessional tax rate of 15% have been provided to power generation companies.

1:05 pm: Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system: FM

1:01 pm: For those earning Rs5 to 7.5 lakh, income tax has been reduced to 10% from 20%. Those earning Rs 5 lakh will not pay any tax. Rs 5-7.5 lakh:

Those earning between 7.5-10 lakh will have to pay 15%, Rs 10-12.5 lakh will have to pay 20%. Rs 12.5-15 lakh will have to pay 25% and for those earning above 15 lakh have tax rate unchanged at 30%.

12:59 pm: New simplified personal income tax regime to lower income tax. Income tax reforms to promote growth: Sitharaman

12:57 pm: Fiscal deficit has been estimated to be 3.8% in 2019-20 and 3.5% for the next year 2020-21: FM

12:55 pm: Receipts 22.46 lakh crore. Expenditure: 30.42 lakh crore. Nominal growth of GDP for 2020-21 has been estimated at 10%.

12:50 pm: Government to sell govt stake in IDBI Bank to private retail investors. We will sell part of its stake in LIC through IPO: FM

12:45 pm: Government has asked RBI to extend debt restructuring window for MSME by a year to March 31, 2021: Sitharaman

12:41 pm: After the abrogation of the special status of Jammu and Kashmir,  the Budget proposes Rs 30,757 crore and Rs 5,958 for Ladakh for fiscal 2020-21: FM

12:40 pm: All public institutions at the gram panchayat level such as anganwadis, health and wellness centres, government schools, PDS outlets, post offices and police stations –will be provided digital connectivity. The fibre to the home (FTTH) connection through BharatNet will link 100,000 gram panchayats: FM

12:37 pm: India will host G20 Summit for which 100 crore has been allocated: Sitharaman

12:35 pm: For tourism promotion, Rs. 2,500 crore allocated in the budget: FM

12:30 pm: Sitharaman proposes Rs 4,400 crore solution to Delhi’s air pollution problem.

12:28 pm: Foreign direct investment (FDI) into the country has increased to $284 billion during 2014-19 from $190 billion in the previous five years: Sitharaman

12:27 pm: Nirmala Sitharaman proposed to launch a new scheme to make India a hub for electronics manufacturing in line with the “Assemble In India” proposed by the Economic Survey on Friday. We need to encourage manufacturing of mobile phones, electronic equipment and semiconductor: FM

12:25 pm: Niryat Rin Vikas Yojana scheme to provide enhanced insurance cover and reduce the premium for small exporters

12:22 pm: Five archaeological sites to be developed with on-site museums in Haryana, UP, Tamil Nadu, Assam and Gujarat: Sitharaman

12:20 pm: Allocation of Rs 9,500 crores for senior citizens and ‘Divyang’: FM

12:18 pm: To improve airways connectivity, 100 more airports will be built by 202: FM

12:15 pm: National Gas Grid to be expanded from 16,200 km to 27,000 km; reforms to be introduced to deepen gas markets: Sitharaman

12:10 pm: No manual cleaning of sewers. Suitable technologies have been identified. We will now take ot to logical conclusion through legislative changes. 85,000 crore for 20-21 for Schedule Caste and Other Backward Castes. Rs 53, 700 crore allocated for benefit of Scheduled Tribes: FM

12:07 pm: Beti Bachao, Beti Padhao has yielded tremendous results. The issues related to women should not be politicised. The Gross enrolment rate of girls under this scheme is 59.7 per cent as against 57.54 of boys. Girls are performing better under this scheme.

12:06 pm: 22,000 crore to be provided to the power and renewable energy sector in 2020-21: Budget

12:05 pm: 1.7 lakh crore allocated for transport infrastructure in 2020-21: Sitharamam

12:04 pm: Rs 6000 crore allotted to Bharat Net Programme: FM Sitharaman

12:03 pm: Budget allocates Rs 27,300 crore for development of industry and commerce

11:59 am: Sea-ports have to be improved. This government will corporatise at least one of the major ports. 1,150 trains will run under the public-private partnership (PPP) mode, also four stations will be redeveloped with the help of the private sector

11:58 am: Five new smart cities will be set up in public-private partnership mode,” the Finance Minister said: FM

11:57 am: “High-speed train between Ahmedabad and Mumbai will be pursued. More Tejas-type trains will connect tourist stations. Delhi-Mumbai expressway will be completed by 2023. 550 wi-fi facilities have been commissioned at railway stations,” said FM.

11:55 am: National Technical Textiles Mission to be introduced, with a four-year implementation period, with an allocation of Rs 1,480 cr for National Textile Mission: FM

11:51 am: Tuberculosis will be eliminated in India by 2025: Sitharaman

11:50 am: Budget allocates Rs 99,300 crore for education in 2020-21

11: 48 am: Rs 69,000 crore has been allocated for the healthcare sector. Urban local bodies across the country will give internship to fresh engineers. Young engineers who want to work with the government can start with urban local engineers

11:47 am: A degree level full-fledged online education programme will be imparted by institutes among the top 100 ranked to economically deprived students, who cannot afford education.

11:45 am: “Proceeds from taxes on medical devices would be used to support setting up of hospitals,” proposed Sitharaman.

11:43 am: National Police University and National Forensic University are being proposed: FM

11:42 am: The new education policy will be announced soon: Sitharaman

11: 41 am: The total allocation for Swachch Bharat is Rs12,300 crores for 20-21: Sitharaman

11:40 am: Govt allocated 1.23 lakh for rural development and Panchayati Raj, and 1.6 lakh crore for agriculture and allied activities: FM

11:37 am: The government will set up hospitals in Public Private Partnership model. From 112 of aspirational districts those don’t have Ayushman will be given priority: FM

11: 35 am: We aim to build a seamless national cold supply chain for perishables with the help of Indian Railways by setting up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by Ministry of Civil Aviation on international and national routes.

11:30 am: Pradhan Mantri Kisan Urja Suraksha and Utthan Mahabhiyan (PM KUSUM) to be expanded tocover 20 lakh farmers in setting up standalone solar pumps.

11:28 am: The growth of 7.4% was surpassed in 2014-19 with average inflation of 4.5%

11:27 am: We will strive to liberalise the farm markets. Over 6 crore farmers under Pradhan Mantri Fasal Bima Yojna have been insured: FM Sitharaman

11:25 am: “India uplifted 271 million people out of poverty,” Sitharaman.

11:22 am: We have an action plan to ease India’s water problems. W will start with  100 districts facing severe water crisis.

11:20 am: We are committed to Doubling farmers’ income by 2022

11:15 am: Central government’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014: Sitharaman

11: 12 am: “Annual household saves 4% income of due to GST,” said FM.

11:10 am: Inflation has been controlled. Companies have been provided an exit route through Insolvency and Bankruptcy Code,” the finance minister said

11:07 am: This is the budget to increase the purchasing power of the people, the budget will address the aspirations of all sections of people,” Sitharaman said in her speech

11:05 am: 16 lakh new taxpayers added to the system, says Sitharaman

11:02 am: Sitharaman tables 15th Finance Commission’s report in the Lok Sabha.

11:00 am: FM Nirmala Sitharaman’s begins her Budget speech in the Parliament

10:28 am: Finance Minister Nirmala Sitharaman’s family, including her daughter Parakala Vangmayi, arrive in Parliament.

10:25 am: Nirmala Sitharaman came to the Parliament carrying the Budget wrapped in a red silk cloth.

10:20 am: Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Thakur arrive at the Parliament, to attend Cabinet meeting.

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