Union Budget 2020 Live: In her bid to address all, pressing economic issues Nirmala Sitharaman ends up impressing some, disappoint some others

Although my immediate response to the budget was satisfactory, now that I’ve read the fine print I must say I’m less optimistic about strong economic revival. In fact removal of exemptions n DDT will hurt individual tax payer n affect consumer spending. Why no export incentives? This time around business confidence is boosted but individual tax payers are disappointed. Consumer spending is unlikely to be boosted, tweeted  Kiran Mazumdar Shaw. 

I congratulate finance minister Nirmala Sitharaman and her team for the first budget of this decade, which has a vision. The budget also proposes tax holidays for start ups for a period of 5 years with a view to encouraging starting businesses in India. Budget will give new energy to youth in country by promoting start-ups. The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment, these four sectors have been given a lot of emphasis in this Budget. The govt has announced many measures in Budget to push employment in country: PM 

FM out-rightly rejected every idea given in the economic survey. Government does not believe in reforms. This budget has done nothing to create jobs. 10 has got a one and a zero, you can pick either number, I don't care. Nothing for mining, manufacturing and construction. We have to live with this Budget until the govt is forced to revise it: Chidambaram

Mamata Banerjee: I am shocked & appalled to see how the Central Government plans to ambush the heritage & legacy of public institutions. It’s the end of a sense of security. Is it also the end of an era?

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&ensures that we continue to remain an economic powerhouse: Piyush Goyal 
 

Finance Minister Nirmala Sitharaman: 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. 
 

Govt to provide additional capital to public sector banks as and when required, says FM

FM Nirmala Sitharaman: 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. 
 

We've made changes in Income Tax Act where if an Indian citizen stays out of country for more than 182 days,he becomes non-resident. So we've made some changes, now in order to become non-resident he has to stay out of country for 240 days. Some people are residents of no country. They may be staying in different countries for certain number of days. So if any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India&his worldwide income will be taxed: Revenue Secy

We took a comprehensive review of all exemptions&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  
 

Sensex closes at 39,735.53, down by 987.96 points.

Grateful to PM @narendramodi Ji & FM @nsitharaman Ji for announcing National Technical Textiles Mission. Technical Textiles is the sunrise sector in the overall Textiles spectrum & formulation of this mission will help tap the huge potential of the sector.

Budget Taxpayer charter is a major step in line with our commitment to ensure honest taxpayers are respected: FM 

We have given the real estate sector much before the Budget was announced: FM 

Power tariffs may fall as corporate taxes reduced
 

We want to remove all exemptions eventually: Finance ministry
 

The whole idea of tax reforms is to offer a simplified regime: Government

Income tax rate to make sure money is in the hands of the people, particularly the middle class and lower middle classes: FM

We want to bring the tax rates down and remove complications when it comes to compliance: FM

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.

Finance Minister Nirmala Sitharaman delivers longest budget speech for 2 hours 40 minutes, breaks own record of 2 hours 17 minutes 

Defence budget hiked by 6% from Rs 3.18 lakh crore to Rs 3.37 lakh crore. With defence pensions, the total budget would go upto Rs 4.7 lakh crore.

Sensex nosedives 900.29 points to 39,805.61; Nifty sinks 276.85 points to 11,685.25 after Budget presentation

"We welcome the moves proposed by the government to introduce special measures for perishable goods in Budget 2020. Measures like adding refrigerated coach in trains for transportation of perishable goods like milk, meat and fish will be a game changer for the meat retailer industry. Also, the government's steps to boost fish production to 200 lakh tonnes by 2022-2023 is going to bring about a cheer to the marine farmers. Skill development fund allocation by the government for the youth in the rural sector to provide jobs in the fisheries segment are the steps that were required to boost the meat and seafood retail, as well as enhance the rural sentiments and provide more opportunities for growth. Seamless national cold supply chain for perishables through PPP Model for swift transportation on national and international routes is a welcome change to cater to the demands of the domestic as well as global markets,”  says Nishanth Chandran, Founder & CEO, TenderCuts
 

“The Finance Minister stays committed to beat critics by announcing a digital refunds of duties and taxes to exporters. This will go a long way in swaying India to be an export oriented economy and will massively tilt the balance of foreign exchange favorably,” says Anil Talreja, Partner, Deloitte India 

Finance minister clarified that the new tax slabs are optional.

Budget is expected to significantly boost economy as it focuses on reviving growth and rejuvenating demand

The defence pension budget goes up to Rs 1.33 lakh crore from Rs 1.17 lakh crore allocated last year. The hike in defence pension budget is more than the hike given in revenue and capital funds for defence.

For modernisation and buying new weapon systems, defence forces allocated Rs 1,10,734 crore which is Rs 10, 340 more than what was provided in last year’s budget.

Sitharaman unveiled plans for India’s highways and railways, proposing 1.7 trillion rupees ($23.7 billion) for transport infrastructure that includes the accelerated development of highways and plans to monetize 12 lots of highway bundles. Key infrastructure players like Larson & Toubro and KNR Constructions and IRB Infra look set to benefit.

Calling the Union budget "insipid" and lacking in stimulus for growth, the Congress has said the government's annual financial statement comprises piecemeal measures, repackaged schemes, jugglery of tax slabs and has no real solutions to solve the economic crisis.

Arvind Kejriwal: Delhi had high expectations from the budget. But once again the Delhiites were treated half-heartedly. Delhi does not come in BJP's priority, so why should Delhi vote for BJP? The question is also that when the BJP is disappointing Delhi before the election, will it keep its promises after the election?

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.

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.

Finance minister Nirmala Sitharaman has concluded presentation of Union Budget 2020-21.

Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020

Govt to further ease process of allotment of PAN. Govt to launch system for instant allotment of PAN on basis of Aadhaar

Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor.

Concessional corporate tax cut to be extended to new domestic companies engaged in power generation